<SEC-DOCUMENT>0001171843-20-003965.txt : 20200522
<SEC-HEADER>0001171843-20-003965.hdr.sgml : 20200522
<ACCEPTANCE-DATETIME>20200522172020
ACCESSION NUMBER:		0001171843-20-003965
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20200522
FILED AS OF DATE:		20200522
DATE AS OF CHANGE:		20200522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Colliers International Group Inc.
		CENTRAL INDEX KEY:			0000913353
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36898
		FILM NUMBER:		20907112

	BUSINESS ADDRESS:	
		STREET 1:		1140 BAY STREET
		STREET 2:		SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4
		BUSINESS PHONE:		(416) 960-9500

	MAIL ADDRESS:	
		STREET 1:		1140 BAY STREET
		STREET 2:		SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRSTSERVICE CORP
		DATE OF NAME CHANGE:	19931013
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_052220.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM 6-K</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of: May 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission file number 001-36898</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -4.5pt">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1140 Bay Street, Suite 4000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Toronto, Ontario, Canada</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>M5S 2B4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%">Form 20-F [ ]</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 79%; text-align: left">Form 40-F [X]</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether by furnishing the information
contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%">Yes [ ]</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 79%; text-align: left">No [X]</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate the file number assigned
to the Registrant in connection with Rule 12g3-2(b): N/A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-weight: bold">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 49%; font-weight: bold; text-align: left">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Date: May 22, 2020</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left"><U>/s/ Christian Mayer</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Christian Mayer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0; font-weight: bold"></TD><TD STYLE="width: 1in; font-weight: bold">Exhibit</TD>
    <TD STYLE="font-weight: bold">Description of Exhibit</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="exh_991.htm">99.1</A></TD><TD STYLE="text-align: justify"><A HREF="exh_991.htm">Indenture between Colliers International Group Inc. and Wells Fargo Bank dated May 19, 2020</A></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="exh_992.htm">99.2</A></TD><TD STYLE="text-align: justify"><A HREF="exh_992.htm">Third Amendment to Second Amended and Restated Credit Agreement dated March 27, 2020</A></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="exh_993.htm">99.3</A></TD><TD STYLE="text-align: justify"><A HREF="exh_993.htm">Fourth Amendment to Second Amended and Restated Credit Agreement dated May 13, 2020</A></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="exh_994.htm">99.4</A></TD><TD STYLE="text-align: justify"><A HREF="exh_994.htm">Second Amendment to the Note Purchase Agreement dated March 27, 2020</A></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="exh_995.htm">99.5</A></TD><TD STYLE="text-align: justify"><A HREF="exh_995.htm">Third Amendment to the Note Purchase Agreement dated May 13, 2020</A></TD></TR></TABLE>




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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COLLIERS INTERNATIONAL GROUP INC.<BR>
<BR>
<BR>
and<BR>
<BR>
<BR>
<FONT STYLE="text-transform: uppercase">Wells Fargo Bank, National Association</FONT><BR>
<BR>
as Trustee<BR>
<BR>
<BR>
INDENTURE<BR>
<BR>
<BR>
Dated as of May&nbsp;19, 2020<BR>
<BR>
<BR>
<BR>
<BR>
4.00% Convertible Senior Subordinated Notes due 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         1</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">DEFINITIONS</P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 1.01.&nbsp;&nbsp;&nbsp;Definitions</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 1.02.&nbsp;&nbsp;&nbsp;Other Definitions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 1.03.&nbsp;&nbsp;&nbsp;References to Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         2</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">ISSUE, DESCRIPTION, EXECUTION, REGISTRATION&nbsp;AND&nbsp;EXCHANGE&nbsp;OF&nbsp;NOTES</P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.01.&nbsp;&nbsp;&nbsp;Designation and Amount</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.02.&nbsp;&nbsp;&nbsp;Form of Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.03.&nbsp;&nbsp;&nbsp;Date and Denomination of Notes; Payments of Interest and Defaulted Amounts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.04.&nbsp;&nbsp;&nbsp;Execution, Authentication and Delivery of Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.05.&nbsp;&nbsp;&nbsp;Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.06.&nbsp;&nbsp;&nbsp;Mutilated, Destroyed, Lost or Stolen Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">22</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.07.&nbsp;&nbsp;&nbsp;Temporary Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.08.&nbsp;&nbsp;&nbsp;Cancellation of Notes Paid, Converted, Etc</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.09.&nbsp;&nbsp;&nbsp;CUSIP Numbers</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.10.&nbsp;&nbsp;&nbsp;Additional Notes; Repurchases</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">24</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 2.11.&nbsp;&nbsp;&nbsp;Additional Amounts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">25</TD></TR>
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    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         3</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">SATISFACTION&nbsp;AND&nbsp;DISCHARGE</P></TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 3.01.&nbsp;&nbsp;&nbsp;Satisfaction and Discharge</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
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    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         4</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">PARTICULAR&nbsp;COVENANTS&nbsp;OF&nbsp;THE&nbsp;COMPANY</P></TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.01.&nbsp;&nbsp;&nbsp;Payment of Principal and Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">28</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.02.&nbsp;&nbsp;&nbsp;Maintenance of Office or Agency</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">29</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.03.&nbsp;&nbsp;&nbsp;Appointments to Fill Vacancies in Trustee&rsquo;s Office</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">29</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.04.&nbsp;&nbsp;&nbsp;Provisions as to Paying Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">29</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.05.&nbsp;&nbsp;&nbsp;Existence</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.06.&nbsp;&nbsp;&nbsp;Rule 144A Information Requirement and Annual Reports</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.07.&nbsp;&nbsp;&nbsp;Stay, Extension and Usury Laws</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.08.&nbsp;&nbsp;&nbsp;Compliance Certificate; Statements as to Defaults</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.09.&nbsp;&nbsp;&nbsp;Restriction on Certain Actions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.10.&nbsp;&nbsp;&nbsp;Further Instruments and Acts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 4.11.&nbsp;&nbsp;&nbsp;Anti-Layering</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
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    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"></TD></TR></TABLE>

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                                         5</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">LISTS&nbsp;OF&nbsp;HOLDERS&nbsp;AND&nbsp;REPORTS&nbsp;BY&nbsp;THE&nbsp;COMPANY&nbsp;AND&nbsp;THE&nbsp;TRUSTEE</P></TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt; width: 90%">Section 5.01.&nbsp;&nbsp;&nbsp;Lists of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">33</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 5.02.&nbsp;&nbsp;&nbsp;Preservation and Disclosure of Lists</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
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                                         6</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">DEFAULTS&nbsp;AND&nbsp;REMEDIES</P></TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.01.&nbsp;&nbsp;&nbsp;Events of Default</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.02.&nbsp;&nbsp;&nbsp;Acceleration; Rescission and Annulment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.03.&nbsp;&nbsp;&nbsp;Additional Interest</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">36</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.04.&nbsp;&nbsp;&nbsp;Payments of Notes on Default; Suit Therefor</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.05.&nbsp;&nbsp;&nbsp;Application of Monies Collected by Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.06.&nbsp;&nbsp;&nbsp;Proceedings by Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.07.&nbsp;&nbsp;&nbsp;Proceedings by Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.08.&nbsp;&nbsp;&nbsp;Remedies Cumulative and Continuing</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.09.&nbsp;&nbsp;&nbsp;Direction of Proceedings and Waiver of Defaults by Majority of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.10.&nbsp;&nbsp;&nbsp;Notice of Defaults</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 6.11.&nbsp;&nbsp;&nbsp;Undertaking to Pay Costs</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
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                                         7</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">CONCERNING&nbsp;THE&nbsp;TRUSTEE</P></TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.01.&nbsp;&nbsp;&nbsp;Duties and Responsibilities of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">43</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.02.&nbsp;&nbsp;&nbsp;Reliance on Documents, Opinions, Etc</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.03.&nbsp;&nbsp;&nbsp;No Responsibility for Recitals, Etc</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.04.&nbsp;&nbsp;&nbsp;Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.05.&nbsp;&nbsp;&nbsp;Monies and Subordinate Voting Shares to Be Held in Trust</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.06.&nbsp;&nbsp;&nbsp;Compensation and Expenses of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.07.&nbsp;&nbsp;&nbsp;Officer&rsquo;s Certificate as Evidence</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.08.&nbsp;&nbsp;&nbsp;Eligibility of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.09.&nbsp;&nbsp;&nbsp;Resignation or Removal of Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.10.&nbsp;&nbsp;&nbsp;Acceptance by Successor Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">49</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.11.&nbsp;&nbsp;&nbsp;Succession by Merger, Etc</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 7.12.&nbsp;&nbsp;&nbsp;Trustee&rsquo;s Application for Instructions from the Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">50</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         8</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">CONCERNING&nbsp;THE&nbsp;HOLDERS</P></TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 8.01.&nbsp;&nbsp;&nbsp;Action by Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 8.02.&nbsp;&nbsp;&nbsp;Proof of Execution by Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 8.03.&nbsp;&nbsp;&nbsp;Who Are Deemed Absolute Owners</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">51</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 8.04.&nbsp;&nbsp;&nbsp;Company-Owned Notes Disregarded</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">52</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 8.05.&nbsp;&nbsp;&nbsp;Revocation of Consents; Future Holders Bound</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">52</TD></TR>
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    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"></TD></TR></TABLE>

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                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">HOLDERS&rsquo; MEETINGS</P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt; width: 90%">Section 9.01.&nbsp;&nbsp;&nbsp;Purpose of Meetings</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">52</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 9.02.&nbsp;&nbsp;&nbsp;Call of Meetings by Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 9.03.&nbsp;&nbsp;&nbsp;Call of Meetings by Company or Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 9.04.&nbsp;&nbsp;&nbsp;Qualifications for Voting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 9.05.&nbsp;&nbsp;&nbsp;Regulations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">53</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 9.06.&nbsp;&nbsp;&nbsp;Voting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 9.07.&nbsp;&nbsp;&nbsp;No Delay of Rights by Meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">54</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         10</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">SUPPLEMENTAL&nbsp;INDENTURES</P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 10.01.&nbsp;&nbsp;&nbsp;Supplemental Indentures Without Consent of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">55</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 10.02.&nbsp;&nbsp;&nbsp;Supplemental Indentures with Consent of Holders</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 10.03.&nbsp;&nbsp;&nbsp;Effect of Supplemental Indentures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 10.04.&nbsp;&nbsp;&nbsp;Notation on Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 10.05.&nbsp;&nbsp;&nbsp;Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 10.06.&nbsp;&nbsp;&nbsp;Amendment of Article 13</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         11</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">CONSOLIDATION,
                                         MERGER, SALE, CONVEYANCE&nbsp;AND&nbsp;LEASE</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 11.01.&nbsp;&nbsp;&nbsp;Company May Consolidate, Etc. on Certain Terms</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 11.02.&nbsp;&nbsp;&nbsp;Successor Corporation to Be Substituted</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         12</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">IMMUNITY&nbsp;OF&nbsp;INCORPORATORS, SHAREHOLDERS, OFFICERS&nbsp;AND&nbsp;DIRECTORS</P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 12.01.&nbsp;&nbsp;&nbsp;Indenture and Notes Solely Corporate Obligations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         13</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Subordination</FONT></P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.01.&nbsp;&nbsp;&nbsp;Agreement to Subordinate</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.02.&nbsp;&nbsp;&nbsp;Liquidation; Dissolution; Bankruptcy</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">60</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.03.&nbsp;&nbsp;&nbsp;Default on Senior Indebtedness</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">60</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.04.&nbsp;&nbsp;&nbsp;Acceleration of Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">61</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.05.&nbsp;&nbsp;&nbsp;When Distribution Must Be Paid Over</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">61</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.06.&nbsp;&nbsp;&nbsp;Notice by Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">62</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.07.&nbsp;&nbsp;&nbsp;Subrogation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">62</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.08.&nbsp;&nbsp;&nbsp;Relative Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">62</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.09.&nbsp;&nbsp;&nbsp;Subordination May Not Be Impaired by the Company</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">63</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.10.&nbsp;&nbsp;&nbsp;Distribution or Notice to Representative or Holders of Senior Indebtedness</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">63</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.11.&nbsp;&nbsp;&nbsp;Rights of Trustee and Paying Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">63</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.12.&nbsp;&nbsp;&nbsp;Authorization to Effect Subordination; Filing Proof of Claim</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">63</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.13.&nbsp;&nbsp;&nbsp;Reliance and Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">64</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.14.&nbsp;&nbsp;&nbsp;No Waiver of Subordination Provisions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">64</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.15.&nbsp;&nbsp;&nbsp;Consenting Security</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">64</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 13.16.&nbsp;&nbsp;&nbsp;Issuance of Subordinate Voting Shares in accordance with this Indenture</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">65</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"></TD></TR></TABLE>

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                                         14</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">CONVERSION&nbsp;OF&nbsp;NOTES</P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt; width: 90%">Section 14.01.&nbsp;&nbsp;&nbsp;Conversion Privilege</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">65</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 14.02.&nbsp;&nbsp;&nbsp;Conversion Procedure; Settlement Upon Conversion</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">66</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 14.03.&nbsp;&nbsp;&nbsp;Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole
Fundamental Changes or a Notice of Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">68</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 14.04.&nbsp;&nbsp;&nbsp;Adjustment of Conversion Rate</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">70</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 14.05.&nbsp;&nbsp;&nbsp;Adjustments of Prices</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">80</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 14.06.&nbsp;&nbsp;&nbsp;Shares to Be Fully Paid</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">80</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 14.07.&nbsp;&nbsp;&nbsp;Effect of Recapitalizations, Reclassifications and Changes of the Subordinate Voting Shares</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">80</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 14.08.&nbsp;&nbsp;&nbsp;Certain Covenants</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">83</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 14.09.&nbsp;&nbsp;&nbsp;Responsibility of Trustee and Conversion Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">83</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 14.10.&nbsp;&nbsp;&nbsp;Notice to Holders Prior to Certain Actions.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">84</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 14.11.&nbsp;&nbsp;&nbsp;Stockholder Rights Plans</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">84</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         15</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">REPURCHASE&nbsp;OF&nbsp;NOTES&nbsp;AT&nbsp;OPTION&nbsp;OF&nbsp;HOLDERS</P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 15.01.&nbsp;&nbsp;&nbsp;Repurchase at Option of Holders Upon a Fundamental Change</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">84</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 15.02.&nbsp;&nbsp;&nbsp;Withdrawal of Fundamental Change Repurchase Notice</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">87</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 15.03.&nbsp;&nbsp;&nbsp;Deposit of Fundamental Change Repurchase Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">87</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 15.04.&nbsp;&nbsp;&nbsp;Covenant to Comply with Applicable Laws Upon Repurchase of Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         16</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">OPTIONAL&nbsp;REDEMPTION</P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 16.01.&nbsp;&nbsp;&nbsp;Optional Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 16.02.&nbsp;&nbsp;&nbsp;Notice of Optional Redemption; Selection of Notes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">89</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 16.03.&nbsp;&nbsp;&nbsp;Redemption of Notes for Changes in Canadian Tax Law</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">90</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 16.04.&nbsp;&nbsp;&nbsp;Notice of Tax Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">90</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 16.05.&nbsp;&nbsp;&nbsp;Payment of Notes Called for Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 16.06.&nbsp;&nbsp;&nbsp;Restrictions on Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 16.07.&nbsp;&nbsp;&nbsp;Payment Upon Redemption or Maturity</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; padding-top: 12pt; padding-bottom: 12pt; padding-left: 0in"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="text-transform: uppercase">Article
                                         17</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">MISCELLANEOUS&nbsp;PROVISIONS</P></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt; width: 90%">Section 17.01.&nbsp;&nbsp;&nbsp;Provisions Binding on Company&rsquo;s Successors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">96</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.02.&nbsp;&nbsp;&nbsp;Official Acts by Successor Corporation</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">96</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.03.&nbsp;&nbsp;&nbsp;Addresses for Notices, Etc.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">96</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.04.&nbsp;&nbsp;&nbsp;Governing Law; Jurisdiction</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">97</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.05.&nbsp;&nbsp;&nbsp;Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">98</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.06.&nbsp;&nbsp;&nbsp;Legal Holidays</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">98</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.07.&nbsp;&nbsp;&nbsp;No Security Interest Created</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.08.&nbsp;&nbsp;&nbsp;Benefits of Indenture</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.09.&nbsp;&nbsp;&nbsp;Table of Contents, Headings, Etc</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.10.&nbsp;&nbsp;&nbsp;Authenticating Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.11.&nbsp;&nbsp;&nbsp;Execution in Counterparts</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.12.&nbsp;&nbsp;&nbsp;Severability</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.13.&nbsp;&nbsp;&nbsp;Waiver of Jury Trial</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.14.&nbsp;&nbsp;&nbsp;Force Majeure</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">101</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.15.&nbsp;&nbsp;&nbsp;Calculations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">101</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.16.&nbsp;&nbsp;&nbsp;USA PATRIOT Act</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">101</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.17.&nbsp;&nbsp;&nbsp;Currency Conversion</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">101</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.18.&nbsp;&nbsp;&nbsp;Anti-Money Laundering</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">102</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.19.&nbsp;&nbsp;&nbsp;No Adverse Interpretation of Other Agreements</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">102</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.20.&nbsp;&nbsp;&nbsp;Third Party</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">102</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -81.35pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 81.35pt">Section 17.21.&nbsp;&nbsp;&nbsp;Waiver of Immunity</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">102</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">APPENDIX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 5%; text-align: left">Appendix A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&ndash;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%; text-align: left">Provisions Relating to Initial Notes and Additional Notes</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">EXHIBIT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 5%; text-align: left">Exhibit A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&ndash;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 89%">Form of Note</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">INDENTURE dated as of May&nbsp;19, 2020
between <FONT STYLE="text-transform: uppercase">Colliers International Group</FONT> INC., a corporation organized and existing
under the&nbsp;Business Corporations Act (Ontario), as issuer (the &ldquo;<U>Company</U>,&rdquo; as more fully set forth in <U>Section
1.01</U>), and Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of
the United States, as trustee (the &ldquo;<U>Trustee</U>&rdquo;, as more fully set forth in <U>Section 1.01</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">W I T N E S S E T H:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, for its lawful corporate purposes,
the Company has duly authorized the issuance of its 4.00% Convertible Senior Subordinated Notes due 2025, initially in an aggregate
principal amount not to exceed $230,000,000 (the &ldquo;<U>Initial Notes</U>&rdquo;), and in order to provide the terms and conditions
upon which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery
of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Form of Note, the certificate
of authentication to be borne by each Note, the Form of Notice of Conversion, the Form of Fundamental Change Repurchase Notice
and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, all acts and things necessary to
make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized authenticating
agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture a valid agreement
according to its terms, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes
have in all respects been duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, THIS INDENTURE WITNESSETH:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">That in order to declare the terms and conditions
upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase
and acceptance of the Notes by the Holders thereof, the Company covenants and agrees with the Trustee for the equal and proportionate
benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
1</FONT><BR>
DEFINITIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Definitions</U>. The terms defined in this <U>Section 1.01</U> (except as herein otherwise expressly provided or unless
the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective
meanings specified in this <U>Section 1.01</U>. The words &ldquo;herein,&rdquo; &ldquo;hereof,&rdquo; &ldquo;hereunder&rdquo; and
words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The
terms defined in this Article include the plural as well as the singular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Additional Amounts</U>&rdquo;
shall have the meaning specified in <U>Section 2.11(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Additional Interest</U>&rdquo;
means all amounts, if any, payable pursuant to <U>Section 4.06(d)</U> and <U>Section 6.03</U>, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Additional Notes</U>&rdquo;
means additional Notes issued pursuant to <U>Section 2.10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Additional Shares</U>&rdquo;
shall have the meaning specified in <U>Section 14.03(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, &ldquo;control,&rdquo; when used with respect to
any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms &ldquo;controlling&rdquo;
and &ldquo;controlled&rdquo; have meanings correlative to the foregoing. Notwithstanding anything to the contrary herein, the determination
of whether one Person is an &ldquo;Affiliate&rdquo; of another Person for purposes of this Indenture shall be made based on the
facts at the time such determination is made or required to be made, as the case may be, hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Bankruptcy and Insolvency
Act (Canada)</U>&rdquo; means Bankruptcy and Insolvency Act (Canada), as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Board of Directors</U>&rdquo;
means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Board Resolution</U>&rdquo;
means a copy of a resolution certified by the Corporate Secretary or an Assistant Corporate Secretary of the Company to have been
duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification, and delivered to
the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York
is authorized or required by law or executive order to close or be closed or the banking institutions in New York, New York or
Toronto, Ontario are authorized or required by law or executive order to close or be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Canadian Dollars</U>&rdquo;
and &ldquo;<U>C$</U>&rdquo; mean Canadian dollars or other equivalent units in such coin or currency of Canada that is legal tender
for the payment of public and private debts at the time of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Capital Stock</U>&rdquo;
means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents
of or interests in (however designated) stock issued by that entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;CDS&rdquo; means CDS Clearing
and Depository Services Inc., or any successor securities clearing agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Clause A Distribution</U>&rdquo;
shall have the meaning specified in <U>Section 14.04(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Clause B Distribution</U>&rdquo;
shall have the meaning specified in <U>Section 14.04(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Clause C Distribution</U>&rdquo;
shall have the meaning specified in <U>Section 14.04(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>close of business</U>&rdquo;
means 5:00 p.m. (New York City time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Commission</U>&rdquo;
means the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Common Equity</U>&rdquo;
of any Person means Capital Stock of such Person that is generally entitled (a)&nbsp;to vote in the election of directors of such
Person or (b)&nbsp;if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body,
partners, managers or others that will control the management or policies of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Companies&rsquo; Creditors
Arrangement Act (Canada)</U>&rdquo; means the Companies&rsquo; Creditors Arrangement Act (Canada), as amended, and the rules and
regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Company</U>&rdquo; shall
have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of <U>Article 11</U>, shall
include its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Company Order</U>&rdquo;
means a written order of the Company signed by any of its Officers and delivered to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Conversion Agent</U>&rdquo;
shall have the meaning specified in <U>Section 4.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Conversion Date</U>&rdquo;
shall have the meaning specified in <U>Section 14.02(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Conversion Obligation</U>&rdquo;
shall have the meaning specified in <U>Section 14.01(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Conversion Price</U>&rdquo;
means as of any time, $1,000,&nbsp;divided by&nbsp;the Conversion Rate as of such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Conversion Rate</U>&rdquo;
shall have the meaning specified in <U>Section 14.01(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Corporate Trust Office</U>&rdquo;
means the designated office of the Trustee at which at any time its corporate trust business shall be administered, which office
at the date hereof is located at MAC N9303-060, 600 South 4th Street, 6th Floor, Minneapolis, MN 55415, Attention: Administrator
&ndash; Colliers International Group Inc., or such other address as the Trustee may designate from time to time by notice to the
Holders and the Company, or the designated corporate trust office of any successor trustee (or such other address as such successor
trustee may designate from time to time by notice to the Holders and the Company).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Current Market Price</U>&rdquo;
for any date means the average of the Daily VWAPs for the 30 consecutive Trading Days ending on the fifth Trading Day preceding
the date of the applicable event for determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Custodian</U>&rdquo;
means the Trustee, as custodian for DTC, with respect to the Global Notes, or any successor entity thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Daily VWAP</U>&rdquo;
means, for each of the 30 consecutive Trading Days during the relevant period, the per share volume-weighted average price as displayed
under the heading &ldquo;Bloomberg VWAP&rdquo; on Bloomberg page &ldquo;CIGI&lt;equity&gt; AQR&rdquo; (or its equivalent successor
if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading
of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, the market value of
one Subordinate Voting Share on such Trading Day determined, using a volume-weighted average method, by a nationally recognized
independent investment banking firm retained for this purpose by the Company); provided that, the &ldquo;Daily VWAP&rdquo; will
be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Default</U>&rdquo; means
any event that is, or after notice or passage of time, or both, would be, an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Defaulted Amounts</U>&rdquo;
means any amounts on any Note (including, without limitation, the Redemption Price, the Fundamental Change Repurchase Price, principal
and interest) that are payable but are not punctually paid or duly provided for.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Definitive Notes</U>&rdquo;
means permanent certificated Notes in registered form issued in denominations of $1,000 principal amount and integral multiples
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Depositary</U>&rdquo;
means, with respect to each Global Note, the Person specified in <U>Section 2.05(c)</U> as the Depositary with respect to such
Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and
thereafter, &ldquo;Depositary&rdquo; shall mean or include such successor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Designated Senior Indebtedness</U>&rdquo;
means (i)&nbsp;all of the Company&rsquo;s indebtedness outstanding under the Senior Credit Facility, including all hedging obligations,
all treasury management arrangements and all Obligations with respect to any of the foregoing (ii)&nbsp;the Senior Notes and (iii)&nbsp;the
Company&rsquo;s Obligations under any other Senior Indebtedness, the principal amount of which is in excess of $50,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Distributed Property</U>&rdquo;
shall have the meaning specified in <U>Section 14.04(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Dividend Threshold Amount</U>&rdquo;
shall have the meaning specified in <U>Section 14.04(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>DTC</U>&rdquo; means
The Depository Trust Company, or any successor securities clearing agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Effective Date</U>&rdquo;
shall have the meaning specified in <U>Section 14.03(c)</U>, except that, as used in <U>Section 14.04</U> and <U>Section 14.05</U>,
&ldquo;Effective Date&rdquo; means the first date on which Subordinate Voting Shares trade on the applicable exchange or in the
applicable market, regular way, reflecting the relevant share split or share combination, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Event of Default</U>&rdquo;
shall have the meaning specified in <U>Section 6.01</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Ex-Dividend Date</U>&rdquo;
means the first date on which the Subordinate Voting Shares trade on Nasdaq (or if the Subordinate Voting Shares are not then listed
on Nasdaq, the principal U.S. national or regional securities exchange on which the Subordinate Voting Shares are traded or, if
the Subordinate Voting Shares are not then listed on a U.S. national or regional securities exchange, the TSX or the principal
Canadian securities exchange on which the Subordinate Voting Shares are traded or, if the Subordinate Voting Shares are not then
listed on a U.S. national or regional or Canadian securities exchange, the other principal market on which the Subordinate Voting
Shares are listed or admitted for trading), regular way, without the right to receive the issuance, dividend or distribution in
question, from the Company or, if applicable, from the seller of Subordinate Voting Shares on such exchange or market (in the form
of due bills or otherwise) as determined by such exchange or market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Exchange Act</U>&rdquo;
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Form of Assignment and
Transfer</U>&rdquo; means the &ldquo;Form of Assignment and Transfer&rdquo; attached as Attachment 3 to the Form of Note attached
hereto as <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Form of Certificate
to be Delivered in Connection with Certain Transfers Pursuant to Regulation S</U>&rdquo; means the &ldquo;Form of Certificate to
be Delivered in Connection with Certain Transfers Pursuant to Regulation S&rdquo; attached as Attachment 4 to the Form of Note
attached hereto as Exhibit A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Form of Fundamental
Change Repurchase Notice</U>&rdquo; means the &ldquo;Form of Fundamental Change Repurchase Notice&rdquo; attached as Attachment
2 to the Form of Note attached hereto as Exhibit A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Form of Note</U>&rdquo;
means the &ldquo;Form of Note&rdquo; attached hereto as Exhibit A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Form of Notice of Conversion</U>&rdquo;
means the &ldquo;Form of Notice of Conversion&rdquo; attached as Attachment 1 to the Form of Note attached hereto as Exhibit A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Fundamental Change</U>&rdquo;
shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>a &ldquo;person&rdquo; or &ldquo;group&rdquo; within the meaning of Section&nbsp;13(d) of the Exchange Act, other than the
Company, its Wholly Owned Subsidiaries and the employee benefit plans of the Company and its Wholly Owned Subsidiaries, and other
than a Permitted Person, has become the direct or indirect &ldquo;beneficial owner,&rdquo; as defined in Rule 13d-3 under the Exchange
Act, of Common Equity of the Company representing more than 50% of the voting power of the Common Equity of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>the consummation of (A)&nbsp;any recapitalization, reclassification or change of the Subordinate Voting Shares (other than
changes resulting from a share split or consolidation) as a result of which the Subordinate Voting Shares would be converted into,
or exchanged for, shares, stock, other securities, other property or assets; (B)&nbsp;any share exchange, consolidation, amalgamation
or merger of the Company pursuant to which the Subordinate Voting Shares will be converted into cash, securities or other property
or assets; or (C)&nbsp;any sale, lease, exchange or other transfer in one transaction or a series of transactions of all or substantially
all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one or more of the
Company&rsquo;s Wholly Owned Subsidiaries;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that a transaction described in clause (A)&nbsp;or
(B)&nbsp;in which the holders of all classes of the Company&rsquo;s Common Equity immediately prior to such transaction own, directly
or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving corporation or transferee or the parent
thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction
shall not be a Fundamental Change pursuant to this clause (b); or</TD></TR></TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>the shareholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>provided</U>,&nbsp;<U>however</U>, that a transaction or
transactions described in clause (a)&nbsp;or clause (b)&nbsp;above shall not constitute a Fundamental Change, if at least 90% of
the consideration received or to be received by the holders of Subordinate Voting Shares, excluding cash payments for fractional
shares, in connection with such transaction or transactions consists of Common Equity that is listed or quoted on any of Nasdaq,
the NYSE, the NYSE American or the TSX (or any of their respective successors) or will be so listed or quoted when issued or exchanged
in connection with such transaction or transactions and as a result of such transaction or transactions the Notes become convertible
into such consideration, excluding cash payments for fractional shares. If any transaction in which the Subordinate Voting Shares
are replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Period
(or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso
immediately following clause (c)&nbsp;of this definition, following the effective date of such transaction) references to the Company
in this definition shall instead be references to such other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Fundamental Change Company
Notice</U>&rdquo; shall have the meaning specified in <U>Section 15.01(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Fundamental Change Repurchase
Date</U>&rdquo; shall have the meaning specified in <U>Section 15.01(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Fundamental Change Repurchase
Notice</U>&rdquo; shall have the meaning specified in <U>Section 15.01(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Fundamental Change Repurchase
Price</U>&rdquo; shall have the meaning specified in <U>Section 15.01(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">The terms &ldquo;<U>given</U>&rdquo;,
&ldquo;<U>mailed</U>&rdquo;, &ldquo;<U>notify</U>&rdquo; or &ldquo;<U>sent</U>&rdquo; with respect to any notice to be given to
a Holder pursuant to this Indenture, shall mean notice (x)&nbsp;given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures
at the Depositary (in the case of a Global Note) or (y)&nbsp;mailed to such Holder by first class mail, postage prepaid, at its
address as it appears on the Note Register (in the case of a Definitive Note), in each case, in accordance with <U>Section 17.03</U>.
Notice so &ldquo;given&rdquo; shall be deemed to include any notice to be &ldquo;mailed&rdquo; or &ldquo;delivered,&rdquo; as applicable,
under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Global Note</U>&rdquo;
shall have the meaning specified in <U>Section 2.05(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Hennick Family</U>&rdquo;
means the spouse, children or estate of Jay S. Hennick.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Holder,</U>&rdquo; as
applied to any Note, or other similar terms (but excluding the term &ldquo;beneficial holder&rdquo; or &ldquo;beneficial owner&rdquo;),
means any Person in whose name at the time a particular Note is registered on the Note Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Indemnified Taxes</U>&rdquo;
shall have the meaning specified in <U>Section 2.11(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Indenture</U>&rdquo;
means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Ineligible Consideration</U>&rdquo;
shall have the meaning specified in <U>Section 14.01(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Initial Notes</U>&rdquo;
shall have the meaning specified in the first paragraph of the recitals of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Initial Purchasers</U>&rdquo;
means BMO Capital Markets Corp., Goldman Sachs &amp; Co. LLC, HSBC Securities (USA) Inc., TD Securities (USA) LLC, CIBC World Markets
Corp., BofA Securities, Inc., Mizuho Securities USA LLC, National Bank of Canada Financial Inc., Raymond James (USA) Ltd., RBC
Capital Markets, LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc. and William Blair &amp; Company, L.L.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Interest Act (Canada)</U>&rdquo;
means the Interest Act (Canada), as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Interest Payment Date</U>&rdquo;
means each June&nbsp;1 and December&nbsp;1 of each year, beginning on December&nbsp;1, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Judgment Currency</U>&rdquo;
shall have the meaning specified in <U>Section 17.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Last Reported Sale Price</U>&rdquo;
of the Subordinate Voting Shares (or other security for which a Last Reported Sale Price must be determined) on any date means
the closing sale price (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in
either case, the average of the average bid and the average ask prices) per Subordinate Voting Share (or such other security) on
that date as reported in composite transactions for Nasdaq or the other principal U.S. national or regional securities exchange
on which the Subordinate Voting Shares (or such other security) are traded. If the Subordinate Voting Shares (or such other security)
are not listed for trading on Nasdaq or another U.S. national or regional securities exchange on the relevant date, the &ldquo;Last
Reported Sale Price&rdquo; of the Subordinate Voting Shares (or other security for which a Last Reported Sale Price must be determined)
on any date means the closing sale price (or if no closing sale price is reported, the average of the bid and ask prices or, if
more than one in either case, the average of the average bid and the average ask prices) per Subordinate Voting Share (or such
other security) on that date as reported in composite transactions for the TSX or the other principal Canadian securities exchange
on which the Subordinate Voting Shares (or such other security) are traded. If the Subordinate Voting Shares (or such other security)
are not listed for trading on a U.S. national or regional securities exchange or a Canadian securities exchange on the relevant
date, the &ldquo;Last Reported Sale Price&rdquo; shall be the last quoted bid price for the Subordinate Voting Shares (or such
other security) in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization.
If the Subordinate Voting Shares (or such other security) are not so quoted, the &ldquo;Last Reported Sale Price&rdquo; shall be
the average of the mid-point of the last bid and ask prices for the Subordinate Voting Shares (or such other security) on the relevant
date from each of at least three nationally recognized independent investment banking firms selected by the Company for this purpose.
The &ldquo;Last Reported Sales Price&rdquo; shall be determined without regard to after-hours trading or any other trading outside
of regular trading session hours. Any price of the Subordinate Voting Shares (or such other security) in Canadian Dollars shall
be converted into U.S. Dollars based on then current exchange rate between the Canadian Dollar and the U.S. Dollar as determined
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Make-Whole Fundamental
Change</U>&rdquo; means any transaction or event that constitutes a Fundamental Change (as defined above and determined after giving
effect to any exceptions to or exclusions from such definition, but without regard to the&nbsp;proviso&nbsp;in clause (b)&nbsp;of
the definition thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Make-Whole Fundamental
Change Period</U>&rdquo; shall have the meaning specified in <U>Section 14.03(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Market Disruption Event</U>&rdquo;
means, for the purposes of determining the Current Market Price only, (a)&nbsp;a failure by Nasdaq or the principal U.S. national
or regional securities exchange on which the Subordinate Voting Shares are traded, or, if the Subordinate Voting Shares are not
traded on any U.S. national or regional securities exchange, the TSX or the other principal Canadian securities exchange on which
the Subordinate Voting Shares are traded or, if the Subordinate Voting Shares are not then listed on a U.S. national or regional
or Canadian securities exchange, the other principal market on which the Subordinate Voting Shares are listed or admitted for trading
to open for trading during its regular trading session or (b)&nbsp;the occurrence or existence prior to 1:00 p.m., New York City
time, on any Scheduled Trading Day for the Subordinate Voting Shares for more than one half-hour period in the aggregate during
regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted
by the relevant stock exchange or otherwise) in the Subordinate Voting Shares or in any options contracts or futures contracts
relating to the Subordinate Voting Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Maturity Date</U>&rdquo;
means June 1, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Merger Event</U>&rdquo;
shall have the meaning specified in <U>Section 14.07(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Nasdaq</U>&rdquo; means
the Nasdaq Stock Market LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>New Shares</U>&rdquo;
shall have the meaning specified in <U>Section 14.07(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Nonpayment Default</U>&rdquo;
shall have the meaning specified in <U>Section 13.03(a)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Notes</U>&rdquo; means
the Initial Notes and more particularly means any Note authenticated and delivered under this Indenture. For all purposes of this
Indenture, the term &ldquo;Notes&rdquo; shall also include any Additional Notes that may be issued under a supplemental indenture
and Notes to be issued or authenticated upon transfer, replacement or exchange of Notes in accordance with this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Note Register</U>&rdquo;
shall have the meaning specified in <U>Section 2.05(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Note Registrar</U>&rdquo;
shall have the meaning specified in <U>Section 2.05(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Notice of Conversion</U>&rdquo;
shall have the meaning specified in <U>Section 14.02(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Notice of Optional Redemption</U>&rdquo;
shall have the meaning specified in <U>Section 16.02(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Notice of Redemption</U>&rdquo;
means a Notice of Optional Redemption or Notice of Tax Redemption, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Notice of Tax Redemption</U>&rdquo;
shall have the meaning specified in <U>Section 16.04(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>NYSE</U>&rdquo; means
the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>NYSE American</U>&rdquo;
means the NYSE American Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Obligations</U>&rdquo;
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other payments or liabilities payable
under the documentation governing any indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Offering Memorandum</U>&rdquo;
means the preliminary offering memorandum dated May&nbsp;14, 2020, as supplemented by the related pricing term sheet dated May&nbsp;15,
2020, relating to the offering and sale of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Officer</U>&rdquo; means,
with respect to the Company, the Chief Executive Officer, the President, the Chief Financial Officer, the Chief Operating Officer,
the Chief Legal Officer, the Treasurer, the Corporate Secretary, any Executive or Senior Vice President or any Vice President (whether
or not designated by a number or numbers or word or words added before or after the title &ldquo;Vice President&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Officer&rsquo;s Certificate,</U>&rdquo;
when used with respect to the Company, means a certificate that is delivered to the Trustee and that is signed by any Officer of
the Company. Each such certificate shall include the statements provided for in <U>Section 17.05</U> if and to the extent required
by the provisions of such Section. The Officer giving an Officer&rsquo;s Certificate pursuant to <U>Section 4.08</U> shall be the
principal executive, financial or accounting officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>open of business</U>&rdquo;
means 9:00 a.m. (New York City time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Opinion of Counsel</U>&rdquo;
means an opinion in writing addressed to the Trustee, among others, signed by legal counsel, who may be an employee of or counsel
to the Company, or other counsel who is reasonably acceptable to the Trustee, which opinion may contain customary exceptions and
qualifications as to the matters set forth therein, that is delivered to the Trustee. Each such opinion shall include the statements
provided for in <U>Section 17.05</U> if and to the extent required by the provisions of such <U>Section 17.05</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Optional Redemption</U>&rdquo;
shall have the meaning specified in <U>Section 16.01</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>outstanding,</U>&rdquo;
when used with reference to Notes, shall, subject to the provisions of <U>Section 8.04</U>, mean, as of any particular time, all
Notes authenticated and delivered by the Trustee under this Indenture, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Notes, or portions thereof, that have become due and payable and in respect of which monies (or, in the event of the exercise
of the Share Repayment Right in accordance with Section 16.07, Subordinate Voting Shares) in the necessary amount shall have been
deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated
in trust by the Company (if the Company shall act as its own Paying Agent);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Notes that have been paid pursuant to <U>Section 2.06</U> or Notes in lieu of which, or in substitution for which, other Notes
shall have been authenticated and delivered pursuant to the terms of <U>Section 2.06</U> unless proof satisfactory to the Trustee
is presented that any such Notes are held by protected purchasers in due course;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Notes converted pursuant to Article 14 and required to be cancelled pursuant to Section 2.08;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>Notes repurchased by the Company pursuant to Section 2.10; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>Notes redeemed pursuant to Article 16.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Participant</U>&rdquo;
means, with respect to the Depositary, CDS, a Person who has an account with the Depositary or with CDS, respectively (and, with
respect to DTC, shall include CDS).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Paying Agent</U>&rdquo;
shall have the meaning specified in <U>Section 4.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Payment Blockage Notice</U>&rdquo;
shall have the meaning specified in <U>Section 13.03(a)(ii)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<FONT STYLE="font-weight: normal"><U>Payment
Default</U>&rdquo; shall have the meaning specified in <U>Section 13.03(a)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Permitted Person</U>&rdquo;
means any of (i)&nbsp;Jay S. Hennick, directly or indirectly, (ii)&nbsp; the Hennick Family, (iii)&nbsp;a trust, the sole beneficiaries
of which are any of the Hennick Family and (iv)&nbsp;any and all corporations or entities which are directly or indirectly controlled
by any of the Hennick Family.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo; means
an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company,
a trust, an unincorporated organization or a government or an agency or a political subdivision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Predecessor Note</U>&rdquo;
of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular
Note; and, for the purposes of this definition, any Note authenticated and delivered under <U>Section 2.06</U> in lieu of or in
exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed
or stolen Note that it replaces.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Purchase Agreement</U>&rdquo;
means that certain Purchase Agreement, dated as of May&nbsp;15, 2020, among the Company and BMO Capital Markets Corp. and Goldman
Sachs &amp; Co. LLC, as representatives of the several Initial Purchasers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Record Date</U>&rdquo;
means, with respect to any dividend, distribution or other transaction or event in which the holders of Subordinate Voting Shares
(or other applicable security) have the right to receive any cash, securities or other property or in which the Subordinate Voting
Shares (or such other security) are exchanged for or converted into any combination of cash, securities or other property, the
date fixed for determination of holders of Subordinate Voting Shares (or such other security) entitled to receive such cash, securities
or other property (whether such date is fixed by the Board of Directors, statute, contract or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Redemption Date</U>&rdquo;
means the date on which Notes are redeemed pursuant to an Optional Redemption or a Tax Redemption, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Redemption Notice Date</U>&rdquo;
means the date on which a Notice of Optional Redemption is delivered pursuant to <U>Section 16.02</U> or the date on which a Notice
of Tax Redemption is delivered pursuant to <U>Section 16.04</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Redemption Period</U>&rdquo;
means the period from, and including, the relevant Redemption Notice Date until the close of business on the Scheduled Trading
Day immediately preceding the related Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Redemption Price</U>&rdquo;
means, for any Notes to be redeemed pursuant to <U>Section 16.01</U> or <U>Section 16.03</U>, 100% of the principal amount of such
Notes,&nbsp;plus&nbsp;accrued and unpaid interest, if any, payable in cash, to, but excluding, the Redemption Date (unless the
Redemption Date falls after a Regular Record Date but on or prior to the immediately succeeding Interest Payment Date, in which
case interest accrued to the Redemption Date will be paid by the Company to Holders of record of such Notes as of the close of
business on such Regular Record Date, and the Redemption Price will be equal to 100% of the principal amount of such Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Reference Property</U>&rdquo;
shall have the meaning specified in <U>Section 14.07(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Regular Record Date,</U>&rdquo;
with respect to any Interest Payment Date, means the May&nbsp;15 or November&nbsp;15 (whether or not such day is a Business Day)
immediately preceding the applicable June&nbsp;1 or December&nbsp;1 Interest Payment Date, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Relevant Taxing Jurisdiction</U>&rdquo;
shall have the meaning specified in <U>Section 2.11(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Representative</U>&rdquo;
means the indenture trustee or other trustee, agent or representative for any Senior Indebtedness; provided that, if no Representative
has been appointed under the instrument governing any series of Senior Indebtedness, any holder or group of holders of such series
of Senior Indebtedness certifying that it holds a percentage of such series of Senior Indebtedness sufficient to cause the acceleration
thereof will be deemed a Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Responsible Officer</U>&rdquo;
means, when used with respect to the Trustee, any officer within the corporate trust department of the applicable Trustee, including
any vice president, assistant vice president, any trust officer or assistant trust officer or any other officer of the Trustee
who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such person&rsquo;s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Restricted Securities</U>&rdquo;
shall have the meaning specified in <U>Section 2.05(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Rule 144</U>&rdquo;
means Rule 144 as promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Rule 144A</U>&rdquo;
means Rule 144A as promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Scheduled Trading Day</U>&rdquo;
means a day that is scheduled to be a Trading Day on Nasdaq or the other principal U.S. national or regional securities exchange
on which the Subordinate Voting Shares are traded, or, if the Subordinate Voting Shares are not traded on any U.S. national or
regional securities exchange, the TSX or the other principal Canadian securities exchange on which the Subordinate Voting Shares
are traded or, if the Subordinate Voting Shares are not then listed on a U.S. national or regional or Canadian securities exchange,
the principal other market on which the Subordinate Voting Shares are listed or admitted for trading. If the Subordinate Voting
Shares are not so listed or admitted for trading, &ldquo;Scheduled Trading Day&rdquo; means a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Securities Act</U>&rdquo;
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>SEDAR</U>&rdquo; means
the Canadian System for Electronic Document Analysis and Retrieval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Senior Credit Facility</U>&rdquo;
means the second amended and restated credit agreement dated April 19, 2018, as amended through the date of the Offering Memorandum,
among the Company and the lenders thereunder, as the same may be further amended, restated, amended and restated or otherwise modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Senior Indebtedness</U>&rdquo;
means any of the Company&rsquo;s indebtedness outstanding as of the date of the Indenture or thereafter created, incurred, assumed
or guaranteed by the Company, including all deferrals, renewals, extensions or refundings of, or amendments modifications or supplements
to, the foregoing, unless the instrument under which such indebtedness is incurred expressly provides that it is on a parity with
or subordinated in right of payment to the Notes, in each case including, without limitation, expenses, fees, principal, interest,
reimbursement obligations under letters of credit and indemnities payable in connection therewith. For the avoidance of doubt,
&ldquo;Senior Indebtedness&rdquo; includes (x)&nbsp;all of the Company&rsquo;s indebtedness outstanding under the Senior Credit
Facility, including all hedging obligations, all treasury management arrangements and all Obligations with respect to any of the
foregoing; and (y)&nbsp;the Senior Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Notwithstanding anything to the
contrary in the preceding paragraph, &ldquo;Senior Indebtedness&rdquo; shall not include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>the Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>any of the Company&rsquo;s indebtedness that, when incurred, was without recourse to the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>any liability for federal, state, local or other taxes owed or owing by the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>any intercompany indebtedness of the Company or any Subsidiaries of the Company to the Company or any of the Company&rsquo;s
Affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>any repurchase, redemption or other obligation with respect to the Company&rsquo;s Capital Stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>any indebtedness to any of the Company&rsquo;s employees or the employees of the Company&rsquo;s Subsidiaries; or</TD></TR></TABLE>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>any trade payables, accrued expenses or indebtedness incurred for the purchase of goods or materials or for services obtained
in the ordinary course of business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Senior Notes</U>&rdquo;
means the Company&rsquo;s 2.23% guaranteed senior notes due May 30, 2028, issued pursuant to a Note Purchase Agreement, dated as
of May 17, 2018, as amended through the date of the Offering Memorandum, among International EMEA Finco Plc, as issuer, the Company,
as parent guarantor, and the purchasers party thereto, as the same may be further amended, restated, amended and restated or otherwise
modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Share Price</U>&rdquo;
shall have the meaning specified in <U>Section 14.03(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Share Repayment Right</U>&rdquo;
shall have the meaning specified in <U>Section 16.07(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Significant Subsidiary</U>&rdquo;
means a Subsidiary of the Company that meets the definition of &ldquo;significant subsidiary&rdquo; in Article 1, Rule 1-02 of
Regulation S-X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Spin-Off</U>&rdquo;
shall have the meaning specified in <U>Section 14.04(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Spin-off Shares</U>&rdquo;
shall have the meaning specified in <U>Section 14.07(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Subordinate Voting Shares</U>&rdquo;
means the subordinate voting shares of the Company, at the date of this Indenture, subject to <U>Section 14.07</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Subsidiary</U>&rdquo;
means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of
the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at
the time owned or controlled, directly or indirectly, by (i)&nbsp;such Person; (ii) such Person and one or more Subsidiaries of
such Person; or (iii)&nbsp;one or more Subsidiaries of such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Successor Company</U>&rdquo;
shall have the meaning specified in <U>Section 11.01(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Tax Redemption</U>&rdquo;
shall have the meaning specified in <U>Section 16.03</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Taxes</U>&rdquo; shall
have the meaning specified in <U>Section 2.11(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Termination of Trading</U>&rdquo;
shall have occurred if the Subordinate Voting Shares (or other Common Equity underlying the Notes) are not listed or quoted on
at least one of the following: Nasdaq, the NYSE, the NYSE American or the TSX (or any of their respective successors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Trading Day</U>&rdquo;
means, except for determining amounts due upon conversion as set forth below, a day on which (i)&nbsp;trading in the Subordinate
Voting Shares (or other security for which a closing sale price must be determined) generally occurs on Nasdaq or, if the Subordinate
Voting Shares (or such other security) are not then listed on Nasdaq, on the other principal U.S. national or regional securities
exchange on which the Subordinate Voting Shares (or such other security) are then listed or, if the Subordinate Voting Shares (or
such other security) are not then listed on a U.S. national or regional securities exchange, on the TSX or, if the Subordinate
Voting Shares (or such other security) are not then listed on the TSX, on the other principal Canadian regional securities exchange
on which the Subordinate Voting Shares (or such other security) are then listed or, if the Subordinate Voting Shares (or such other
security) are not then listed on a U.S. national or regional securities exchange or a Canadian securities exchange, the principal
other market on which the Subordinate Voting Shares (or such other security) are then traded or quoted, and (ii)&nbsp;a Last Reported
Sale Price for the Subordinate Voting Shares (or such other security) is available on such securities exchange or market;&nbsp;<U>provided</U>&nbsp;that
if the Subordinate Voting Shares (or such other security) are not so listed or traded, &ldquo;Trading Day&rdquo; means a Business
Day; and <U>provided</U>, <U>further</U>, that for the purposes of determining the Current Market Price only, &ldquo;Trading Day&rdquo;
means a day on which (x)&nbsp;there is no Market Disruption Event and (y)&nbsp;trading in the Subordinate Voting Shares generally
occurs on Nasdaq or the other principal U.S. national or regional securities exchange on which the Subordinate Voting Shares are
traded, or, if the Subordinate Voting Shares are not traded on any U.S. national or regional securities exchange, the TSX or the
other principal Canadian securities exchange on which the Subordinate Voting Shares are traded or, if the Subordinate Voting Shares
are not then listed on a U.S. national or regional or Canadian securities exchange, on the principal other market on which the
Subordinate Voting Shares are then listed or admitted for trading, except that if the Subordinate Voting Shares are not so listed
or admitted for trading, &ldquo;Trading Day&rdquo; means a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>transfer</U>&rdquo;
shall have the meaning specified in <U>Section 2.05(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Trigger Event</U>&rdquo;
shall have the meaning specified in <U>Section 14.04(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Trust Indenture Act</U>&rdquo;
means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term &ldquo;Trust Indenture Act&rdquo;
shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Trustee</U>&rdquo; means
the Person named as the &ldquo;Trustee&rdquo; in the first paragraph of this Indenture until a successor trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean the Person who is
then the Trustee hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>TSX</U>&rdquo; means
the Toronto Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>U.S. Dollars</U>&rdquo;
and &ldquo;<U>$</U>&rdquo; mean United States dollars or other equivalent units in such coin or currency of the United States that
is legal tender for the payment of public and private debts at the time of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>unit of Reference Property</U>&rdquo;
shall have the meaning specified in <U>Section 14.07(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Valuation Period</U>&rdquo;
shall have the meaning specified in <U>Section 14.04(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Wholly Owned Subsidiary</U>&rdquo;
means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this definition, the reference
to &ldquo;more than 50%&rdquo; in the definition of &ldquo;Subsidiary&rdquo; shall be deemed replaced by a reference to &ldquo;100%.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Other Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 79%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid">Term</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Defined
        in Section</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Applicable Procedures&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Canadian Restricted Securities Legend&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>2.2(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Definitive Notes Legend&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>2.2(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Distribution Compliance Period&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Global Notes Legend&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>2.2(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;QIB&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Regulation S&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Regulation S Global Notes&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>2.1 of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Regulation S Notes&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>2.1 of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Restricted Securities Legends&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>2.2(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Rule 144A Global Notes&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>2.1 of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Rule 144A Notes&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>2.1 of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Rule 904&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>1.1(a) of Appendix A</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;U.S. Restricted Securities Legend&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD>2.2(a) of Appendix A</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 1.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>References to Interest</U>. Unless the context otherwise requires, any reference to interest on, or in respect of, any
Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would
be payable pursuant to any of <U>Section 4.06(d)</U> and <U>Section 6.03</U>. Unless the context otherwise requires, any express
mention of Additional Interest in any provision hereof shall not be construed as excluding Additional Interest in those provisions
hereof where such express mention is not made.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
2</FONT><BR>
ISSUE, DESCRIPTION, EXECUTION, REGISTRATION&nbsp;AND&nbsp;EXCHANGE&nbsp;OF&nbsp;NOTES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Designation and Amount</U>. The Notes shall be designated as the &ldquo;4.00% Convertible Senior Subordinated Notes due
2025.&rdquo; The aggregate principal amount of Initial Notes that may be authenticated and delivered under this Indenture is initially
limited to $230,000,000 subject to <U>Section 2.10</U> and except for Notes authenticated and delivered upon registration or transfer
of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder. Other provisions relating to the
Notes are set forth in Appendix A hereto, which is hereby incorporated in and expressly made a part of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form of Notes</U>. The Notes and the Trustee&rsquo;s certificate of authentication to be borne by such Notes shall be
substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby
expressly incorporated in and made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. In the case of any conflict
between this Indenture and a Note, the provisions of this Indenture shall control and govern to the extent of such conflict.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any Global Note may be endorsed with or
have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture
as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law or any regulation
thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may
be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Notes are subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any of the Notes may have such letters,
numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform
to usage or to indicate any special limitations or restrictions to which any particular Notes are subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Global Note shall represent such principal
amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be increased or decreased to reflect redemptions, repurchases, cancellations, conversions, transfers
or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount
of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such
manner and upon written instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest
on, a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining
Holders eligible to receive payment is provided for herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Date and Denomination of Notes; Payments of Interest and Defaulted Amounts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Notes shall be issuable in registered form without coupons in denominations of $1,000 principal amount and integral
multiples thereof. Each Note shall be dated the date of its authentication and shall bear cash interest from the date specified
on the face of such Note. Interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months
and, for partial months, on the basis of the number of days actually elapsed in a 30-day month. Solely for the purposes of disclosure
under the Interest Act (Canada), the annual rate of interest to which the rate of interest provided in the Notes is equivalent
in respect of any period is the rate so determined multiplied by the actual number of days in the calendar year in which such period
ends and divided by 360.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business
on any Regular Record Date with respect to any Interest Payment Date shall be entitled to receive the interest payable on such
Interest Payment Date. The principal amount of any Note (x)&nbsp;in the case of any Definitive Note, shall be payable at the office
or agency of the Company maintained by the Company for such purposes in the Borough of Manhattan, The City of New York, which shall
initially be the Corporate Trust Office of the Trustee and (y)&nbsp;in the case of any Global Note, shall be payable by wire transfer
of immediately available funds to the account of the Depositary or its nominee. The Company shall pay, or cause the Paying Agent
to pay, interest (i)&nbsp;on any Definitive Notes (A)&nbsp;to Holders holding Definitive Notes having an aggregate principal amount
of $5,000,000 or less, by check mailed to the Holders of these Notes at their address as it appears in the Note Register and (B)&nbsp;to
Holders holding Definitive Notes having an aggregate principal amount of more than $5,000,000, either by check mailed to each such
Holder or, upon written application by such a Holder to the Note Registrar not later than the relevant Regular Record Date, by
wire transfer in immediately available funds to that Holder&rsquo;s account within Canada or the United States if such Holder has
provided the Company, the Trustee or the Paying Agent (if other than the Trustee) with the requisite information necessary to make
such wire transfer, which application shall remain in effect until the Holder notifies, in writing, the Note Registrar to the contrary
or (ii)&nbsp;on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest
per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such
relevant payment date, and such Defaulted Amounts together with such interest thereon shall be paid by the Company, at its election
in each case, as provided in clause (i)&nbsp;or (ii)&nbsp;below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective
Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts
proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by
the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make
arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited
to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the
Company shall fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not
less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment (unless the Trustee shall consent to an earlier date). The Company shall promptly notify the Trustee
of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Amounts and the special record date therefor to be delivered to each Holder not less than 10 days prior
to such special record date. Notice of the proposed payment of such Defaulted Amounts and the special record date therefor having
been so delivered, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on such special record date and shall no longer be payable pursuant to the following
clause (ii)&nbsp;of this Section&nbsp;2.03(a)(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements
of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon
such notice as may be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee
of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution, Authentication and Delivery of Notes</U>. The Notes shall be signed in the name and on behalf of the Company
by the manual or electronic signature of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Corporate
Secretary or any of its Executive or Senior Vice Presidents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee for authentication,
together with a Company Order (such Company Order to include the terms of the Notes) for the authentication and delivery of such
Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action
by the Company hereunder;&nbsp;<U>provided</U> that, subject to <U>Section 17.05</U>, the Trustee shall be entitled to receive
an Officer&rsquo;s Certificate and an Opinion of Counsel of the Company with respect to the issuance, authentication and delivery
of such Notes by the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Only such Notes as shall bear thereon a
certificate of authentication substantially in the form set forth on the Form of Note attached as Exhibit A hereto, executed by
manual or electronic signature by authorized officers of the Trustee (or an authenticating agent appointed by the Trustee as provided
by <U>Section 17.10</U>), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. Such certificate
by the Trustee (or such an authenticating agent) upon any Note executed by the Company as provided for in this Section 2.04 shall
be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is
entitled to the benefits of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case any Officer of the Company who shall
have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered
by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though
the person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the
Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at
the date of the execution of this Indenture any such person was not such an Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such
office or in any other office or agency of the Company designated pursuant to <U>Section 4.02</U>, the &ldquo;<U>Note Register</U>&rdquo;)
in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and
of transfers of Notes. Such register shall be in written form or in any form capable of being converted into written form within
a reasonable period of time. The Trustee is hereby initially appointed the &ldquo;<U>Note Registrar</U>&rdquo; for the purpose
of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars in accordance
with <U>Section 4.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon surrender for registration of transfer
of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in
this <U>Section 2.05(a)</U>, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate principal amount and bearing
such restrictive legends as may be required by this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notes may be exchanged for other Notes of
any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such
office or agency maintained by the Company pursuant to <U>Section 4.02</U>. Whenever any Notes are so surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled
to receive, bearing registration numbers not contemporaneously outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Notes presented or surrendered for registration
of transfer or for exchange, repurchase or conversion shall (if so required by the Company, the Trustee, the Note Registrar or
any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory
to the Company and duly executed, by the Holder thereof or its attorney-in-fact duly authorized in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No service charge shall be imposed by the
Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer
of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration
of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of the Company, the Trustee, the Note
Registrar or any co-Note Registrar shall be required to exchange for other Notes or register a transfer of (i)&nbsp;any Notes surrendered
for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii)&nbsp;any
Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with <U>Article 15</U> or (iii)&nbsp;any
Notes selected for redemption in accordance with <U>Article 16</U>, except the unredeemed portion of any Note being redeemed in
part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Notes issued upon any registration of
transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company, evidencing the same
debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject
to the fourth paragraph from the end of <U>Section 2.05(c)</U> all Notes shall be represented by one or more Notes in global form
(each, a &ldquo;<U>Global Note</U>&rdquo;) registered in the name of the Depositary or the nominee of the Depositary. Each Global
Note shall bear the Global Notes Legend as specified in Appendix A. The transfer and exchange of beneficial interests in a Global
Note that does not involve the issuance of a Definitive Note shall be effected through the Depositary (but not the Trustee or the
Custodian) in accordance with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the
Depositary therefor. The transfer and exchange of beneficial interests among Global Notes shall be effected in accordance with
Appendix A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Every Note that bears or is required under Appendix A to bear a Restricted Securities Legend (together with any Subordinate
Voting Shares issued upon conversion of the Notes that are required to bear the legend set forth in <U>Section 2.05(d)</U>, collectively,
the &ldquo;<U>Restricted Securities</U>&rdquo;) shall be subject to the restrictions on transfer set forth in this <U>Section 2.05(c)</U>
(including the applicable Restricted Securities Legend), unless such restrictions on transfer shall be eliminated or otherwise
waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder&rsquo;s acceptance thereof,
agrees to be bound by all such restrictions on transfer. As used in this <U>Section 2.05(c)</U> and <U>Section 2.05(d)</U>, the
term &ldquo;<U>transfer</U>&rdquo; encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other provisions of
this Indenture (other than the provisions set forth in this <U>Section 2.05(c)</U> and Appendix A), a Global Note may not be transferred
as a whole or in part except (i)&nbsp;by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee
of such successor Depositary and (ii)&nbsp;for exchange of a Global Note or a portion thereof for one or more Definitive Notes
in accordance with the second immediately succeeding paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Depositary shall be a clearing agency
registered under the Exchange Act. The Company initially appoints DTC to act as Depositary with respect to each Global Note. Initially,
each Global Note shall be issued to the Depositary, registered in the name of Cede&nbsp;&amp; Co., as the nominee of the Depositary,
and deposited with the Trustee as custodian for Cede&nbsp;&amp; Co.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If (i)&nbsp;the Depositary notifies the
Company at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary
is not appointed within 90 days, (ii)&nbsp;the Depositary ceases to be registered as a clearing agency under the Exchange Act and
a successor depositary is not appointed within 90 days or (iii)&nbsp;an Event of Default with respect to the Notes has occurred
and is continuing and, subject to the applicable procedures of the Depositary, a beneficial owner of any Note requests that its
beneficial interest therein be issued as a Definitive Note, the Company shall execute, and the Trustee, upon receipt of an Officer&rsquo;s
Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x)&nbsp;in the case
of clause (iii), a Definitive Note to such beneficial owner in a principal amount equal to the principal amount of such Note corresponding
to such beneficial owner&rsquo;s beneficial interest and (y)&nbsp;in the case of clause (i)&nbsp;or (ii), Definitive Notes to each
beneficial owner of the related Global Notes (or a portion thereof) in an aggregate principal amount equal to the aggregate principal
amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global
Notes shall be canceled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Definitive Notes issued in exchange for
all or a part of the Global Note pursuant to this <U>Section 2.05(c)</U> shall be registered in such names and in such authorized
denominations as the Depositary, pursuant to instructions from its direct or indirect Participants or otherwise, or, in the case
of clause (iii)&nbsp;of the immediately preceding paragraph, the relevant beneficial owner, shall instruct (either directly, if
it is a Participant, or indirectly through its Participant, if it is not a Participant) the Trustee. Upon execution and authentication,
the Trustee shall deliver such Definitive Notes to the Persons in whose names such Definitive Notes are so registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At such time as all interests in a Global
Note have been converted, canceled, repurchased upon a Fundamental Change, redeemed or transferred, such Global Note shall be,
upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary
and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for Definitive Notes,
transferred in exchange for an interest in another Global Note, converted, canceled, repurchased upon a Fundamental Change, redeemed
or transferred to a transferee who receives Definitive Notes therefor or any Definitive Note is exchanged or transferred for part
of such Global Note, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions
existing between the Depositary and the Custodian, be appropriately increased or decreased, as the case may be, and an endorsement
shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to reflect such increase or
decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of the Company, the Trustee or any
agent of the Company or the Trustee shall have any responsibility or liability for any act or omission of the Depositary or for
the payment of amounts to owners of beneficial interests in a Global Note, for any aspect of the records relating to or payments
made on account of those interests by the Depositary, or for maintaining, supervising or reviewing any records of the Depositary
relating to such beneficial ownership those interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Subordinate Voting Shares issued upon conversion of a Note shall bear a legend as specified in Appendix A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Note or Subordinate Voting Shares issued upon the conversion or exchange of a Note that is repurchased or owned by any
Affiliate of the Company (or any Person who was an Affiliate of the Company at any time during the three months immediately preceding)
may not be resold by such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant
to an exemption from the registration requirements of the Securities Act in a transaction that results in such Note or Subordinate
Voting Shares, as the case may be, no longer being a &ldquo;restricted security&rdquo; (as defined under Rule 144). The Company
shall cause any Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with <U>Section
2.08</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.06.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Mutilated, Destroyed, Lost or Stolen Notes</U>. In case any Note shall become mutilated or be destroyed, lost or stolen,
the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the
Trustee shall authenticate and deliver, a new Note, bearing a registration number not contemporaneously outstanding, in exchange
and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every
case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating
agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense
caused by or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish
to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction,
loss or theft of such Note and of the ownership thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee or such authenticating agent
may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee,
the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee,
the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require
a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith
as a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that
became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered
for redemption, required repurchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed,
lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or authorize the payment of
or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case
may be, if the applicant for such payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such
authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability,
cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory
to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction,
loss or theft of such Note and of the ownership thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Every substitute Note issued pursuant to
the provisions of this <U>Section 2.06</U> by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time,
and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally
and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held
and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement, payment, redemption,
conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement, payment, redemption,
conversion or repurchase of negotiable instruments or other securities without their surrender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.07.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Temporary Notes</U>. Pending the preparation of Definitive Notes, the Company may execute and the Trustee or an authenticating
agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or
lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Definitive
Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by
the Company. Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating
agent upon the same conditions and in substantially the same manner, and with the same effect, as the Definitive Notes. Without
unreasonable delay, the Company shall execute and deliver to the Trustee or such authenticating agent Definitive Notes (other than
any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor,
at each office or agency maintained by the Company pursuant to <U>Section 4.02</U> and the Trustee or such authenticating agent
shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Definitive Notes. Such
exchange shall be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes
shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Definitive Notes
authenticated and delivered hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.08.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation of Notes Paid, Converted, Etc</U>. The Company shall cause all Notes surrendered for the purpose of payment
at maturity, repurchase upon a Fundamental Change, redemption, registration of transfer or exchange or conversion, if surrendered
to the Company or any of its agents or Subsidiaries, to be surrendered to the Trustee for cancellation. All Notes delivered to
the Trustee shall be canceled promptly by it in accordance with its customary procedures. Except for any Notes surrendered for
registration of transfer or exchange, or as otherwise expressly permitted by any of the provisions of this Indenture, no Notes
shall be authenticated in exchange for any Notes surrendered to the Trustee for cancellation. The Trustee shall dispose of canceled
Notes in accordance with its customary procedures and, after such disposition, shall deliver a certificate of such disposition
to the Company, at the Company&rsquo;s written request in a Company Order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.09.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>CUSIP Numbers</U>. The Company in issuing the Notes may use &ldquo;CUSIP&rdquo; numbers (if then generally in use), and,
if so, the Trustee shall use &ldquo;CUSIP&rdquo; numbers in all notices issued to Holders as a convenience to such Holders;&nbsp;<U>provided</U>&nbsp;that
the Trustee shall have no liability for any defect in the &ldquo;CUSIP&rdquo; numbers as they appear on any Note, notice or elsewhere,
and,&nbsp;<U>provided</U>, <U>further</U>,&nbsp;that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification
numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in the &ldquo;CUSIP&rdquo;
numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Notes; Repurchases</U>. The Company may, without the consent of, or notice to, the Holders and notwithstanding
<U>Section 2.01</U>, reopen this Indenture and issue additional Notes hereunder with the same terms as the Notes initially issued
hereunder (other than differences in the issue date, the issue price, interest accrued prior to the issue date of such additional
Notes and, if applicable, restrictions on transfer in respect of such additional Notes) in an unlimited aggregate principal amount
(such additional Notes, the &ldquo;<U>Additional Notes</U>&rdquo;);&nbsp;<U>provided</U>&nbsp;that if any such Additional Notes
are not fungible with the Notes initially issued hereunder for U.S. or Canadian federal income tax or securities law purposes,
such Additional Notes shall have one or more separate CUSIP numbers. Prior to the issuance of any such Additional Notes, the Company
shall deliver to the Trustee a Company Order, an Officer&rsquo;s Certificate and an Opinion of Counsel, such Officer&rsquo;s Certificate
and Opinion of Counsel to cover such matters, in addition to those required by <U>Section 17.05</U>, as the Trustee shall reasonably
request. In addition, the Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes
are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or
through a privately negotiated transaction or public tender or exchange offer or through counterparties to private agreements,
including by cash-settled swaps or other derivatives, in each case, without prior notice to the Holders. The Company shall surrender
to the Trustee for cancellation any Notes that it may repurchase for cancellation in accordance with <U>Section 2.08</U> and such
Notes shall no longer be considered outstanding under this Indenture upon their repurchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Amounts</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All payments or deliveries (whether upon conversion, repurchase, redemption, maturity or otherwise, and whether in cash,
Subordinate Voting Shares, Reference Property or otherwise) made by or on behalf of the Company under or with respect to the Notes
are required to be made free and clear of, and without withholding or deduction for or on account of, any present or future tax,
duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto)
(hereinafter referred to as &ldquo;<U>Taxes</U>&rdquo;) imposed or levied by or on behalf of the government of Canada, any province
or territory of Canada or any political subdivision or any authority or agency therein or thereof having power to tax (each, a
&ldquo;<U>Relevant Taxing Jurisdiction</U>&rdquo;), unless such Person is required to withhold or deduct Taxes by law or by the
interpretation or administration thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company is so required to withhold or deduct any amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction
from any payment or delivery made under or with respect to the Notes, the Company shall be required to pay such additional amounts
(&ldquo;<U>Additional Amounts</U>&rdquo;) as may be necessary so that the net amount received by a Holder or beneficial owner of
Notes (including Additional Amounts) after such withholding or deduction will not be less than the amount such Holder or beneficial
owner of Notes would have received if such Taxes (including Taxes on any Additional Amounts) had not been withheld or deducted;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that the foregoing obligations to pay Additional Amounts do not apply to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Canadian withholding Taxes imposed on a payment to a Holder or beneficial owner of Notes (or the right to receive interest
payable on the Notes) by reason of the Company not dealing at arm&rsquo;s length (within the meaning of the Canadian Tax Act) with
such Holder or beneficial owner of Notes (or the right to receive interest payable on the Notes) at the time of the payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Canadian withholding Taxes imposed on a payment to a Holder or beneficial owner of Notes by reason of such Holder or
beneficial owner being a &ldquo;specified shareholder&rdquo; of the Company (as defined in subsection 18(5) of the Canadian Tax
Act) or by reason of such Holder or beneficial owner not dealing at arm&rsquo;s length with a specified shareholder of the Company
in either case at the time of payment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Canadian withholding Taxes imposed on a payment to a Holder, former Holder or beneficial owner of Notes by reason of
such Holder&rsquo;s, former Holder&rsquo;s or beneficial owner&rsquo;s failure to comply with any certification, identification,
information, documentation or other reporting requirement if compliance is required by law, regulation, administrative practice
or an applicable treaty as a precondition to exemption from, or a reduction in the rate of deduction or withholding of, such Taxes
(<U>provided</U> that in the case of any imposition or change in any such certification, identification, information, documentation
or other reporting requirement which applies to Holders, former Holders or beneficial owners of Notes who are not residents of
Canada, at least sixty (60)&nbsp;days prior to the effective date of any such imposition or change, the Company shall give written
notice, in the manner provided for in this Indenture, to the Trustee and the applicable Holders of Notes then outstanding of such
imposition or change, as the case may be, and provide the Trustee and such Holders with such forms or documentation, if any, as
may be required to comply with such certification, identification, information, documentation, or other reporting requirement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant
Holder or beneficial owner of Notes and the Relevant Taxing Jurisdiction including, for greater certainty and without limitation,
being or having been a citizen, resident or national thereof, or being or having been present or engaged in a trade or business
therein or maintaining a permanent establishment or other physical presence in or otherwise having some connection with the Relevant
Taxing Jurisdiction (other than a connection from the mere acquisition, ownership or holding of such Note or a beneficial interest
therein or the enforcement of rights thereunder or the receipt of any payment in respect thereof); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, assessment or governmental
charge,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(any Taxes imposed by a Relevant Taxing Jurisdiction that are
not excluded pursuant to any of the above clauses are referred to as &ldquo;<U>Indemnified Taxes</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall make any required withholding or deduction and remit the full amount deducted or withheld to the Relevant
Taxing Jurisdiction in accordance with applicable law. Upon request, the Company shall provide the Trustee on behalf of Holders
and beneficial owners of Notes (and the Trustee shall, at the Company&rsquo;s written request and specific instruction, promptly
provide Holders and beneficial owners of Notes) with official receipts or other documentation evidencing the payment of the Taxes
with respect to which Additional Amounts are paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company is or will become obligated to pay Additional Amounts under or with respect to any payment or delivery made
on the Notes, at least 30 days prior to the date of such payment (unless such obligation to pay Additional Amounts arises after
the 30th day prior to such date, in which case it shall be promptly thereafter), the Company shall deliver to the Trustee and the
Paying Agent (if other than the Trustee) an Officer&rsquo;s Certificate stating the fact that Additional Amounts will be payable
and the amount so payable and such other information necessary to enable the Paying Agent to pay Additional Amounts to Holders
or beneficial owners on the relevant payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever in this Indenture there is mentioned in any context: (i)&nbsp;the payment of principal; (ii)&nbsp;Redemption Price
in connection with an Optional Redemption or Tax Redemption of Notes; (iii)&nbsp;Fundamental Change Repurchase Price in connection
with a repurchase of Notes upon a Fundamental Change; (iv)&nbsp;interest; or (v)&nbsp;any other amount payable on or with respect
to any of the Notes (including amounts payable on conversion), such reference shall be deemed to include payment of Additional
Amounts provided for in this <U>Section 2.11</U> to the extent that, in such context, Additional Amounts are, were or would be
payable in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall indemnify and hold harmless a Holder or beneficial owner of the Notes for the amount of any Indemnified
Taxes, including those payable pursuant to Regulation 803 of the Income Tax Regulations (Canada), levied or imposed and paid by
such Holder or beneficial owner as a result of payments made under or with respect to the Notes, any liability (including penalties,
interest, additions to tax and expenses) arising therefrom or with respect thereto, and any such Indemnified Taxes levied or imposed
and paid by such Holder or beneficial owner of the Notes with respect to any reimbursement under this paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall pay any present or future stamp, court or documentary taxes or any other excise, property or similar Taxes,
charges or levies that arise in any Relevant Taxing Jurisdiction from the execution, delivery, enforcement or registration of the
Notes, this Indenture or any other document or instrument in relation thereof, or the receipt of any payments with respect to the
Notes and the Company shall indemnify the Holders and beneficial owners of Notes for any such amounts (including penalties, interest
and other liabilities related thereto) paid by such Holders or beneficial owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For certain payments made pursuant to the Indenture, the Trustee may be required to make a &ldquo;reportable payment&rdquo;
or &ldquo;withholdable payment&rdquo; and in such cases the Trustee shall have the duty to act as a payor or withholding agent,
respectively, that is responsible for any tax withholding and reporting required under Chapters 3, 4, and 61 of the United States
Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;). The Trustee shall have the sole right to make the determination
as to which payments are &ldquo;reportable payments&rdquo; or &ldquo;withholdable payments.&rdquo; The Company shall provide an
executed IRS Form W-9 or appropriate IRS Form W-8 (or, in each case, any successor form) to the Trustee on or prior to the date
of this Indenture, and shall promptly update any such form to the extent such form expires or becomes inaccurate in any respect
because of a change in circumstances. The Trustee shall have the right to request from any party to the Indenture, or any other
Person entitled to payment thereunder, any additional forms, documentation or other information as may be reasonably necessary
for the Trustee to satisfy its reporting and withholding obligations under the Code. To the extent any such forms to be delivered
thereunder are not provided prior to or by the time the related payment is required to be made or are determined by the Trustee
to be incomplete and/or inaccurate in any respect, the Trustee shall be entitled to withhold on any such payments thereunder to
the extent withholding is required under Chapters 3, 4, or 61 of the Code, and shall have no obligation to gross up any such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply
with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal
Revenue Code Section 6045. The Trustee may rely on the information provided to it and shall have no responsibility to verify or
ensure the accuracy of such information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Notwithstanding the provisions of this <U>Section 2.11</U>, all payments made pursuant to the Indenture shall be made
net of any deduction or withholding imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future
regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal
or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with
the implementation of such Sections of the Code (or any law implementing such an intergovernmental agreement) (any such withholding,
a &ldquo;<U>FATCA Withholding Tax</U>&rdquo;), and no Additional Amounts shall be payable as a result of any such FATCA Withholding
Tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The obligations described in this <U>Section 2.11</U> will survive any termination or discharge of this Indenture.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
3</FONT><BR>
SATISFACTION&nbsp;AND&nbsp;DISCHARGE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 3.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Satisfaction and Discharge</U>. This Indenture and the Notes shall upon the request of the Company contained in an Officer&rsquo;s
Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when (a)(i)&nbsp;all Notes theretofore authenticated and delivered (other than Notes
which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in <U>Section 2.06</U>) have
been delivered to the Trustee for cancellation; or (ii)&nbsp;the Company has deposited with the Trustee or delivered to Holders,
as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date, any Fundamental
Change Repurchase Date, upon conversion or otherwise, cash, Subordinate Voting Shares or a combination thereof, as applicable,
sufficient to pay all of the outstanding Notes and all other sums due and payable under this Indenture or the Notes by the Company;
and (b)&nbsp;the Company has delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture and the Notes have been
complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee
under <U>Section 7.06</U> shall survive.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
4</FONT><BR>
PARTICULAR&nbsp;COVENANTS&nbsp;OF&nbsp;THE&nbsp;COMPANY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Principal and Interest</U>. The Company covenants and agrees that it will cause to be paid the principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, each of
the Notes at the places, at the respective times and in the manner provided herein and in the Notes. The Company will pay any cash
amounts in U.S. Dollars that at the time of payment is legal tender for payment of public and private debts. Payments in cash,
and payments in Subordinate Voting Shares pursuant to Section 16.07 hereof, to any holder of a beneficial interest in a Global
Note shall be subject to the applicable procedures of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Office or Agency</U>. The Company will maintain in the Borough of Manhattan, The City of New York, an
office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or
repurchase (&ldquo;<U>Paying Agent</U>&rdquo;) or for conversion (&ldquo;<U>Conversion Agent</U>&rdquo;) and where notices and
demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail
to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee in the Borough of Manhattan,
The City of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may also from time to time designate
as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such
purposes and may from time to time rescind such designations;&nbsp;<U>provided</U>&nbsp;that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City
of New York, for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency. The terms &ldquo;Paying Agent&rdquo; and &ldquo;Conversion
Agent&rdquo; include any such additional or other offices or agencies, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby initially designates
the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and the Corporate Trust Office of the Trustee as
the office or agency in the Borough of Manhattan, The City of New York, where Notes may be surrendered for registration of transfer
or exchange or for presentation for payment or repurchase or for conversion and where notices and demands to or upon the Company
in respect of the Notes and this Indenture may be served. The Corporate Trust Office of the Trustee shall not be a place for service
of legal process for the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointments to Fill Vacancies in Trustee&rsquo;s Office</U>. The Company, whenever necessary to avoid or fill a vacancy
in the office of the Trustee, will appoint, in the manner provided in <U>Section 7.09(a)</U>, an applicable Trustee, so that there
shall at all times be a Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Provisions as to Paying Agent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying Agent to execute
and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this <U>Section
4.04(a)</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that it will hold all sums and, if applicable, Subordinate Voting Shares held by it as such agent for the payment of the
principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid
interest on, the Notes in trust for the benefit of the Holders of the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes
when the same shall be due and payable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the
Trustee all sums so held in trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall, on or before each due
date of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, or accrued
and unpaid interest on, the Notes, deposit with the Paying Agent a sum, and, subject to <U>Section 16.07</U>, such number of Subordinate
Voting Shares that are sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price,
if applicable) or accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the
Trustee in writing of any failure to take such action;&nbsp;<U>provided</U>&nbsp;that if such deposit is made on the due date,
such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, the Notes, set aside,
segregate and hold in trust for the benefit of the Holders a sum, and, subject to <U>Section 16.07</U>, such number of Subordinate
Voting Shares that are sufficient to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price,
if applicable) and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to
take such action and of any failure by the Company to make any payment of the principal (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable) of, or accrued and unpaid interest on, the Notes when the same shall become
due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Anything in this <U>Section 4.04</U> to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining
a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums
or amounts held in trust by the Company or any Paying Agent hereunder as required by this <U>Section 4.04</U>, such sums or amounts
to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent
to the Trustee, the Company or such Paying Agent shall be released from all further liability but only with respect to such sums
or amounts. Upon the occurrence of any event specified in <U>Section 6.01(h)</U> or <U>Section 6.01(i)</U>, the Trustee shall automatically
become the Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to applicable escheatment laws, any money and Subordinate Voting Shares deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) of, accrued and unpaid interest on and the consideration due upon conversion of any Note
and remaining unclaimed for two years after such principal (including the Redemption Price and the Fundamental Change Repurchase
Price, if applicable), interest or consideration due upon conversion has become due and payable shall be paid to the Company on
request of the Company contained in an Officer&rsquo;s Certificate, or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money and Subordinate Voting Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Existence</U>. Subject to <U>Article 11</U>, the Company shall do or cause to be done all things necessary to preserve
and keep in full force and effect its corporate existence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.06.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rule 144A Information Requirement and Annual Reports</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At any time the Company is not subject to Section&nbsp;13 or 15(d) of the Exchange Act, and not exempt from reporting pursuant
to Rule 12g3-2(b) under the Exchange Act, the Company shall, so long as any of the Notes or any Subordinate Voting Shares issuable
upon conversion thereof shall, at such time, constitute &ldquo;restricted securities&rdquo; within the meaning of Rule 144(a)(3),
promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective purchaser of such Notes
or any Subordinate Voting Shares issuable upon conversion of such Notes, the information required to be delivered pursuant to Rule
144A(d)(4) to facilitate the resale of such Notes or Subordinate Voting Shares pursuant to Rule 144A. The Trustee will have no
responsibility to determine whether such delivery has occurred. Delivery of such information to the Trustee shall be for informational
purposes only and the information and the Trustee&rsquo;s receipt of the foregoing shall not constitute constructive notice of
any information contained therein, or determinable from information contained therein including the Company&rsquo;s compliance
with any of its covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer&rsquo;s Certificate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall file with the Trustee, within 30 days after the same are required to be filed with the Canadian securities
regulatory authorities, copies of any financial statements, management discussion and analysis, annual information form, material
change report and business acquisition report that the Company is required to file with the securities regulatory authorities in
Canada pursuant to applicable Canadian securities laws. Any such document that the Company files with the Canadian securities regulatory
authorities via SEDAR (or any successor system) shall be deemed to be filed with the Trustee for purposes of this <U>Section 4.06(b)</U>
at the time such documents are filed via SEDAR (or such successor system), it being understood that the Trustee shall not be responsible
for determining whether such filings have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Delivery of the reports, information and documents described in subsection (b)&nbsp;above to the Trustee is for informational
purposes only, and the information and the Trustee&rsquo;s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company&rsquo;s compliance with any of its
covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officer&rsquo;s Certificate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, and for so long as, the restrictive legend on the Notes has not been removed, the Notes are assigned a restricted CUSIP
number or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Company&rsquo;s Affiliates
or Holders that were the Company&rsquo;s Affiliates at any time during the three months immediately preceding or who acquired Notes
from an Affiliate within 12 months (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the
Notes) as of the 380th day after the last date of original issuance of the Notes, the Company shall pay Additional Interest on
the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for each day for the first 90 days
and at 0.50% per annum thereafter until the restrictive legend has been removed from the Notes, the Notes are assigned an unrestricted
CUSIP number and the Notes are freely tradable as described above by Holders other than the Company&rsquo;s Affiliates (or Holders
that were the Company&rsquo;s Affiliates at any time during the three months immediately preceding or who acquired Notes from an
Affiliate within 12 months).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Additional Interest that is payable in accordance with <U>Section 4.06(d)</U> will be payable in arrears on each Interest
Payment Date following accrual in the same manner as regular interest on the Notes and will be in addition to any Additional Interest
that may accrue at the Company&rsquo;s election pursuant to <U>Section 6.03</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the immediately succeeding sentence, the Additional Interest that is payable in accordance with <U>Section 4.06(d)</U>
shall be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company&rsquo;s election
pursuant to <U>Section 6.03</U>. However, in no event shall Additional Interest that is payable pursuant to <U>Section 4.06(d)</U>,
together with any Additional Interest that is payable pursuant to <U>Section 6.03</U>, accrue at a rate in excess of 0.50%&nbsp;per
annum pursuant to this Indenture, regardless of the number of events or circumstances giving rise to the requirement to pay such
Additional Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If Additional Interest is payable by the Company pursuant to <U>Section 4.06(d)</U>, the Company shall deliver to the Trustee
an Officer&rsquo;s Certificate to that effect stating (i)&nbsp;the amount of such Additional Interest that is payable and (ii)&nbsp;the
date on which such Additional Interest is payable. Unless and until Responsible Officers of the Trustee receive at the Corporate
Trust Office of the Trustee such certificates, the Trustee may assume without inquiry that no such Additional Interest is payable.
If the Company has paid Additional Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee an
Officer&rsquo;s Certificate setting forth the particulars of such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.07.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stay, Extension and Usury Laws</U>. The Company covenants (to the extent that it may lawfully do so) that it shall not
at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury
law or other law that would prohibit or forgive the Company from paying all or any portion of the principal of or interest on the
Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the
performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.08.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance Certificate; Statements as to Defaults</U>. The Company shall deliver to the Trustee within 120 days after
the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2020) an Officer&rsquo;s Certificate
stating whether the signers thereof have knowledge of any Event of Default or Default that occurred during the previous year and,
if so, specifying each such Event of Default or Default and the nature thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Company shall deliver to
the Trustee, within 30 days after the occurrence of any Event of Default or Default, an Officer&rsquo;s Certificate setting forth
the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take in respect
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.09.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restriction on Certain Actions</U>. The Company shall not, directly or indirectly through any Subsidiary or other person,
undertake or announce any rights offering, issuance of securities, subdivision of the Subordinate Voting Shares, dividend or other
distribution on the Subordinate Voting Shares or any other securities, capital reorganization, reclassification or any similar
type of transaction in which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the number of securities to be issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the price at which securities are to be issued, converted or exchanged; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any property or cash that is to be distributed or allocated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">is in whole or in part based upon, determined
in reference to, related to or a function of, directly or indirectly: (x)&nbsp;the exercise or potential exercise of the payment
of the principal amount of the Notes in Subordinate Voting Shares; or (y)&nbsp;the Current Market Price determined in connection
with the exercise or potential exercise of the payment of the principal amount of the Notes in Subordinate Voting Shares upon redemption
or otherwise in accordance with this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Further Instruments and Acts</U>. Upon request of the Trustee, the Company will execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 4.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Anti-Layering</U>. The Company shall not incur, create, issue, assume, guarantee or otherwise become liable for any indebtedness
of the Company that is contractually subordinated or junior in right of payment to any Senior Indebtedness and senior in right
of payment to the Notes; provided that no such indebtedness shall be considered to be contractually subordinated or junior in right
of payment to any Senior Indebtedness by virtue of being unsecured or by virtue of being secured on a junior priority basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
5</FONT><BR>
LISTS&nbsp;OF&nbsp;HOLDERS&nbsp;AND&nbsp;REPORTS&nbsp;BY&nbsp;THE&nbsp;COMPANY&nbsp;AND&nbsp;THE&nbsp;TRUSTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lists of Holders</U>. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee,
semi-annually, not more than 15 days after each May&nbsp;15 and November&nbsp;15 in each year beginning with November&nbsp;15,&nbsp;2020,
and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of any such request
(or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by
it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date
not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior
to the time such information is furnished, except that no such list need be furnished to the Trustee so long as the Trustee is
acting as Note Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 5.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preservation and Disclosure of Lists</U>. The Trustee shall preserve, in as current a form as is reasonably practicable,
all information as to the names and addresses of the Holders contained in the most recent list furnished to the Trustee as provided
in <U>Section 5.01</U> or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any
list furnished to it as provided in <U>Section 5.01</U> upon receipt of a new list so furnished.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
6</FONT><BR>
DEFAULTS&nbsp;AND&nbsp;REMEDIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Events of Default</U>. Each of the following events shall be an &ldquo;<U>Event of Default</U>&rdquo; with respect to
the Notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default in any payment of interest on any Note when due and payable, and the default continues for a period of 30 days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default in the payment of principal of any Note when due and payable on the Maturity Date, upon Optional Redemption, upon
Tax Redemption, upon any required repurchase, upon declaration of acceleration or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>failure by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise
of a Holder&rsquo;s conversion right and such failure continues for a period of three Business Days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>failure by the Company to issue a Fundamental Change Company Notice in accordance with <U>Section 15.01(c)</U> or notice
of a Make-Whole Fundamental Change in accordance with <U>Section 14.03(b)</U>, in each case when due;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>failure by the Company to comply with its obligations under <U>Article 11</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except for such Events of Default referenced in clauses (a), (b)&nbsp;(c), (d), (e)&nbsp;and (k)&nbsp;of this <U>Section
6.01</U>, failure by the Company for 60 days after written notice from the Trustee or the Holders of at least 25% in principal
amount of the Notes then outstanding has been received by the Company to comply with any of its other agreements contained in the
Notes or this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default by the Company or any Subsidiary of the Company with respect to any mortgage, agreement or other instrument under
which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of
$50,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such Subsidiary, whether such indebtedness
now exists or shall hereafter be created: (i)&nbsp;resulting in such indebtedness becoming or being declared due and payable; or
(ii)&nbsp;constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity,
upon required repurchase, upon declaration of acceleration or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking a stay, liquidation,
reorganization, compromise, arrangement or other relief with respect to the Company or any such Significant Subsidiary or its debts
under any bankruptcy, insolvency, arrangement or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of the Company or any such Significant Subsidiary or any substantial
part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in
an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors,
or shall fail generally to pay its debts as they become due;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary seeking a stay,
liquidation, reorganization, compromise, arrangement or other relief with respect to the Company or such Significant Subsidiary
or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary or any substantial part
of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 30 consecutive
days;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a final judgment or judgments for the payment of $50,000,000 (or its foreign currency equivalent) or more (excluding any
amounts covered by insurance) in the aggregate rendered against the Company or any of its Subsidiaries, which judgment is not discharged,
bonded, paid, waived or stayed within 60 days after: (i)&nbsp;the date on which the right to appeal thereof has expired if no such
appeal has commenced; or (ii)&nbsp;the date on which all rights to appeal have been extinguished; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a Termination of Trading shall have occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acceleration; Rescission and Annulment</U>. If one or more Events of Default shall have occurred and be continuing (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body), then,
and in each and every such case (other than an Event of Default specified in <U>Section 6.01(h)</U> or <U>Section 6.01(i)</U> with
respect to the Company or any Significant Subsidiary), unless the principal of all of the Notes shall have already become due and
payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined
in accordance with <U>Section 8.04</U>, by notice in writing to the Company (and to the Trustee if given by Holders), may (and
the Trustee, at the written request of such Holders, shall) declare 100% of the principal of, and accrued and unpaid interest on,
all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be
immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding, though payment
of any sums owing may be stayed by applicable bankruptcy, insolvency or reorganization laws. If an Event of Default specified in
<U>Section 6.01(h)</U> or <U>Section 6.01(i)</U> with respect to the Company or any Significant Subsidiary occurs and is continuing,
100% of the principal of, and accrued and unpaid interest, if any, on, all Notes shall become and shall automatically be immediately
due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The immediately preceding paragraph, however,
is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared due and payable,
and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided,
the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of accrued and unpaid interest upon
all Notes and the principal of any and all Notes, in each case, that shall have become due otherwise than by acceleration (with
interest on overdue installments of accrued and unpaid interest to the extent that payment of such interest is enforceable under
applicable law, and on such principal at the rate borne by the Notes at such time) and amounts due to the Trustee pursuant to <U>Section
7.06</U>, and if (1)&nbsp;rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2)&nbsp;any
and all existing Events of Default under this Indenture, other than the nonpayment of the principal of and accrued and unpaid interest,
if any, on Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to <U>Section
6.09</U>, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in
aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults
or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall
impair any right consequent thereon. Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment
shall extend to or shall affect any Default or Event of Default resulting from (i)&nbsp;the nonpayment of the principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of or accrued and unpaid interest on, any Notes,
(ii)&nbsp;a failure to repurchase any Notes when required, or (iii)&nbsp;a failure to pay or deliver, as the case may be, the consideration
due upon conversion of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Interest</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects in writing,
the sole remedy for an Event of Default relating to the Company&rsquo;s failure to comply with its obligations as set forth in
<U>Section 4.06(b)</U> or an Event of Default consisting of a Termination of Trading pursuant to <U>Section 6.01(k)</U>, shall,
after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes
(i)&nbsp;in the case of an Event of Default relating to the Company&rsquo;s failure to comply with its obligations as set forth
in <U>Section 4.06(b)</U>, at a rate equal to 0.25%&nbsp;per annum of the principal amount of the Notes outstanding for each day
during the first 180 days after the occurrence of such an Event of Default, and 0.50%&nbsp;per annum of the principal amount of
Notes outstanding from the 180th day to the 365th day following the occurrence of such an Event of Default during which such Event
of Default is continuing (in addition to any Additional Interest that may accrue (x)&nbsp;at the Company&rsquo;s written election
as a result of an Event of Default consisting of a Termination of Trading pursuant to <U>Section 6.01(k)</U> or (y)&nbsp;as a result
of an Event of Default relating to the Company&rsquo;s failure to comply with its obligations as set forth in <U>Section 4.06(d)</U>)
and (ii)&nbsp;in the case of an Event of Default consisting of a Termination of Trading pursuant to <U>Section 6.01(k)</U>, at
a rate equal to 0.25%&nbsp;per annum of the principal amount of Notes outstanding for each day during the 60-day period on which
such Event of Default is continuing beginning on, and including, the date on which such an Event of Default first occurs (in addition
to any Additional Interest that may accrue (x)&nbsp;at the Company&rsquo;s written election as a result of an Event of Default
relating to the Company&rsquo;s failure to comply with its obligations as set forth in <U>Section 4.06(b)</U> or (y)&nbsp;as the
result of an Event of Default relating to the Company&rsquo;s failure to comply with its obligations as set forth in <U>Section
4.06(d)</U>). If the Company so elects in writing, such Additional Interest shall be payable in the same manner and on the same
dates as the stated interest payable on the Notes. On the 365th day after an Event of Default relating to the Company&rsquo;s failure
to comply with its obligations as set forth in <U>Section 4.06(b)</U> (if such Event of Default is not cured or waived prior to
such 365th day), the Notes shall be immediately subject to acceleration as provided in <U>Section 6.02</U>. On the 61st day after
an Event of Default consisting of a Termination of Trading pursuant to <U>Section 6.01(k)</U> (if such Event of Default is not
cured or waived prior to such 61st day), the Notes shall be immediately subject to acceleration as provided in <U>Section 6.02</U>.
The provisions of this paragraph will not affect the rights of Holders in the event of the occurrence of any Event of Default other
than the Company&rsquo;s failure to comply with its obligations as set forth in <U>Section 4.06(b)</U> or a Termination of Trading
pursuant to <U>Section 6.01(k)</U>. In the event the Company does not elect in writing to pay Additional Interest following an
Event of Default in accordance with this <U>Section 6.03</U> or the Company elected in writing to make such payment but does not
pay the Additional Interest when due, the Notes shall be immediately subject to acceleration as provided in <U>Section 6.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In order to elect to pay Additional Interest as the sole remedy during (i)&nbsp;the first 365 days after the occurrence
of any Event of Default relating to the Company&rsquo;s failure to comply with its obligations as set forth in <U>Section 4.06(b)</U>
in accordance with <U>Section 6.03(a)</U> or (ii)&nbsp;the first 60 days after the occurrence of any Event of Default consisting
of a Termination of Trading pursuant to <U>Section 6.01(k)</U>, the Company must notify all Holders, the Trustee and the Paying
Agent (if other than the Trustee) in writing of such election prior to the beginning of such 365-day or 60-day period, as applicable.
Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in <U>Section 6.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Additional Interest payable as the remedy for an Event of Default relating to the Company&rsquo;s failure to comply
with its obligations as set forth in <U>Section 4.06(b)</U> or an Event of Default consisting of a Termination of Trading pursuant
to <U>Section 6.01(k)</U> shall be in addition to, and not in lieu of, any Additional Interest payable pursuant to <U>Section 4.06(d)</U>.
Notwithstanding anything herein to the contrary, in no event shall Additional Interest payable at the Company&rsquo;s election
for failure to comply with its obligations as set forth in <U>Section 4.06(b)</U> as set forth in <U>Section 6.03(a)</U>, together
with any Additional Interest that may accrue as a result of the Company&rsquo;s failure to comply with its obligations as set forth
in <U>Section 4.06(d)</U>, accrue at a rate in excess of 0.50%&nbsp;per annum pursuant to this Indenture, regardless of the number
of events or circumstances giving rise to the requirement to pay such Additional Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the foregoing in this <U>Section 6.03</U>, the Company may elect in writing to cure an Event of Default
consisting of a Termination of Trading pursuant to <U>Section 6.01(k)</U> by offering to purchase the outstanding Notes as if the
occurrence of such Event of Default were an occurrence of a Fundamental Change. To make this election, the Company must send out
a written notice setting out the terms of the repurchase offer either (i)&nbsp;if the Company has elected to pay Additional Interest
for an Event of Default consisting of a Termination of Trading pursuant to <U>Section 6.01(k)</U>, on or prior to the 60th day
after such Event of Default; or (ii)&nbsp;if the Company has not elected in writing to pay Additional Interest for an Event of
Default consisting of a Termination of Trading pursuant to <U>Section 6.01(k)</U>, within a 20 Business Day grace period after
the occurrence of such Event of Default. In each case, such written notice will be deemed a notice of the Fundamental Change for
the purposes of the offer to purchase described under <U>Article 15</U>. During such 20 Business Day grace period in the case of
an election under clause (ii)&nbsp;of this <U>Section 6.03(d)</U>, Holders and the Trustee may not exercise any remedies or institute
enforcement proceedings with respect to the Notes or this Indenture (or the related obligations) arising from the occurrence of
such Event of Default, including, without limitation, acceleration of the Notes, or institute any bankruptcy or insolvency proceedings
with respect to the Company or any of its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payments of Notes on Default; Suit Therefor</U>. If an Event of Default described in clause (a)&nbsp;or (b)&nbsp;of <U>Section
6.01</U> shall have occurred and be continuing, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit
of the Holders, the whole amount then due and payable on the Notes for principal and interest, if any, with interest on any overdue
principal and interest, if any, at the rate borne by the Notes at such time and, in addition thereto, such further amount as shall
be sufficient to cover any amounts due to the Trustee under <U>Section 7.06</U>. If the Company shall fail to pay such amounts
forthwith upon such demand, each Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding
for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the
same against the Company or any other obligor upon the Notes and collect the moneys or other property adjudged or decreed to be
payable in the manner provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event there shall be pending proceedings
for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under Title 11 of the United States
Code, the Companies&rsquo; Creditors Arrangement Act (Canada), the Bankruptcy and Insolvency Act (Canada), or any other applicable
law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall
have been appointed for or taken possession of the Company or such other obligor, the property of the Company or such other obligor,
or in the event of any other judicial proceedings relative to the Company or such other obligor upon the Notes, or to the creditors
or property of the Company or such other obligor, the Trustee, irrespective of whether the principal of the Notes shall then be
due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any
demand pursuant to the provisions of this <U>Section 6.04</U>, shall be entitled and empowered, by intervention in such proceedings
or otherwise, to file and prove a claim or claims for the whole amount of principal and accrued and unpaid interest, if any, in
respect of the Notes, and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents and
to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders
allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its
or their property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute
the same after the deduction of any amounts due to the Trustee under <U>Section 7.06</U>; and any receiver, assignee or trustee
in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make
such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements,
including agents and counsel fees, and including any other amounts due to the Trustee under <U>Section 7.06</U>, incurred by it
up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements
out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and
shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders may be entitled
to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nothing herein contained shall be deemed
to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect
of the claim of any Holder in any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All rights of action and of asserting claims
under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or
the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In any proceedings brought by the Trustee
(and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee shall be a party),
the Trustee shall be held to represent all the Holders, and it shall not be necessary to make any Holders parties to any such proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case the Trustee shall have proceeded
to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because of any waiver
pursuant to <U>Section 6.09</U> or any rescission and annulment pursuant to <U>Section 6.02</U> or for any other reason or shall
have been determined adversely to the Trustee, then and in every such case the Company, the Holders and the Trustee shall, subject
to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights,
remedies and powers of the Company, the Holders and the Trustee shall continue as though no such proceeding had been instituted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Application of Monies Collected by Trustee</U>. Any monies or property collected by the Trustee pursuant to this <U>Article
6</U> with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution
of such monies, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender
thereof, if fully paid:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><U>First</U>, to the payment of
all amounts due the Trustee under <U>Section 7.06</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><U></U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><U>Second</U>, in case the principal
of the outstanding Notes shall not have become due and be unpaid, to the payment of interest on, and any cash due upon conversion
of, the Notes in default in the order of the date due of the payments of such interest and cash due upon conversion, as the case
may be, with interest (to the extent that such interest has been collected by the Trustee) upon such overdue payments at the rate
borne by the Notes at such time, such payments to be made ratably to the Persons entitled thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><U>Third</U>, in case the principal
of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the whole amount (including,
if applicable, the payment of the Redemption Price and the Fundamental Change Repurchase Price and any cash due upon conversion)
then owing and unpaid upon the Notes for principal and interest, if any, with interest on the overdue principal and, to the extent
that such interest has been collected by the Trustee, upon overdue installments of interest at the rate borne by the Notes at such
time, and in case such monies shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to
the payment of such principal (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price and any
cash due upon conversion) and interest without preference or priority of principal over interest, or of interest over principal
or of any installment of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate
of such principal (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price and any cash due
upon conversion) and accrued and unpaid interest; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><U>Fourth</U>, to the payment
of the remainder, if any, to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.06.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proceedings by Holders</U>. Except to enforce the right to receive payment of principal (including, if applicable, the
Redemption Price and the Fundamental Change Repurchase Price) or interest when due, or the right to receive payment or delivery
of the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any provision
of this Indenture or the Notes to institute any suit, action or proceeding in equity or at law upon or under or with respect to
this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other
remedy hereunder, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof,
as herein provided;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon
the Trustee to institute such action, suit or proceeding in their own name as Trustee hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such Holders shall have offered to the Trustee such security and/or indemnity satisfactory to the Trustee against any loss,
liability or expense (which shall include the reasonable costs of the Trustee&rsquo;s legal counsel) to be incurred therein or
thereby;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee for 60 days after its receipt of such notice, request and offer of such security and/or indemnity, shall have
neglected or refused to institute any such action, suit or proceeding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the
Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period
pursuant to <U>Section 6.09</U>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">it being understood and intended, and being expressly covenanted
by the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have
any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice
the rights of any other Holder, or to obtain or seek to obtain priority over or preference to any other such Holder, or to enforce
any right under this Indenture (it being understood that the Trustee does not have an affirmative duty to ascertain whether or
not such actions or enforcement of rights are unduly prejudicial to any Holder), except in the manner herein provided and for the
equal, ratable and common benefit of all Holders (except as otherwise provided herein). For the protection and enforcement of this
<U>Section 6.06</U>, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in
equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding any other provision of this
Indenture and any provision of any Note, each Holder shall have the right to receive payment or delivery, as the case may be, of
(x)&nbsp;the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, (y)&nbsp;accrued
and unpaid interest, if any, on, and (z)&nbsp;the consideration due upon conversion of, such Note, on or after the respective due
dates expressed or provided for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment
or delivery, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.07.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proceedings by Trustee</U>. In case of an Event of Default, the Trustee may in its sole discretion proceed to protect
and enforce the rights vested in the Trustee by this Indenture by such appropriate judicial proceedings as are necessary to protect
and enforce any of such rights, either by suit in equity or by action at law or by proceeding in bankruptcy or otherwise, whether
for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted
in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.08.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Remedies Cumulative and Continuing</U>. Except as provided in the last paragraph of <U>Section 2.06</U>, all powers and
remedies given by this <U>Article 6</U> to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative
and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders, by judicial proceedings
or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay
or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event
of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or Event of Default or
any acquiescence therein; and, subject to the provisions of <U>Section 6.06</U>, every power and remedy given by this <U>Article
6</U> or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be deemed expedient,
by the Trustee or by the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.09.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Direction of Proceedings and Waiver of Defaults by Majority of Holders</U>. The Holders of a majority of the aggregate
principal amount of the Notes at the time outstanding determined in accordance with <U>Section 8.04</U> shall have the right, subject
to offering to the Trustee indemnity and/or security satisfactory to it, to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the
Notes; <U>provided</U>, <U>however</U>, that (a)&nbsp;such direction shall not be in conflict with any rule of law or with this
Indenture, and (b)&nbsp;the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction.
The Trustee may refuse to follow any direction that conflicts with law or this Indenture or that it determines is unduly prejudicial
to the rights of any other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether
or not such directions are unduly prejudicial to the rights of any other Holder) or that would involve the Trustee in personal
liability. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding determined in accordance
with <U>Section 8.04</U> may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder
and its consequences except (i)&nbsp;a default in the payment of accrued and unpaid interest, if any, on, or the principal (including
any Redemption Price and any Fundamental Change Repurchase Price) of, the Notes when due that has not been cured pursuant to the
provisions of <U>Section 6.01</U>, (ii)&nbsp;a failure by the Company to pay or deliver, as the case may be, the consideration
due upon conversion of the Notes or (iii)&nbsp;a default in respect of a covenant or provision hereof which under <U>Article 10</U>
cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company,
the Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event
of Default hereunder shall have been waived as permitted by this <U>Section 6.09</U>, said Default or Event of Default shall for
all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend
to any subsequent or other Default or Event of Default or impair any right consequent thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Defaults</U>. The Trustee shall, within 90 days after the occurrence and continuance of a Default of which
a Responsible Officer has actual knowledge, deliver to all Holders notice of all Defaults known to a Responsible Officer, unless
such Defaults shall have been cured or waived before the giving of such notice;&nbsp;<U>provided</U>&nbsp;that, except in the case
of a Default in the payment of the principal of (including the Redemption Price and the Fundamental Change Repurchase Price, if
applicable), or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due
upon conversion, the Trustee shall be protected in withholding such notice if and so long as it determines that the withholding
of such notice is in the interests of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 6.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Undertaking to Pay Costs</U>. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof
shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by the Trustee as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion
assess reasonable costs, including reasonable attorneys&rsquo; fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such party litigant;&nbsp;<U>provided</U>&nbsp;that the
provisions of this <U>Section 6.11</U> (to the extent permitted by law) shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes
at the time outstanding determined in accordance with <U>Section 8.04</U>, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of or accrued and unpaid interest, if any, on any Note (including, but not limited to, the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) on or after the due date expressed or provided for in such Note
or to any suit for the enforcement of the right to convert any Note, or receive the consideration due upon conversion, in accordance
with the provisions of <U>Article 14</U>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
7</FONT><BR>
CONCERNING&nbsp;THE&nbsp;TRUSTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Duties and Responsibilities of Trustee</U>. The Trustee, prior to the occurrence of an Event of Default and after the
curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture. In the event an Event of Default has occurred and is continuing, the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent
person would exercise or use under the circumstances in the conduct of such person&rsquo;s own affairs;&nbsp;<U>provided</U>&nbsp;that
if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers
under this Indenture at the written request or direction of any of the Holders unless such Holders have offered to the Trustee
indemnity and/or security satisfactory to the Trustee against any loss, liability or expense (which includes the reasonable costs
of the Trustee&rsquo;s legal counsel) that might be incurred by it in compliance with such written request or direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No provision of this Indenture shall be
construed to relieve the Trustee from liability for its own gross negligence or willful misconduct, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prior to the occurrence of an Event of Default and after the curing or waiving of all Events of Default that may have occurred:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the
Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the absence of gross negligence or willful misconduct on the part of the Trustee, the Trustee may conclusively rely upon
any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture as to the truth of the
statements and the correctness of the opinions expressed therein; but, in the case of any such certificates or opinions that by
any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the
same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy
of any mathematical calculations or other facts stated therein);&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that the Trustee need
not act or refrain from acting based on any certificate or opinion that it determines to be not in conformity with the requirements
of this Indenture. If presented with a non-conforming certificate or opinion, the Trustee may request the delivering party to re-issue
the certificate or opinion in the manner required by this Indenture before taking any action;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the
Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee shall not be liable with respect to any action taken or omitted to be taken by the Trustee in good faith (i)&nbsp;reasonably
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture or (ii)&nbsp;in
accordance with the direction of the Holders of not less than 25% of the aggregate principal amount of the Notes at the time outstanding
determined as provided in <U>Section 8.04</U> relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of,
or affording protection to, the Trustee shall be subject to the provisions of this Section;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any
other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note
Registrar with respect to the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice
to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such
event occurred, unless a Responsible Officer of the Trustee had actual knowledge of such event;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest
bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred
thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure
of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide
timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder
in the absence of such written investment direction from the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent or transfer agent
hereunder, the rights and protections afforded to the Trustee pursuant to this <U>Article 7</U> shall also be afforded to such
Custodian, Note Registrar, Paying Agent, Conversion Agent or transfer agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None of the provisions contained in this
Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance
of any of its duties or in the exercise of any of its rights or powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reliance on Documents, Opinions, Etc</U>. Except as otherwise provided in <U>Section 7.01</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document
believed by the Trustee in good faith to be genuine and to have been signed or presented by the proper party or parties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer&rsquo;s
Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced
to the Trustee by a copy thereof certified by the Corporate Secretary, an Assistant Corporate Secretary or the Chief Financial
Officer of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee may consult with counsel of its selection, and require an Opinion of Counsel and any advice of such counsel
or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by the
Trustee hereunder in good faith and in accordance with such advice or Opinion of Counsel;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall incur no liability of any kind by reason
of such inquiry or investigation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents, affiliates, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence
on the part of any agent, affiliate, custodian, nominee or attorney appointed by the Trustee with due care hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the permissive rights of the Trustee enumerated herein shall not be construed as duties;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it reasonably
believes to be authorized or within its rights or powers; and neither the Trustee nor any of its directors, officers, employees,
agents or affiliates shall be responsible for nor have any duty to monitor the performance or any action of the Company, or any
of its directors, members, officers, agents, affiliates or employees, nor shall it have any liability in connection with the malfeasance
or nonfeasance of any such party. The Trustee shall not be responsible for any inaccuracy or omission in the information obtained
from the Company or for any inaccuracy or omission in the records that may result from such information or any failure by the Trustee
to perform its duties as set forth herein as a result of any such inaccuracy or omission;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, conclusively rely upon an Officers&rsquo; Certificate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>unless otherwise expressly provided herein, any direction, certificate, certification, notice, instruction, agreement, order,
evidence, notification, request, withdrawal of a request, or other communication to or for the Trustee (in any of its capacities
hereunder) shall be made in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In no event shall the Trustee be liable
for any consequential, punitive, special or indirect loss or damage of any kind whatsoever (including but not limited to lost profits),
even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee
shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1)&nbsp;a Responsible
Officer shall have actual knowledge of such Default or Event of Default or (2)&nbsp;written notice of such Default or Event of
Default shall have been given to the Trustee by the Company or by any Holder of the Notes in the manner required under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Responsibility for Recitals, Etc</U>. The recitals contained herein and in the Notes (except in the Trustee&rsquo;s
certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes.
The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated
and delivered by the Trustee in conformity with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes</U>. The Trustee, any Paying Agent, any Conversion
Agent (if other than the Company or any Affiliate thereof) or Note Registrar, in their individual or any other capacity, may become
the owner or pledgee of Notes with the same rights they would have if they were not the Trustee, Paying Agent, Conversion Agent
or Note Registrar.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Monies and Subordinate Voting Shares to Be Held in Trust</U>. All monies and Subordinate Voting Shares received by the
Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money
and Subordinate Voting Shares held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any money or Subordinate Voting Shares received by the
Trustee hereunder except as may be agreed from time to time by the Company and the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.06.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compensation and Expenses of Trustee</U>. The Company covenants and agrees to pay to the Trustee from time to time and
the Trustee shall receive such compensation for all services rendered by the Trustee hereunder in any capacity (which shall not
be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to in writing
between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions of this Indenture
in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel
and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have been caused by a
Trustee&rsquo;s gross negligence or willful misconduct. Any amount owing hereunder and remaining unpaid after 30 days from the
invoice date will bear interest at the then current rate charged by the Trustee against unpaid invoices and shall be payable upon
demand. The Company also covenants to indemnify the Trustee or any predecessor Trustee in any capacity under this Indenture and
any other document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold
them harmless against, any loss, claim, demand, assessment, interest, penalty, action, suit, proceeding, damage, liability, cost
or expense, including, without limiting the foregoing, expert, consultant and reasonable counsel fees and disbursements on a solicitor
and client basis, incurred without gross negligence or willful misconduct on the part of the Trustee, its affiliates, officers,
directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection
with the acceptance or administration of this Indenture or in any other capacity hereunder, including the costs and expenses (including
legal costs and expenses) of defending themselves against any claim of liability in the premises or enforcing the provisions of
this <U>Section 7.06</U>. The obligations of the Company under this <U>Section 7.06</U> to compensate or indemnify the Trustee
and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior claim to which the Notes
are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of <U>Section
6.05</U>, funds held in trust herewith for the benefit of the Holders of particular Notes. The Trustee&rsquo;s right to receive
payment of any amounts due under this <U>Section 7.06</U> shall not be subordinate to any other liability or indebtedness of the
Company. The obligation of the Company under this <U>Section 7.06</U> shall survive the satisfaction and discharge of this Indenture
and the earlier resignation or removal of the Trustee. The Company need not pay for any settlement made without its consent, which
consent shall not be unreasonably withheld. The indemnification provided in this <U>Section 7.06</U> shall extend to the affiliates,
officers, directors, agents and employees of the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without prejudice to any other rights available
to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur expenses or render services
after an Event of Default specified in <U>Section 6.01(h)</U> or <U>Section 6.01(i)</U> occurs, the expenses and the compensation
for the services are intended to constitute expenses of administration under any bankruptcy, insolvency or similar laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.07.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officer&rsquo;s Certificate as Evidence</U>. Except as otherwise provided in <U>Section 7.01</U>, whenever in the administration
of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior
to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed)
may, in the absence of gross negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and
established by an Officer&rsquo;s Certificate delivered to the Trustee, and such Officer&rsquo;s Certificate, in the absence of
gross negligence or willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or
omitted by the Trustee under the provisions of this Indenture upon the faith thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.08.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Eligibility of Trustee</U>. There shall at all times be a Trustee hereunder which shall be a Person that is eligible
pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital
and surplus of at least the minimum amount required by the Trust Indenture Act. If such Person publishes reports of condition at
least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.09.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation or Removal of Trustee</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee may at any time resign by giving written notice of such resignation to the Company and by delivering notice
thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning
Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment
within 30&nbsp;days after the giving of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business
Days&rsquo; notice to the Company and the Holders, petition any court of competent jurisdiction, at the expense of the Company,
for the appointment of a successor trustee, or any Holder who has been a bona fide Holder for at least six months (or since the
date of this Indenture) may, subject to the provisions of <U>Section 6.11</U>, on behalf of himself or herself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any,
as it may deem proper and prescribe, appoint a successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case at any time any of the following shall occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>there shall no longer be a Trustee eligible in accordance with the provisions of <U>Section 7.08</U> and the Trustee shall
fail to resign after written request therefor by the Company or Holders in the manner required by <U>Section 7.09(c)</U>, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee
or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation,</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then, in either case, the Company may by a Board Resolution
remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors,
one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to
the provisions of <U>Section 6.11</U>, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or
since the date of this Indenture), on behalf of himself or herself and all others similarly situated, or the Trustee (at the expense
of the Company) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint
a successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance
with <U>Section 8.04</U>, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as
successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto, in which case
the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in <U>Section 7.09(a)</U> provided, may petition
any court of competent jurisdiction for an appointment of a successor trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this
<U>Section 7.09</U> shall become effective upon acceptance of appointment by the successor trustee as provided in <U>Section 7.10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The resigning Trustee shall not be responsible or liable for the actions or inactions of any successor Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acceptance by Successor Trustee</U>. Any successor trustee appointed as provided in <U>Section 7.09(a)</U> shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon
the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with
like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor
trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of <U>Section 7.06</U>,
execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to
act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and
certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless,
retain a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such trustee
as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant
to the provisions of <U>Section 7.06</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No successor trustee shall accept appointment
as provided in this <U>Section 7.10</U> unless at the time of such acceptance such successor trustee shall be eligible under the
provisions of <U>Section 7.08</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon acceptance of appointment by a successor
trustee as provided in this <U>Section 7.10</U>, each of the Company and the successor trustee, at the written direction and at
the expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee hereunder to the Holders.
If the Company fails to deliver such notice within ten days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be delivered at the expense of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Succession by Merger, Etc</U>. Any corporation or other entity into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust
business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without
the execution or filing of any paper or any further act on the part of any of the parties hereto;&nbsp;<U>provided</U>&nbsp;that
in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee
such corporation or other entity shall be eligible under the provisions of <U>Section 7.08</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case at the time a successor to the Trustee
shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such
successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed
by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have
been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate
such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate
of the Trustee shall have;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that the right to adopt the certificate of authentication
of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or
successors by merger, conversion or consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 7.12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Trustee&rsquo;s Application for Instructions from the Company</U>. Any application by the Trustee for written instructions
from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects
the rights of the Holders of the Notes under the Indenture) may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken
or such omission shall be effective. In the absence of gross negligence or willful misconduct on the part of the Trustee, the Trustee
shall not be liable to the Company for any action taken by, or omission of, the Trustee in accordance with a proposal included
in such application on or after the date specified in such application (which date shall not be less than three Business Days after
the date any officer that the Company has indicated to the Trustee should receive such application actually receives such application,
unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action (or the effective
date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response
to such application specifying the action to be taken or omitted.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
8</FONT><BR>
CONCERNING&nbsp;THE&nbsp;HOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Action by Holders</U>. Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate
principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent
or waiver or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified
percentage have joined therein may be evidenced (a)&nbsp;by any instrument or any number of instruments of similar tenor executed
by Holders in person or by agent or proxy appointed in writing, or (b)&nbsp;by the record of the Holders voting in favor thereof
at any meeting of Holders duly called and held in accordance with the provisions of <U>Article 9</U>, or (c)&nbsp;by a combination
of such instrument or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicit
the taking of any action by the Holders of the Notes, the Company or the Trustee may, but shall not be required to, fix in advance
of such solicitation, a date as the record date for determining Holders entitled to take such action. The record date if one is
selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Proof of Execution by Holders</U>. Subject to the provisions of <U>Section 7.01</U>, <U>Section 7.02</U>, <U>Section
7.07</U> and <U>Section 9.05</U>, proof of the execution of any instrument or writing by a Holder or its agent or proxy shall be
sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner
as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note
Registrar. The record of any Holders&rsquo; meeting shall be proved in the manner provided in <U>Section 9.06</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Who Are Deemed Absolute Owners</U>. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion
Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may
treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership
or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment
of or on account of the principal (including any Redemption Price and any Fundamental Change Repurchase Price) of and (subject
to <U>Section 2.03(a)</U>) accrued and unpaid interest on such Note, for conversion of such Note and for all other purposes under
this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note Registrar shall
be affected by any notice to the contrary. The sole registered holder of a Global Note shall be the Depositary or its nominee.
All such payments or deliveries so made to any Holder, or upon its order, shall be valid, and, to the extent of the sums or Subordinate
Voting Shares so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon
any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any holder
of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization
or any other action of the Depositary or any other Person, such holder&rsquo;s right to exchange such beneficial interest for a
Definitive Note in accordance with the provisions of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company-Owned Notes Disregarded</U>. In determining whether the Holders of the requisite aggregate principal amount of
Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company,
by any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded and deemed not to be
outstanding for the purpose of any such determination. Notes so owned that have been pledged in good faith may be regarded as outstanding
for the purposes of this <U>Section 8.04</U> if the pledgee shall establish to the satisfaction of the Trustee the pledgee&rsquo;s
right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of the
Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of
counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly
an Officer&rsquo;s Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the
account of any of the above described Persons; and, subject to <U>Section 7.01</U>, <U>Section 7.02</U> and <U>Section 7.07</U>,
the Trustee shall be entitled to accept such Officer&rsquo;s Certificate as conclusive evidence of the facts therein set forth
and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 8.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Revocation of Consents; Future Holders Bound</U>. At any time prior to (but not after) the evidencing to the Trustee,
as provided in <U>Section 8.01(a)</U>, of the taking of any action by the Holders of the percentage of the aggregate principal
amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence
to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at
its Corporate Trust Office and upon proof of holding as provided in <U>Section 8.02</U>, revoke such action so far as concerns
such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder
and upon all future Holders and owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration
of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange
or substitution therefor or upon registration of transfer thereof.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
9</FONT><BR>
HOLDERS&rsquo; MEETINGS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purpose of Meetings</U>. A meeting of Holders may be called at any time and from time to time pursuant to the provisions
of this <U>Article 9</U> for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture,
or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and
its consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of <U>Article
6</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to remove the Trustee and nominate a successor trustee pursuant to the provisions of <U>Article 7</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of <U>Section 10.02</U>;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount
of the Notes under any other provision of this Indenture or under applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Call of Meetings by Trustee</U>. The Trustee may at any time call a meeting of Holders to take any action specified in
<U>Section 9.01</U>, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders,
setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the
establishment of any record date pursuant to <U>Section 8.01(a)</U>, shall be delivered by the Trustee to Holders of such Notes.
Such notice shall also be delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior
to the date fixed for the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any meeting of Holders shall be valid without
notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived before or after the
meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized
representatives or have, before or after the meeting, waived notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Call of Meetings by Company or Holders</U>. In case at any time the Company, pursuant to a Board Resolution, or the Holders
of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting
of Holders, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee
shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders
may determine the time and the place for such meeting and may call such meeting to take any action authorized in <U>Section 9.01</U>,
by delivering notice thereof as provided in <U>Section 9.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Qualifications for Voting</U>. To be entitled to vote at any meeting of Holders a Person shall (a)&nbsp;be a Holder of
one or more Notes on the record date pertaining to such meeting or (b)&nbsp;be a Person appointed by an instrument in writing as
proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be entitled to
be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any
representatives of the Trustee and its counsel and any representatives of the Company and its counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulations</U>. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations
as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies,
and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee shall, by an instrument in writing,
appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company or by Holders as provided
in <U>Section 9.03</U>, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner
appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Holders
of a majority in aggregate principal amount of the outstanding Notes represented at the meeting and entitled to vote at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of <U>Section
8.04</U>, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000 principal amount of
Notes held or represented by him or her;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that no vote shall be cast or counted at any
meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The
chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid
duly designating it as the proxy to vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions
of <U>Section 9.02</U> or <U>Section 9.03</U> may be adjourned from time to time by the Holders of a majority of the aggregate
principal amount of Notes represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned
without further notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.06.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting</U>. The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall
be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate principal amount
of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall
count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting
their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each
meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports
of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts
setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in <U>Section 9.02</U>.
The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall
be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall
be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the
ballots voted at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any record so signed and verified shall
be conclusive evidence of the matters therein stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 9.07.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Delay of Rights by Meeting</U>. Nothing contained in this <U>Article 9</U> shall be deemed or construed to authorize
or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such
call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders
under any of the provisions of this Indenture or of the Notes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
10</FONT><BR>
SUPPLEMENTAL&nbsp;INDENTURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Supplemental Indentures Without Consent of Holders</U>. The Company and the Trustee, at the Company&rsquo;s expense,
may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following
purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to cure any ambiguity, omission, defect or inconsistency;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture pursuant to
<U>Article 11</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to add guarantees with respect to the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to secure the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power
conferred upon the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to make any change that does not adversely affect the rights of any Holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in connection with any Merger Event, to provide that the Notes are convertible into Reference Property and make such related
changes to the terms of the Notes to the extent expressly required by <U>Section 14.07</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>comply with the requirements of any Canadian securities regulatory authority, the Commission, Nasdaq, the TSX, DTC, CDS
or any applicable securities depository or stock exchange or market on which the Subordinate Voting Shares may be principally listed
or admitted for trading, <U>provided</U> that no such amendment or supplement materially and adversely affects the rights of any
Holder of the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>provide for the issuance of Additional Notes in accordance with limitations set forth in this Indenture;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any amendment to the provisions of this Indenture relating to the transfer and legending of the Notes; <U>provided</U>,
<U>however</U>, that (a)&nbsp;compliance with this Indenture as so amended would not result in the Notes being transferred in violation
of the Securities Act or any other applicable securities law and (b)&nbsp;no such amendment materially and adversely affects the
rights of any Holder of the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evidence and provide the acceptance of the appointment of a successor trustee under this Indenture; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to conform the provisions of this Indenture or the Notes to the &ldquo;Description of Notes&rdquo; section of the Offering
Memorandum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the written request of the Company,
the Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its
discretion, enter into any supplemental indenture that affects the Trustee&rsquo;s own rights, duties or immunities under this
Indenture or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any supplemental indenture authorized by
the provisions of this <U>Section 10.01</U> may be executed by the Company and the Trustee without the consent of the Holders of
any of the Notes at the time outstanding, notwithstanding any of the provisions of <U>Section 10.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Supplemental Indentures with Consent of Holders</U>. With the consent (evidenced as provided in <U>Article 8</U>) of
the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with
<U>Article 8</U> and including, without limitation, written consents obtained in connection with a repurchase of, or tender or
exchange offer for, Notes), the Company and the Trustee, at the Company&rsquo;s expense, may from time to time and at any time
enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of this Indenture, the Notes or any supplemental indenture or of modifying in any manner the
rights of the Holders;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that, without the written consent of each Holder of an outstanding
Note affected, no such supplemental indenture shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the amount of Notes whose Holders must consent to an amendment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the rate of or extend the stated time for payment of interest on any Note;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the principal of or extend the Maturity Date of any Note;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any change that adversely affects the conversion rights of any Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduce the Redemption Price or the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse
to the Holders the Company&rsquo;s obligation to make such payments, whether through an amendment or waiver of provisions in the
covenants or definitions hereof or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any Note payable in money, or at a place of payment, other than that stated in the Note, subject to the applicable
procedures of the Depositary or CDS, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>modify <U>Article 13</U> in a manner adverse to the Holders of Notes; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make any change in this <U>Article 10</U> that requires each Holder&rsquo;s consent or in the waiver provisions in <U>Section
6.02</U> or <U>Section 6.09</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the written request of the Company,
and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to <U>Section 10.05</U>, the
Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee&rsquo;s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion,
but shall not be obligated to, enter into such supplemental indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders do not need under this <U>Section
10.02</U> to approve the particular form of any proposed supplemental indenture. It shall be sufficient if such Holders approve
the substance thereof. After any such supplemental indenture becomes effective, the Company shall prepare and deliver, at the Company&rsquo;s
expense, to the Holders a notice briefly describing such supplemental indenture. However, the failure to give such notice to all
the Holders, or any defect in the notice, will not impair or affect the validity of the supplemental indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Supplemental Indentures</U>. Upon the execution of any supplemental indenture pursuant to the provisions of
this <U>Article 10</U>, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective
rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders
shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and
all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of
this Indenture for any and all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notation on Notes</U>. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to
the provisions of this <U>Article 10</U> may, at the Company&rsquo;s expense, bear a notation in form approved by the Trustee as
to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified
as to conform, in the opinion of the Trustee and the Company, to any modification of this Indenture contained in any such supplemental
indenture may, at the Company&rsquo;s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating
agent duly appointed by the Trustee pursuant to <U>Section 17.10</U>) and delivered in exchange for the Notes then outstanding,
upon surrender of such Notes then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee</U>. In addition to the documents required
by <U>Section 17.05</U>, the Trustee shall receive, and shall be fully protected in conclusively relying upon, an Officer&rsquo;s
Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies
with the requirements of this <U>Article 10</U> and is permitted or authorized by this Indenture (which Opinion of Counsel shall
state, subject to customary exceptions, that such supplemental indenture constitutes the legal, valid and binding obligation of
the Company enforceable against the Company in accordance with its terms).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 10.06.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment of Article 13</U>. Notwithstanding the foregoing provisions in this <U>Article 10</U>, the provisions of <U>Article
13</U> may not be amended or modified with respect to any Senior Indebtedness unless the Company has provided an Officer&rsquo;s
Certificate and an Opinion of Counsel, in each case, as required under <U>Section 13.13(b)</U>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
11</FONT><BR>
CONSOLIDATION, MERGER, SALE, CONVEYANCE&nbsp;AND&nbsp;LEASE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company May Consolidate, Etc. on Certain Terms</U>. Subject to the provisions of <U>Section 11.02</U>, the Company shall
not consolidate or amalgamate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its properties
and assets to another Person, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the resulting, surviving or transferee Person (the &ldquo;<U>Successor Company</U>&rdquo;), if not the Company, shall be
a corporation organized and existing under the laws of Canada, any province or territory thereof, or the United States of America,
any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental
indenture, all of the obligations of the Company under the Notes and this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing
under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this <U>Section 11.01</U>,
the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of
the Company to another Person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute
all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance,
transfer or lease of all or substantially all of the properties and assets of the Company to another Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 11.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successor Corporation to Be Substituted</U>. In case of any such consolidation, amalgamation, merger, sale, conveyance,
transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of the due and punctual payment of the principal of and accrued and unpaid interest on
all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the
Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company,
such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of
the Company&rsquo;s properties and assets, shall be substituted for the Company, with the same effect as if it had been named herein,
and may thereafter exercise every right and power, of the Company under this Indenture. Such Successor Company thereupon may cause
to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company
instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and
delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of
this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such consolidation,
amalgamation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this <U>Article 11</U>
the Person named as the &ldquo;Company&rdquo; in the first paragraph of this Indenture (or any successor that shall thereafter
have become such in the manner prescribed in this <U>Article 11</U>) may be dissolved, wound up and liquidated at any time thereafter
and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from
its obligations under this Indenture and the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case of any such consolidation, amalgamation,
merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes
thereafter to be issued as may be appropriate.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
12</FONT><BR>
IMMUNITY&nbsp;OF&nbsp;INCORPORATORS, SHAREHOLDERS, OFFICERS&nbsp;AND&nbsp;DIRECTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 12.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indenture and Notes Solely Corporate Obligations</U>. No recourse for the payment of the principal of or accrued and
unpaid interest on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any
obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any Note, nor because
of the creation of any indebtedness represented thereby, shall be had against any incorporator, shareholder, employee, agent, officer
or director or Subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or
through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
13</FONT><BR>
<FONT STYLE="text-transform: uppercase">Subordination</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Agreement to Subordinate</U>. The Company agrees, and each Holder by accepting a Note agrees, that the indebtedness evidenced
by the Notes is subordinated in right of payment, to the extent and in the manner provided in this <U>Article 13</U>, to the prior
payment in full, in cash or other payment satisfactory to the holders of Senior Indebtedness, of all Obligations due in respect
of Senior Indebtedness, including Senior Indebtedness created, incurred, assumed or guaranteed after the date hereof, and that
the subordination as set out in this Article 13 is for the benefit of, and enforceable by, the holders of Senior Indebtedness and
any proper Representative thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liquidation; Dissolution; Bankruptcy</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon any distribution to creditors of the Company in a liquidation or dissolution of the Company or in a bankruptcy, reorganization,
insolvency, receivership or similar proceeding relating to the Company or its property, in an assignment for the benefit of creditors
or any marshaling of the Company&rsquo;s assets and liabilities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>holders of Senior Indebtedness will be entitled to receive payment in full, in cash or other payment satisfactory to such
holders, of all Obligations due in respect of such Senior Indebtedness (including interest after the commencement of any bankruptcy
proceeding at the rate specified in the applicable Senior Indebtedness) before the Holders of the Notes will be entitled to receive
any payment of principal of and interest on, or the Fundamental Change Repurchase Price of or the Redemption Price of, the Notes
or any other payment or distribution in respect of Obligations with respect to the Notes; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>until all Obligations with respect to Senior Indebtedness (as provided in clause&nbsp;(i) above) are paid in full, any distribution
to which Holders would be entitled but for this <U>Article 13</U> will be made to holders of Senior Indebtedness, as their interests
may appear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent any payment of Senior Indebtedness is declared to be fraudulent or preferential, set aside or required to
be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or other similar person under any bankruptcy, reorganization,
insolvency, receivership or similar proceeding, the Senior Indebtedness or part thereof originally intended to be satisfied shall
be deemed to be reinstated and outstanding as if such payment had not occurred and the provisions of this <U>Article 13</U> will
be applied accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Default on Senior Indebtedness</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not make, directly or indirectly through any Subsidiary or other person, any payment or distribution to
the Trustee or any Holder in respect of Obligations with respect to the Notes, and the Company shall not acquire from the Trustee
or any Holder any Notes for cash or property if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a default in the payment of principal, premium, if any, interest or any other Obligation due on any Senior Indebtedness
(a &ldquo;<FONT STYLE="font-weight: normal"><U>Payment Default</U>&rdquo;)</FONT> occurs and is continuing (including, without
limitation, a payment that has become due as a result of the acceleration of Senior Indebtedness); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other default (a &ldquo;<FONT STYLE="font-weight: normal"><U>Nonpayment Default</U></FONT>&rdquo;) occurs and is continuing
on any Designated Senior Indebtedness that permits holders of such Designated Senior Indebtedness to accelerate its maturity and
the Trustee receives a notice of such default (a &ldquo;<FONT STYLE="font-weight: normal"><U>Payment Blockage Notice</U></FONT>&rdquo;)
from the Company or a Representative of such holders. The Trustee shall promptly deliver a copy of any Payment Blockage Notice
received by it to the Company and the Company shall promptly deliver such copy to all holders of Designated Senior Indebtedness.
If the holders of a majority in principal amount of all Designated Senior Indebtedness outstanding at the time such Payment Blockage
Notice is delivered to the Company shall, within 10 days of their receipt thereof, deliver to the Company and the Trustee a notice
rescinding such Payment Blockage Notice, such Payment Blockage Notice shall be deemed not to have been delivered for all purposes
of this Indenture. If the Trustee receives any such Payment Blockage Notice, no subsequent Payment Blockage Notice will be effective
for purposes of this <U>Section 13.03</U> unless and until at least 360 days have elapsed since the delivery of the immediately
prior Payment Blockage Notice. No Nonpayment Default that existed or was continuing on the date of delivery of any Payment Blockage
Notice to the Trustee may be, or may be made, the basis for a subsequent Payment Blockage Notice unless such default has been cured
or waived for a period of not less than 90 days.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may and will resume payments on and distributions in respect of the Notes and may acquire Notes, upon the earlier
of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the case of a Payment Default, upon the date upon which such default is cured or waived; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the case of a Nonpayment Default, upon the earlier of the date on which such Nonpayment Default is cured or waived or
179 days after the date on which the applicable Payment Blockage Notice is received, unless the maturity of any Designated Senior
Indebtedness has been accelerated (in which event the foregoing subclause&nbsp;(i) shall apply), if this <U>Article 13</U> otherwise
permits such payment, distribution or acquisition at the time of such payment, distribution or acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Acceleration of Notes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall promptly notify holders
of Designated Senior Indebtedness of any such acceleration because of an Event of Default. If payment of the Notes is accelerated
because of an Event of Default and amounts owing are outstanding under any Senior Indebtedness, the Company shall not make, directly
or indirectly through any Subsidiary or other person, any payment or distribution to the Trustee (other than with respect to fees
and expenses payable to the Trustee, including its legal fees and expenses) or any Holder in respect of Obligations with respect
to the Notes, and shall not acquire from the Trustee or any Holder any Notes for cash or property, unless the Senior Indebtedness
has been repaid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>When Distribution Must Be Paid Over</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that the Trustee or any Holder
of the Notes receives any payment of any Obligations with respect to the Notes at a time when the payment is prohibited by <U>Section
13.03</U> or <U>Section 13.04</U>, the Trustee or such Holder, as the case may be, upon written notice delivered by the Company,
shall hold the payment in trust for the benefit of the holders of Senior Indebtedness. Upon the written request of the holders
of the Senior Indebtedness, the Trustee or such Holder, as the case may be, shall deliver the amounts in trust to the holders of
Senior Indebtedness or their proper Representative, <U>provided</U>, that in the case of the Trustee, the Trustee shall also have
received an Officer&rsquo;s Certificate from the Company stating (a)&nbsp;the holders of Senior Indebtedness entitled to payment,
(b)&nbsp;the amounts to be delivered to such holders and (c)&nbsp;that such payment is in compliance with this <U>Article 13</U>.
The Trustee undertakes no implied covenants or obligations with respect to the holders of Senior Indebtedness and none will be
read into this Indenture against the Trustee. The Trustee will not be deemed to owe any duty whatsoever to the holders of Senior
Indebtedness, and will not be liable to any such holders for any reason whatsoever, including, without limitation, if the Trustee
pays over or distributes to or on behalf of Holders or the Company or any other person money or assets to which any holders of
Senior Indebtedness are then entitled by virtue of this <U>Article 13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.06.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice by Company</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall promptly notify the Trustee
and the Paying Agent (if other than the Trustee) in writing of any facts known to the Company that would cause a payment of any
Obligations with respect to the Notes to violate this <U>Article 13</U>, but failure to give such notice will not affect the subordination
of the Notes to the Senior Indebtedness as provided in this <U>Article 13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.07.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subrogation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After all Senior Indebtedness is paid in
full and until the Notes are paid in full, Holders of Notes will be subrogated (equally and ratably with all other indebtedness
pari passu with the Notes) to the rights of holders of Senior Indebtedness to receive distributions applicable to Senior Indebtedness
to the extent that distributions otherwise payable to the Holders of Notes have been applied to the payment of Senior Indebtedness.
A distribution made under this <U>Article 13</U> to holders of Senior Indebtedness that otherwise would have been made to Holders
of Notes is not, as between the Company and Holders, a payment by the Company on the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.08.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Relative Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This <U>Article 13</U> defines the relative
rights of Holders of Notes and holders of Senior Indebtedness. Nothing in this Indenture will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>impair, as between the Company and Holders of Notes, the obligation of the Company, which is absolute and unconditional,
to pay principal of, and interest, if any, on, the Fundamental Change Repurchase Price of or the Redemption Price of, and to pay
or deliver any amount due on conversion of, the Notes in accordance with their terms and to make any other required payment or
distribution in respect of Obligations with respect to the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>affect the relative rights of Holders of Notes and creditors of the Company other than their rights in relation to holders
of Senior Indebtedness; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>prevent the Trustee or any Holder from exercising its available remedies upon a Default or Event of Default, subject
to the rights of holders and owners of Senior Indebtedness to receive distributions and payments otherwise payable to Holders of
Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company fails because of this <U>Article
13</U> to pay principal of, or interest, if any, on, the Fundamental Change Repurchase Price of, the Redemption Price of or to
pay or deliver any amount due on conversion of, the Notes in accordance with their terms, or to make any other required payment
or distribution in respect of Obligations with respect to the Notes, the failure may still be a Default or Event of Default as
determined in accordance with Article 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.09.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subordination May Not Be Impaired by the Company</U>. No right of any holder of Senior Indebtedness to enforce the subordination
of the indebtedness evidenced by the Notes may be impaired by any act or failure to act by the Company or any Holder or by the
failure of the Company or any Holder to comply with this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution or Notice to Representative or Holders of Senior Indebtedness</U>. Whenever a distribution is to be made
or a notice given to holders of any Senior Indebtedness, the distribution may be made and the notice given to their Representative,
if they have appointed one, and if no Representative has been appointed by the holders of any Senior Indebtedness, such distribution
or notice shall be made or given directly to such holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon any payment or distribution of assets
of the Company referred to in this <U>Article 13</U>, the Trustee and the Holders of Notes will be entitled to rely upon any order
or decree made by any court of competent jurisdiction or upon any written certificate of such Representative or of the liquidating
trustee or agent or other person making any distribution to the Trustee or to the Holders of Notes for the purpose of ascertaining
the persons entitled to participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this <U>Article 13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights of Trustee and Paying Agent</U>. Notwithstanding the provisions of this <U>Article 13</U> or any other provision
of this Indenture, the Trustee will not be charged with knowledge of the existence of any facts that would prohibit the making
of any payment or distribution by the Trustee, and the Trustee and the Paying Agent may continue to make payments on the Notes,
unless the Trustee has received at its Corporate Trust Office at least three Business Days prior to the date of such payment detailed
written instructions stating that the payment of any Obligations with respect to the Notes would violate this <U>Article 13</U>,
except for any acceleration of the Notes prior to making any such payment or distribution which is known by any officer of the
Trustee prior to making any such payment or distribution. The notice may only be given by the Company or a Representative. For
the avoidance of doubt, no such notice shall constitute a Payment Blockage Notice unless delivered in accordance with <U>Section
13.03</U>. Nothing in this <U>Article 13</U> will impair the claims of, or payments to, the Trustee under or pursuant to <U>Section
6.06</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee in its individual or any other
capacity may hold Senior Indebtedness with the same rights it would have if it were not Trustee. Any Note Registrar, any Paying
Agent, any Conversion Agent, and their successors hereunder may do the same with like rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization to Effect Subordination; Filing Proof of Claim</U>. Each Holder of Notes, by the Holder&rsquo;s acceptance
thereof, authorizes and directs the Trustee on such Holder&rsquo;s behalf to take such action as may be necessary or appropriate
to effectuate the subordination as provided in this <U>Article 13</U>, and appoints the Trustee to act (without any obligation
of the Trustee to do so) as such Holder&rsquo;s attorney-in-fact for any and all such purposes. If the Trustee does not file a
proper proof of claim or proof of debt in the form required in any judicial proceedings relative to the Company with respect to
the Notes or its creditors or properties at least 30 days before the expiration of the time to file such claim, the holders of
Senior Indebtedness or any Representative are hereby authorized to file an appropriate claim for and on behalf of the Holders of
the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reliance and Amendments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Holder of Notes by its acceptance thereof acknowledges and agrees that the subordination provisions set forth in this
<U>Article 13</U> are, and are intended to be, an inducement and a consideration for each holder of any Senior Indebtedness, whether
such Senior Indebtedness was created or acquired before or after the issuance of the Notes, to acquire and continue to hold, or
to continue to hold, such Senior Indebtedness, and such holder of Senior Indebtedness shall be deemed conclusively to have relied
on such subordination provisions in acquiring and continuing to hold or in continuing to hold such Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The provisions of this <U>Article 13</U> may not be amended or modified with respect to any Senior Indebtedness unless the
Company has provided (i)&nbsp;an Officer&rsquo;s Certificate certifying that the written consent of the holders of all such Senior
Indebtedness has been obtained and (ii)&nbsp;an Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Waiver of Subordination Provisions</U>. Without in any way limiting the generality of <U>Section 13.09</U>, the holders
of Senior Indebtedness may, at any time and from time to time, without the consent of or notice to the Trustee or the Holders,
without incurring responsibility to the Holders and without impairing or releasing the subordination provided in this <U>Article
13</U> or the obligations hereunder of the Holders to the holders of Senior Indebtedness, do any one or more of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>change the manner, place or terms of payment or extend the time of payment of, or renew or alter, Senior Indebtedness,
or otherwise amend or supplement in any manner Senior Indebtedness or any instrument evidencing the same or any agreement under
which Senior Indebtedness is outstanding<FONT STYLE="font-size: 10pt">;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing Senior Indebtedness;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>release any person liable in any manner for the collection of Senior Indebtedness; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>exercise or refrain from exercising any rights against the Company and any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consenting Security</U>. The Trustee, for itself and on behalf of the Holders, agrees that it shall not contest or bring
into question the validity, perfection or enforceability of any of the Senior Indebtedness, any guarantees or security documents
granted by the Company or any of its Subsidiaries as security for the Senior Indebtedness, or the relative priority of such guarantees
and security documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 13.16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Issuance of Subordinate Voting Shares in accordance with this Indenture</U>. Notwithstanding the foregoing provisions
of this <U>Article 13</U>, nothing in this <U>Article 13</U> shall prevent the issuance and delivery of the Subordinate Voting
Shares, and cash in lieu of any fractional Subordinate Voting Shares, upon conversion of any Note in accordance with the Indenture
or the delivery of the Subordinate Voting Shares, in accordance with the Indenture, to satisfy in whole or in part the Company&rsquo;s
obligation to pay the principal of the Notes upon redemption or maturity, at the Company&rsquo;s election, pursuant to <U>Section
16.07</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
14</FONT><BR>
CONVERSION&nbsp;OF&nbsp;NOTES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion Privilege</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to and upon compliance with the provisions of this <U>Article 14</U>, each Holder of a Note shall have the right,
at such Holder&rsquo;s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or an integral
multiple thereof) of such Note until the close of business on the Business Day immediately preceding the Maturity Date, in each
case, at an initial conversion rate of 17.2507 Subordinate Voting Shares (subject to adjustment as provided in this Article 14,
the &ldquo;<U>Conversion Rate</U>&rdquo;) per $1,000 principal amount of Notes (subject to, and in accordance with, the settlement
provisions of <U>Section 14.02</U>, the &ldquo;<U>Conversion Obligation</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, prior to the date that is five years plus one day from the last date of original issuance of Notes (including any Notes
issued pursuant to the Initial Purchasers&rsquo; option to purchase additional Notes as set forth in the Purchase Agreement), Holders
would otherwise be entitled to receive, upon conversion of the Notes, any property (including cash) or securities that would not
constitute &ldquo;prescribed securities&rdquo; for the purposes of clause 212(1)(b)(vii)(E) of the Canadian Tax Act as it applied
for the 2007 taxation year (referred to herein as &ldquo;<U>Ineligible Consideration</U>&rdquo;), such Holders shall not be entitled
to receive such Ineligible Consideration but the Company or the successor or acquirer, as the case may be, shall have the right
(at the sole option of the Company or the successor or acquirer, as the case may be) to deliver either such Ineligible Consideration
or &ldquo;prescribed securities,&rdquo; for the purposes of clause 212(1)(b)(vii)(E) of the Canadian Tax Act as it applied for
the 2007 taxation year, with a market value equal to the market value of such Ineligible Consideration. The Company shall notify
Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing as promptly as practicable following the date
the Company publicly announces such transaction but in no event less than 10 Scheduled Trading Days prior to the anticipated effective
date of such transaction. Such notice will also state the consideration into which the Notes will be convertible after the effective
date of such transaction. After such notice, the Company or the successor or acquirer, as the case may be, may not change the consideration
to be delivered upon conversion of the Notes except in accordance with any other provision of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion Procedure; Settlement Upon Conversion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to this <U>Section 14.02</U>, <U>Section 14.03(b)</U> and <U>Section 14.07(a)</U>, upon conversion of any Note,
the Company shall satisfy its Conversion Obligation by delivering to the converting Holder, in respect of each $1,000 principal
amount of Notes being converted a number of Subordinate Voting Shares equal to the Conversion Rate in effect on the Conversion
Date, together with cash, if applicable, in lieu of delivering any fractional Subordinate Voting Share in accordance with subsection
(j) of this <U>Section 14.02</U>, as set forth in this <U>Section 14.02</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to <U>Section 14.02(e)</U>, before any Holder of a Note shall be entitled to convert a Note as set forth above,
such Holder shall (i)&nbsp;in the case of a Global Note, comply with the applicable procedures of the Depositary in effect at that
time and, if required, pay funds equal to interest payable on the next Interest Payment Date to which such Holder is not entitled
as set forth in <U>Section 14.02(h)</U> and (ii)&nbsp;in the case of a Definitive Note or any Global Notes that are converted outside
of the Depositary (1)&nbsp;complete, manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the
Form of Notice of Conversion (or a facsimile, PDF or other electronic transmission thereof) (a notice pursuant to the applicable
procedure of the Depositary or a notice as set forth in the Form of Notice of Conversion, a &ldquo;<U>Notice of Conversion</U>&rdquo;)
at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be converted and the name or
names (with addresses) in which such Holder wishes the certificate or certificates for any Subordinate Voting Shares to be delivered
upon settlement of the Conversion Obligation to be registered, (2)&nbsp;surrender such Notes, duly endorsed to the Company or in
blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3)&nbsp;if required,
furnish appropriate endorsements and transfer documents, (4)&nbsp;if required, pay funds equal to interest payable on the next
Interest Payment Date to which such Holder is not entitled as set forth in <U>Section 14.02(h)</U> and (5)&nbsp;provide any other
information as requested by the Conversion Agent to effect such conversion. The Trustee (and if different, the Conversion Agent)
shall notify the Company of any conversion pursuant to this <U>Article 14</U> on the Conversion Date for such conversion (or as
soon as practicable thereafter). No Notes may be surrendered for conversion by a Holder thereof if such Holder has also delivered
a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental Change
Repurchase Notice in accordance with <U>Section 15.02(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If more than one Note shall be surrendered
for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes shall be computed on the basis
of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Note shall be deemed to have been converted immediately prior to the close of business on the date (the &ldquo;<U>Conversion
Date</U>&rdquo;) that the Holder has complied with the requirements set forth in subsection (i)&nbsp;above. Except as set forth
in <U>Section 14.03(b)</U> and <U>Section 14.07(a)</U>, the Company shall deliver the consideration due in respect of the Conversion
Obligation on the second Business Day immediately following the relevant Conversion Date. The Company shall issue or cause to be
issued, and deliver to the Conversion Agent or to such Holder, or such Holder&rsquo;s nominee or nominees, the full number of Subordinate
Voting Shares to which such Holder shall be entitled, in book-entry format through the Depositary, in the case of Global Notes,
or in certificated form, in the case of Definitive Notes, in each case, in satisfaction of the Company&rsquo;s Conversion Obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case any Note shall be surrendered for partial conversion, the Company shall execute and the Trustee shall authenticate
and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations
in an aggregate principal amount equal to the unconverted portion of the surrendered Note, without payment of any service charge
by the converting Holder but, if required by the Company or the Trustee, with payment of a sum sufficient to cover any documentary,
stamp or similar issue or transfer tax or similar governmental charge required by law or that may be imposed in connection therewith
as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder
of the old Notes surrendered for such conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar issue or transfer tax
due on the issuance of any Subordinate Voting Shares upon conversion, unless the tax is due because the Holder requests such shares
to be issued in a name other than the Holder&rsquo;s name, in which case the Holder shall pay that tax. The Conversion Agent may
refuse to deliver the certificates representing the Subordinate Voting Shares being issued in a name other than the Holder&rsquo;s
name until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding
sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as provided in <U>Section 14.04</U>, no adjustment shall be made for dividends on any Subordinate Voting Shares issued
upon the conversion of any Note as provided in this <U>Article 14</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee, shall
make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the
Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon conversion, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any, except as
set forth below. The Company&rsquo;s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation
to pay the principal amount of the Note and accrued and unpaid interest, if any, to, but not including, the relevant Conversion
Date. As a result, accrued and unpaid interest, if any, to, but not including, the relevant Conversion Date shall be deemed to
be paid in full rather than cancelled, extinguished or forfeited. Notwithstanding the foregoing, if Notes are converted after the
close of business on a Regular Record Date, Holders of such Notes as of the close of business on such Regular Record Date will
receive the full amount of interest payable on such Notes on the corresponding Interest Payment Date notwithstanding the conversion.
However, Notes surrendered for conversion during the period from the close of business on any Regular Record Date to the open of
business on the immediately following Interest Payment Date must be accompanied by funds equal to the amount of interest payable
on the Notes so converted;&nbsp;<U>provided</U>&nbsp;that no such payment shall be required (1)&nbsp;for conversions following
the Regular Record Date immediately preceding the Maturity Date; (2)&nbsp;if the Company has specified a Redemption Date that is
after a Regular Record Date and on or prior to the Business Day immediately following the corresponding Interest Payment Date;
(3)&nbsp;if the Company has specified a Fundamental Change Repurchase Date that is after a Regular Record Date and on or prior
to the Business Day immediately following the corresponding Interest Payment Date; or (4)&nbsp;to the extent of any Defaulted Amounts,
if any Defaulted Amounts exists at the time of conversion with respect to such Note. Therefore, for the avoidance of doubt, all
Holders of record on the Regular Record Date immediately preceding the Maturity Date shall receive the full interest payment due
on the Maturity Date in cash regardless of whether their Notes have been converted following such Regular Record Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Person in whose name the Subordinate Voting Shares shall be issuable upon conversion shall be treated as a stockholder
of record as of the close of business on the relevant Conversion Date. Upon a conversion of Notes, such Person shall no longer
be a Holder of such Notes surrendered for conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not issue any fractional Subordinate Voting Shares upon conversion of the Notes and shall instead pay
cash in lieu of delivering any fractional Subordinate Voting Shares issuable upon conversion based on the Last Reported Sale Price
of the Subordinate Voting Shares on the relevant Conversion Date or, if the Conversion Date is not a Trading Day, on the next succeeding
Trading Day. The Company shall determine the cash in lieu and provide its determination and such calculations to the Trustee and
Conversion Agent within one Business Day following the Conversion Date. The calculation shall be done on a per instruction basis
if more than one Holder converts on the same day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Increased Conversion Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or
a Notice of Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If (i)&nbsp;(A)&nbsp;the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder
elects to convert its Notes in connection with such a Make-Whole Fundamental Change or (B)&nbsp;the Company issues a Notice of
Redemption as provided under <U>Section 16.02</U> or <U>Section 16.04</U>, as applicable, and a Holder elects to convert its Notes
during the related Redemption Period, the Company shall, under the circumstances described below, increase the Conversion Rate
for the Notes so surrendered for conversion by a number of additional Subordinate Voting Shares (the &ldquo;<U>Additional Shares</U>&rdquo;),
as described below. A conversion of Notes shall be deemed for these purposes to be &ldquo;in connection with&rdquo; such Make-Whole
Fundamental Change if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective
Date of the Make-Whole Fundamental Change up to, and including, the Business Day immediately prior to the related Fundamental Change
Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso
in clause (b)&nbsp;of the definition thereof, the 35th Trading Day immediately following the Effective Date of such Make-Whole
Fundamental Change) (such period, the &ldquo;<U>Make-Whole Fundamental Change Period</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon surrender of Notes for conversion in connection with a Make-Whole Fundamental Change or during a Redemption Period,
the Company shall satisfy the related Conversion Obligation in accordance with <U>Section 14.02</U>, based on the Conversion Rate
as increased to reflect the Additional Shares pursuant to the table set forth below;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that if, at the effective time of a Make-Whole Fundamental Change described in clause (b)&nbsp;of the definition of Fundamental
Change, the Reference Property following such Make-Whole Fundamental Change is composed entirely of cash, for any conversion of
Notes following the Effective Date of such Make-Whole Fundamental Change, the Conversion Obligation shall be calculated based solely
on the Share Price for the transaction and shall be deemed to be an amount of cash per $1,000 principal amount of converted Notes
equal to the Conversion Rate (including any increase to reflect the Additional Shares),&nbsp;multiplied by&nbsp;such Share Price.
In such event, the Conversion Obligation shall be determined and paid to Holders in cash on the second Business Day following the
Conversion Date. The Company shall notify the Holders, the Trustee and the Conversion Agent (if other than the Trustee) of the
Effective Date of any Make-Whole Fundamental Change and issue a press release announcing such Effective Date no later than the
Business Day after such Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The number of Additional Shares, if any, by which the Conversion Rate shall be increased for conversions in connection with
a Make-Whole Fundamental Change or a Notice of Redemption shall be determined by reference to the table below, based on the date
on which the Make-Whole Fundamental Change occurs or becomes effective (in each case, the &ldquo;<U>Effective Date</U>&rdquo;)
or the Redemption Notice Date, and the price (the &ldquo;<U>Share Price</U>&rdquo;) paid (or deemed to be paid) per Subordinate
Voting Share in the Make-Whole Fundamental Change or on the Redemption Notice Date, as applicable. If the holders of Subordinate
Voting Shares receive in exchange for their Subordinate Voting Shares only cash in a Make-Whole Fundamental Change described in
clause (b)&nbsp;of the definition of Fundamental Change, the Share Price shall be the cash amount paid per share. Otherwise, the
Share Price shall be the average of the Last Reported Sale Prices of the Subordinate Voting Shares over the ten Trading Day period
ending on, and including, the Trading Day immediately preceding the applicable Effective Date or Redemption Notice Date, as applicable.
In the event that a conversion during a Redemption Period would also be deemed to be in connection with a Make-Whole Fundamental
Change, a Holder of Notes to be converted shall be entitled to a single increase to the Conversion Rate with respect to the first
to occur of the applicable Redemption Notice Date or the Effective Date of the applicable Make- Whole Fundamental Change, and the
later event shall be deemed not to have occurred for purposes of this <U>Section 14.03</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Share Prices set forth in the column headings of the table below shall be adjusted as of any date on which the Conversion
Rate of the Notes is otherwise adjusted. The adjusted Share Prices shall equal the Share Prices immediately prior to such adjustment,
multiplied by&nbsp;a fraction, the numerator of which is the Conversion Rate immediately prior to such adjustment giving rise to
the Share Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of Additional Shares
set forth in the table below shall be adjusted in the same manner and at the same time as the Conversion Rate as set forth in <U>Section
14.04</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The following table sets forth the number of Additional Shares by which the Conversion Rate shall be increased per $1,000
principal amount of Notes pursuant to this <U>Section 14.03</U> for each Share Price and Effective Date or Redemption Notice Date
set forth below:</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Share Price (US$)</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 23%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Effective <BR>
Date/Redemption <BR>
Notice Date</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$43.75 </B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$45.00 </B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$50.00 </B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$55.00</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$57.97 </B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$60.00 </B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$75.36 </B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$100.00 </B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$125.00 </B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$175.00 </B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-size: 10pt"><B>$225.00 </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">May 19, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.6064</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.3049</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4.2973</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3.5330</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3.1689</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2.9527</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1.8244</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.9593</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.5493</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.2059</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">June 1, 2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.6064</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.2204</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4.1533</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3.3584</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2.9844</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2.7627</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1.6413</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.8313</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.4685</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.1762</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">June 1, 2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.6064</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.0982</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3.9513</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3.1130</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2.7256</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2.4993</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1.3958</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.6683</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.3693</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.1419</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">June 1, 2023</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.6064</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4.9715</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3.6633</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2.7602</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2.3547</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2.1210</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1.0588</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.4623</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.2525</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.1048</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">June 1, 2024</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.6064</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4.9715</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">3.2373</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2.2166</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1.7785</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">1.5377</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.5850</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.2203</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.1245</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0636</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-size: 10pt">June 1, 2025</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">5.6064</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">4.9715</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">2.7493</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.9311</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">0.0000</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The exact Share Price and Effective Date or
Redemption Notice Date may not be set forth in the table above, in which case:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the Share Price is between two Share Prices in the table above or the Effective Date or Redemption Notice Date is between
two dates in the table, the number of Additional Shares by which the Conversion Rate shall be increased shall be determined by
a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Share Prices and the earlier
and later dates, as applicable, based on a 365-day year;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the Share Price is greater than $225.00 per share (subject to adjustment in the same manner as the Share Prices set forth
in the column headings of the table above pursuant to subsection (d)&nbsp;above), no Additional Shares shall be added to the Conversion
Rate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the Share Price is less than $43.75 per share (subject to adjustment in the same manner as the Share Prices set forth
in the column headings of the table above pursuant to subsection (d)&nbsp;above), no Additional Shares shall be added to the Conversion
Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, in no event shall the Conversion
Rate per $1,000 principal amount of Notes exceed 22.8571 Subordinate Voting Shares, subject to adjustment in the same manner as
the Conversion Rate pursuant to <U>Section 14.04</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing in this <U>Section 14.03</U>&nbsp;shall prevent an adjustment to the Conversion Rate that would otherwise be required
pursuant to <U>Section 14.04</U> in respect of a Make-Whole Fundamental Change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustment of Conversion Rate</U>. The Conversion Rate shall be adjusted from time to time by the Company if any of the
following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes
participate (other than in the case of: (x)&nbsp;a share split or share consolidation; or (y)&nbsp;a tender or exchange offer),
at the same time and upon the same terms as holders of the Subordinate Voting Shares and solely as a result of holding the Notes,
in any of the transactions described in this <U>Section 14.04</U>, without having to convert their Notes, as if they held a number
of Subordinate Voting Shares equal to the Conversion Rate,&nbsp;multiplied by&nbsp;the principal amount (expressed in thousands)
of Notes held by such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company exclusively issues Subordinate Voting Shares as a dividend or distribution on the Subordinate Voting Shares,
or if the Company effects a share split or share consolidation, the Conversion Rate shall be adjusted based on the following formula:</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="p71a.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">where,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">CR<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share consolidation, as applicable;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">CR<SUB>1</SUB></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date or Effective Date, as applicable;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">OS<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the number of Subordinate Voting Shares outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date, as applicable, without giving effect to such dividend, distribution, share split or share consolidation; and</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">OS<SUB>1</SUB></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the number of Subordinate Voting Shares outstanding immediately after giving effect to such dividend, distribution, share split or share consolidation.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any adjustment made under this <U>Section 14.04(a)</U> shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately
after the open of business on the Effective Date for such share split or share consolidation, as applicable. If any dividend or
distribution of the type described in this <U>Section 14.04(a)</U> is declared but not so paid or made, the Conversion Rate shall
be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution,
to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company issues to all or substantially all holders of Subordinate Voting Shares any rights, options or warrants (other
than in connection with a shareholder rights plan) entitling them, for a period of not more than 45 calendar days after the issue
date of such issuance, to subscribe for or purchase Subordinate Voting Shares at a price per share that is less than the average
of the Last Reported Sale Prices of the Subordinate Voting Shares for the 10 consecutive Trading Day period ending on, and including,
the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Rate shall be increased based on
the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="p71b.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">where,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%">CR<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">=</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 92%">the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">CR<SUB>1</SUB></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">OS<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the number of Subordinate Voting Shares outstanding immediately prior to the open of business on such Ex-Dividend Date;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">X</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the total number of Subordinate Voting Shares issuable pursuant to such rights, options or warrants; and</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Y</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the number of Subordinate Voting Shares equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Subordinate Voting Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any increase made under this <U>Section 14.04(b)</U> shall be
made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the open
of business on the Ex-Dividend Date for such issuance. To the extent that the Subordinate Voting Shares are not delivered after
the expiration of such rights, options or warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then
be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery
of only the number of Subordinate Voting Shares actually delivered. If such rights, options or warrants are not so issued, the
Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such issuance
had not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this <U>Section 14.04(b)</U>,
in determining whether any rights, options or warrants entitle the holders of Subordinate Voting Shares to subscribe for or purchase
the Subordinate Voting Shares at less than such average of the Last Reported Sale Prices of the Subordinate Voting Shares for the
10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such
issuance, and in determining the aggregate offering price of such Subordinate Voting Shares, there shall be taken into account
any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion
thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company
or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Subordinate
Voting Shares, excluding (i)&nbsp;dividends, distributions or issuances as to which an adjustment was effected pursuant to <U>Section
14.04(a)</U> or <U>Section 14.04(b)</U>, (ii)&nbsp;distributions of Reference Property in exchange for, or upon conversion of,
Subordinate Voting Shares in a Merger Event, (iii)&nbsp;dividends or distributions paid exclusively in cash as to which the provisions
set forth in <U>Section 14.04(d)</U> shall apply, and (iv)&nbsp;Spin-Offs as to which the provisions set forth below in this <U>Section
14.04(c)</U> shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options
or warrants to acquire Capital Stock or other securities, the &ldquo;<U>Distributed Property</U>&rdquo;), then the Conversion Rate
shall be increased based on the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="p72.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">where,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">CR<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">CR<SUB>1</SUB></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Conversion Rate in effect immediately after the open of business on such Ex-Dividend Date;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">SP<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the average of the Last Reported Sale Prices of the Subordinate Voting Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">FMV</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the fair market value (as determined by the Board of Directors, subject to the approval of the TSX) of the Distributed Property with respect to each outstanding share of the Subordinate Voting Shares on the Ex-Dividend Date for such distribution.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any increase made under the portion of this <U>Section 14.04(c)</U>
above shall become effective immediately after the open of business on the Ex-Dividend Date for such distribution. If such distribution
is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution
had not been declared. Notwithstanding the foregoing, if &ldquo;FMV&rdquo; (as defined above) is equal to or greater than &ldquo;SP<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT>&rdquo;
(as defined above), in lieu of the foregoing increase, each Holder shall receive, in respect of each $1,000 principal amount thereof,
at the same time and upon the same terms as holders of the Subordinate Voting Shares receive the Distributed Property, the amount
and kind of Distributed Property that such Holder would have received if such Holder owned a number of Subordinate Voting Shares
equal to the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">With respect to an adjustment pursuant to
this <U>Section 14.04(c)</U> where there has been a payment of a dividend or other distribution on the Subordinate Voting Shares
of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business
unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange
or reasonably comparable Canadian or non-U.S. equivalent (a &ldquo;<U>Spin-Off</U>&rdquo;), the Conversion Rate shall be increased
based on the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="p73.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">where,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 6%">CR<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">=</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 91%">the Conversion Rate in effect immediately prior to the end of the Valuation Period;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">CR<SUB>1</SUB></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Conversion Rate in effect immediately after the end of the Valuation Period;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">FMV<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Subordinate Voting Shares applicable to one share of the Subordinate Voting Shares (determined by reference to the definition of Last Reported Sale Price as set forth in <U>Section 1.01</U> as if references therein to Subordinate Voting Shares were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period beginning on, and including, the Ex-Dividend Date of the Spin-Off (the &ldquo;<U>Valuation Period</U>&rdquo;); and</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">MP<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the average of the Last Reported Sale Prices of the Subordinate Voting Shares over the Valuation Period.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The increase to the Conversion Rate under
the preceding paragraph shall occur at the close of business on the last Trading Day of the Valuation Period;&nbsp;<U>provided</U>&nbsp;that
if the relevant Conversion Date occurs during the Valuation Period, the reference to &ldquo;10&rdquo; in the preceding paragraph
shall be deemed replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date for such Spin-Off
and such Conversion Date in determining the Conversion Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of this <U>Section 14.04(c)</U>
(and subject in all respect to <U>Section 14.11</U>), rights, options or warrants distributed by the Company to all holders of
the Subordinate Voting Shares entitling them to subscribe for or purchase shares of the Company&rsquo;s Capital Stock, including
Subordinate Voting Shares (either initially or under certain circumstances), which rights, options or warrants, until the occurrence
of a specified event or events (&ldquo;<U>Trigger Event</U>&rdquo;): (i)&nbsp;are deemed to be transferred with such Subordinate
Voting Shares; (ii)&nbsp;are not exercisable; and (iii)&nbsp;are also issued in respect of future issuances of the Subordinate
Voting Shares, shall be deemed not to have been distributed for purposes of this <U>Section 14.04(c)</U> (and no adjustment to
the Conversion Rate under this <U>Section 14.04(c)</U> will be required) until the occurrence of the earliest Trigger Event, whereupon
such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to
the Conversion Rate shall be made under this <U>Section 14.04(c)</U>. If any such right, option or warrant, including any such
existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence
of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other
assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend
Date with respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall
be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any
distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described
in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount
for which an adjustment to the Conversion Rate under this <U>Section 14.04(c)</U> was made, (1)&nbsp;in the case of any such rights,
options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption
or purchase (x)&nbsp;the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y)&nbsp;the
Conversion Rate shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the
case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or
holders of Subordinate Voting Shares with respect to such rights, options or warrants (assuming such holder had retained such rights,
options or warrants), made to all holders of Subordinate Voting Shares as of the date of such redemption or purchase, and (2)&nbsp;in
the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof,
the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For purposes of <U>Section 14.04(a)</U>,
<U>Section 14.04(b)</U> and this <U>Section 14.04(c)</U>, if any dividend or distribution to which this <U>Section 14.04(c)</U>
is applicable also includes one or both of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a dividend or distribution of Subordinate Voting Shares to which <U>Section 14.04(a)</U> is applicable (the &ldquo;<U>Clause
A Distribution</U>&rdquo;); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1.5in">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a dividend or distribution of rights, options or warrants to which <U>Section 14.04(b)</U> is applicable (the &ldquo;<U>Clause
B Distribution</U>&rdquo;),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then, in either case, (1)&nbsp;such dividend or distribution,
other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this
<U>Section 14.04(c)</U> is applicable (the &ldquo;<U>Clause C Distribution</U>&rdquo;) and any Conversion Rate adjustment required
by this <U>Section 14.04(c)</U> with respect to such Clause C Distribution shall then be made, and (2)&nbsp;the Clause A Distribution
and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Conversion Rate adjustment required
by <U>Section 14.04(a)</U> and <U>Section 14.04(b)</U> with respect thereto shall then be made, except that, if determined by the
Company (I)&nbsp;the &ldquo;Ex-Dividend Date&rdquo; of the Clause A Distribution and the Clause B Distribution shall be deemed
to be the Ex-Dividend Date of the Clause C Distribution and (II) any Subordinate Voting Shares included in the Clause A Distribution
or Clause B Distribution shall be deemed not to be &ldquo;outstanding immediately prior to the open of business on such Ex-Dividend
Date or Effective Date&rdquo; within the meaning of <U>Section 14.04(a)</U> or &ldquo;outstanding immediately prior to the open
of business on such Ex-Dividend Date&rdquo; within the meaning of <U>Section 14.04(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company makes any cash dividend or distribution to all or substantially all holders of the Subordinate Voting Shares
to the extent such cash dividend or distribution, together with any other cash dividends or distributions paid during the preceding
12 months, exceeds US$0.10 per share (the &ldquo;<U>Dividend Threshold Amount</U>&rdquo;) (the Dividend Threshold Amount is subject
to proportionate adjustment to reflect a share split or share consolidation of the Subordinate Voting Shares), the Conversion Rate
shall be adjusted based on the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="p75.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">where,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">CR<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Conversion Rate in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">CR<SUB>1</SUB></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Conversion Rate in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">SP<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Last Reported Sale Price of the Subordinate Voting Shares on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">C</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the amount in cash per share the Company distributes to all or substantially all holders of the Subordinate Voting Shares, together with any other cash dividends or distributions paid during the preceding twelve months, in excess of the Dividend Threshold Amount (less any excess in respect of which the Conversion Rate had previously been adjusted pursuant to this <U>Section 14.04(d)</U>).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any increase pursuant to this <U>Section 14.04(d)</U> shall
become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend
or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines
not to make or pay such dividend or distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution
had not been declared. Notwithstanding the foregoing, if &ldquo;C&rdquo; (as defined above) is equal to or greater than &ldquo;SP<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT>&rdquo;
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of
Notes, at the same time and upon the same terms as holders of Subordinate Voting Shares, the amount of cash that such Holder would
have received if such Holder owned a number of Subordinate Voting Shares equal to the Conversion Rate on the Ex-Dividend Date for
such cash dividend or distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Subordinate Voting
Shares, to the extent that the cash and value of any other consideration included in the payment per share of the Subordinate Voting
Shares exceeds the average of the Last Reported Sale Prices of the Subordinate Voting Shares over the 10 consecutive Trading Day
period commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant
to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><IMG SRC="p76.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">where,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top">CR<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">=</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">CR<SUB>1</SUB></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">AC</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for Subordinate Voting Shares purchased in such tender or exchange offer;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">OS<FONT STYLE="font-size: 10pt"><SUB>0</SUB></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the number of Subordinate Voting Shares outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all Subordinate Voting Shares accepted for purchase or exchange in such tender or exchange offer);</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">OS<SUB>1</SUB></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the number of Subordinate Voting Shares outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all Subordinate Voting Shares accepted for purchase or exchange in such tender or exchange offer); and</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">SP<SUB>1</SUB></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">=</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">the average of the Last Reported Sale Prices of the Subordinate Voting Shares over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The increase to the Conversion Rate under
this <U>Section 14.04(e)</U> shall occur at the close of business on the 10th Trading Day immediately following, and including,
the Trading Day next succeeding the date such tender or exchange offer expires;&nbsp;<U>provided</U>&nbsp;that if the relevant
Conversion Date occurs during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration
date of any tender or exchange offer, references to &ldquo;10&rdquo; or &ldquo;10th&rdquo; in the preceding paragraph shall be
deemed replaced with such lesser number of Trading Days as have elapsed between the expiration date of such tender or exchange
offer and such Conversion Date in determining the Conversion Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; background-color: white">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding this <U>Section 14.04</U> or any other provision of this Indenture or the Notes, if a Conversion Rate adjustment
becomes effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or
prior to the related Record Date would be treated as the record holder of the Subordinate Voting Shares as of the related Conversion
Date as described under <U>Section 14.02(i)</U> based on an adjusted Conversion Rate for such Ex-Dividend Date, then, notwithstanding
the Conversion Rate adjustment provisions in this <U>Section 14.04</U>, the Conversion Rate adjustment relating to such Ex-Dividend
Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner
of the Subordinate Voting Shares on an unadjusted basis and participate in the related dividend, distribution or other event giving
rise to such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as stated herein, the Company shall not adjust the Conversion Rate for the issuance of Subordinate Voting Shares
or any securities convertible into or exchangeable Subordinate Voting Shares or the right to purchase Subordinate Voting Shares
or such convertible or exchangeable securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this <U>Section 14.04</U>, and subject
to applicable exchange listing rules (including the approval of the TSX), the Company from time to time may increase the Conversion
Rate by any amount for a period of at least 20 Business Days if the Board of Directors determines that such increase would be in
the Company&rsquo;s best interest. In addition, subject to applicable exchange listing rules (including the approval of the TSX),
the Company may (but is not required to) increase the Conversion Rate to avoid or diminish income tax to holders of Subordinate
Voting Shares or rights to purchase Subordinate Voting Shares in connection with a dividend or distribution of Subordinate Voting
Shares (or rights to acquire Subordinate Voting Shares) or similar event. Any such increases in the Conversion Rate by the Board
of Directors shall not, without the approval of the shareholders of the Company, if required by the rules of Nasdaq or the TSX
(or if the Subordinate Voting Shares are not listed on Nasdaq or the TSX, on such other national or regional exchange or market
on which the Subordinate Voting Shares are then listed or quoted), result in the sale or issuance of 20% in the case of Nasdaq
(25% in the case of the TSX and the highest percentage permitted under the applicable listing rules in the case of such other national
or regional exchange or market on which the Subordinate Voting Shares are then listed or quoted) or more of the Subordinate Voting
Shares, or 20% in the case of Nasdaq (25% in the case of the TSX and the highest percentage permitted under the applicable listing
rules in the case of such other national or regional exchange or market on which the Subordinate Voting Shares are then listed
or quoted) or more of the voting power of the Company, outstanding as of the date of the Offering Memorandum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as stated in this <U>Article 14</U>, the Conversion Rate shall not be adjusted:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon the issuance of any Subordinate Voting Shares pursuant to any present or future plan providing for the reinvestment
of dividends or interest payable on the Company&rsquo;s securities and the investment of additional optional amounts in Subordinate
Voting Shares under any plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon the issuance of any Subordinate Voting Shares, restricted stock or restricted stock units or options, rights or other
derivatives to purchase Subordinate Voting Shares pursuant to any present or future employee, director or consultant benefit plan
or program of or assumed by the Company or any of the Company&rsquo;s Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon the issuance of any Subordinate Voting Shares pursuant to any option, warrant, right or exercisable, exchangeable or
convertible security (including the Company&rsquo;s multiple voting shares) not described in clause (ii)&nbsp;of this subsection
and outstanding as of the date the Notes were first issued;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon the issuance of any Subordinate Voting Shares in satisfaction of the exercise of call or put options contained in shareholders&rsquo;
agreements existing on the date of this Indenture and similar agreements existing on the date of this Indenture to which the Company
or its Subsidiaries are subject which are payable at the Company&rsquo;s option in any combination of Subordinate Voting Shares
and cash, and the entry into additional like agreements containing similar call or put options and the issuance of any of Subordinate
Voting Shares in satisfaction of the exercise thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon the issuance of any Subordinate Voting Shares in satisfaction of amounts owing under the long term incentive fee contained
in Article 4.0 of the restated management services agreement among the Company, Jayset Management CIG Inc. and Jay S. Hennick,
effective on June 1, 2015;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon the repurchase of any Subordinate Voting Shares pursuant to an open-market share repurchase program or other buy-back
transaction that is not a tender offer or exchange offer of the nature described in clause (e)&nbsp;of this <U>Section 14.04</U>,
including pursuant to &ldquo;10b-18&rdquo; purchases on Nasdaq or other U.S. securities exchange or market or &ldquo;normal course
issuer bids&rdquo; effected through the facilities of the TSX or alternative Canadian trading systems;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>solely for a change in the par value of the Subordinate Voting Shares; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>for accrued and unpaid interest, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All calculations and other determinations under this <U>Article 14</U> shall be made by the Company and shall be made to
the nearest one-ten thousandth (1/10,000th)&nbsp;of a share. Neither the Trustee nor Conversion Agent shall have any duty to make
any such calculations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an adjustment to the Conversion Rate otherwise required by this <U>Section 14.04</U> would result in a change of less
than 1% to the Conversion Rate, then, notwithstanding the foregoing, the Company may, at its election, defer and carry forward
such adjustment, except that all such deferred adjustments must be given effect immediately upon the earliest to occur of the following:
(i)&nbsp;when the aggregate of all such deferred adjustments equals or exceeds 1% of the Conversion Rate, (ii)&nbsp;regardless
of whether the aggregate adjustment is less than 1% of the applicable Conversion Rate on the Conversion Date for any Notes and
(iii)&nbsp;on the effective date of any Make-Whole Fundamental Change, Termination of Trading and/or Fundamental Change, in each
case, unless the adjustment has already been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever the Conversion Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Conversion
Agent if not the Trustee) an Officer&rsquo;s Certificate setting forth the Conversion Rate after such adjustment and setting forth
a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the Trustee shall have received
such Officer&rsquo;s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and
may assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery
of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth (i)&nbsp;a brief
description of the transaction or other event on account of which such adjustment was made, (ii)&nbsp;the Conversion Rate in effect
immediately after such adjustment and (iii)&nbsp;the effective time of such adjustment and shall deliver such notice of such adjustment
of the Conversion Rate to each Holder, with a copy to the Trustee and the Conversion Agent (if other than the Trustee). Failure
to deliver such notice shall not affect the legality or validity of any such adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this <U>Section 14.04</U>, the number of Subordinate Voting Shares at any time outstanding shall not include
Subordinate Voting Shares held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution
on Subordinate Voting Shares held in the treasury of the Company, but shall include Subordinate Voting Shares issuable in respect
of scrip certificates issued in lieu of fractions of Subordinate Voting Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything to the contrary in this <U>Section 14.04</U>, if: (i)&nbsp;a Note is to be converted, (ii)&nbsp;the
Record Date or Effective Date for any event that requires an adjustment to the Conversion Rate pursuant to the provisions described
in described in clauses (a)&nbsp;through (d)&nbsp;of this <U>Section 14.04</U>, inclusive, has occurred on or before the Conversion
Date for such conversion, but an adjustment to the Conversion Rate for such event has not yet become effective as of such Conversion
Date, (iii)&nbsp;the consideration due upon such conversion includes any whole Subordinate Voting Shares, and (iv)&nbsp;such Subordinate
Voting Shares are not entitled to participate in such event (because they were not held on the related Record Date or otherwise),
then, solely for purposes of such conversion, the Company shall, without duplication, give effect to such adjustment on such Conversion
Date, and, for the avoidance of doubt, such Subordinate Voting Shares will not be entitled to participate in such event. In such
case, if the date the Company is otherwise required to deliver the consideration due upon such conversion is before the first date
on which the amount of such adjustment can be determined, then the Company shall delay the settlement of such conversion until
the second Business Day after such first date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Adjustments of Prices</U>. Whenever any provision of this Indenture requires the Company to calculate the Last Reported
Sale Prices or the Daily VWAPs over a span of multiple days (including the Share Price for purposes of a Make-Whole Fundamental
Change or a Redemption Period), the Board of Directors shall, in good faith, make appropriate adjustments to each to account for
any adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where
the Ex-Dividend Date, Effective Date or expiration date, as the case may be, of the event occurs at any time during the period
when the Last Reported Sale Prices or the Daily VWAPs are to be calculated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.06.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shares to Be Fully Paid</U>. The Company shall provide, free from preemptive rights, out of its authorized but unissued
shares or shares held in treasury, sufficient Subordinate Voting Shares to provide for conversion of the Notes from time to time
as such Notes are presented for conversion (assuming delivery of the maximum number of Additional Shares pursuant to <U>Section
14.03(a)</U> and that at the time of computation of such number of shares, all such Notes would be converted by a single Holder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.07.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effect of Recapitalizations, Reclassifications and Changes of the Subordinate Voting Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the case of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any recapitalization, reclassification or change of the Subordinate Voting Shares (other than changes resulting from a share
split or consolidation),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any consolidation, merger, amalgamation or combination involving the Company,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any sale, lease, exchange or other transfer to a third party of all or substantially all of the consolidated assets of the
Company and the Company&rsquo;s Subsidiaries or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any statutory share exchange,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in each case, as a result of which the Subordinate Voting Shares
would be converted into, or exchanged for, shares, stock, other securities or other property or assets (including cash or any combination
thereof) (any such event, a &ldquo;<U>Merger Event</U>&rdquo;), then, at and after the effective time of such Merger Event, the
right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes
into the kind and amount of shares, stock, other securities or other property or assets (including cash or any combination thereof)
that a holder of a number of Subordinate Voting Shares equal to the Conversion Rate immediately prior to such Merger Event would
have owned or been entitled to receive (the &ldquo;<U>Reference Property,</U>&rdquo; with each &ldquo;<U>unit of Reference Property</U>&rdquo;
meaning the kind and amount of Reference Property that a holder of one share of Subordinate Voting Shares are entitled to receive)
upon such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing
Person, as the case may be, shall execute with the Trustee a supplemental indenture permitted under <U>Section 10.01(g)</U> providing
for such change in the right to convert each $1,000 principal amount of Notes;&nbsp;<U>provided</U>,&nbsp;<U>however</U>, that
at and after the effective time of the Merger Event (A)&nbsp;the Company shall continue to have the right to determine the form
of consideration to be paid or delivered, as the case may be, upon payment of principal of the Notes in accordance with <U>Section
16.07</U> and (B)(I)&nbsp;any Subordinate Voting Shares that the Company would have been required to deliver upon exercise of the
Company&rsquo;s option to deliver Subordinate Voting Shares to satisfy in whole or in part the Company&rsquo;s obligation to pay
the principal of the Notes in accordance with <U>Section 16.07</U> shall instead be deliverable in the amount and type of Reference
Property that a holder of that number of Subordinate Voting Shares would have received in such Merger Event and (II)&nbsp;the Current
Market Price shall be calculated based on the value of a unit of Reference Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Merger Event causes the Subordinate
Voting Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration (determined
based in part upon any form of shareholder election), then (i)&nbsp;the Reference Property into which the Notes will be convertible,
or the Reference Property deliverable upon exercise of the Company&rsquo;s option to satisfy its obligation to pay the principal
of the Notes in accordance with <U>Section 16.07</U>, as applicable, shall be deemed to be (A)&nbsp;the weighted average of the
types and amounts of consideration received by the holders of the Subordinate Voting Shares that affirmatively make such an election
or (B)&nbsp;if no holders of the Subordinate Voting Shares affirmatively make such an election, the types and amounts of consideration
actually received by the holders of Subordinate Voting Shares, and (ii)&nbsp;the unit of Reference Property for purposes of the
immediately preceding paragraph shall refer to the consideration referred to in clause (i)&nbsp;of this paragraph attributable
to one Subordinate Voting Shares. If the holders of the Subordinate Voting Shares receive only cash in such Merger Event, then
(A)&nbsp;for all conversions for which the relevant Conversion Date occurs after the effective date of such Merger Event (I)&nbsp;the
consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion
Rate in effect on the Conversion Date (as may be increased by any Additional Shares pursuant to <U>Section 14.03(a)</U>),&nbsp;multiplied
by&nbsp;the price paid per share of Subordinate Voting Shares in such Merger Event and (II)&nbsp;the Company shall satisfy the
Conversion Obligation by paying cash to converting Holders on the second Business Day immediately following the relevant Conversion
Date and (B)&nbsp;the Company shall pay the principal amount of the Notes in cash only upon redemption or maturity. The Company
shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) in writing of such weighted average as soon
as practicable after such determination is made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The supplemental indenture described in
the second immediately preceding paragraph, which shall also provide that Reference Property shall be deliverable upon exercise
of the Company&rsquo;s option to satisfy the Company&rsquo;s obligation to pay the principal of the Notes in accordance with <U>Section
16.07,</U> shall provide for anti-dilution and other adjustments that shall be as nearly equivalent as is possible to the adjustments
provided for in this <U>Article 14</U>. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities
or other property or assets (including any combination thereof) of a Person other than the Company or the successor or purchasing
corporation, as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other Person
and shall contain such additional provisions to protect the interests of the Holders as the Board of Directors shall in good faith
reasonably consider necessary by reason of the foregoing, including the provisions providing for the purchase rights set forth
in <U>Article 15</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>When the Company executes a supplemental indenture pursuant to subsection (a)&nbsp;of this <U>Section 14.07</U>, the Company
shall promptly file with the Trustee an Officer&rsquo;s Certificate briefly stating the reasons therefor, the kind or amount of
cash, securities or property or asset that will comprise a unit of Reference Property after any such Merger Event, any adjustment
to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver or cause
to be delivered notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to
be delivered to each Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality
or validity of such supplemental indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the foregoing, if the Company effects a transaction that would be a Spin-Off, but for the fact that it is,
for tax, securities law or other reasons, structured as a Merger Event, and in such transaction (i)&nbsp;the holders of Subordinate
Voting Shares receive both shares of a new series or class of Common Equity (the &ldquo;<U>New Shares</U>&rdquo;) and shares of
the entity being spun off (the &ldquo;<U>Spin-off Shares</U>&rdquo;), and (ii)&nbsp;the rights and privileges of the holders of
Subordinate Voting Shares are not materially adversely affected, then the Company may (but is not obligated to), by notice to Holders
and the Trustee prior to the effective date of such transaction, elect to treat the distribution of the Spin-off Shares as being
subject to the adjustment provisions set forth in <U>Section 14.04(c)</U> and the distribution of the New Shares as being subject
to this <U>Section 14.07</U>, as if the distribution of the Spin-off Shares was in a separate transaction subject only to <U>Section
14.04(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not become a party to any Merger Event unless its terms are consistent with this <U>Section 14.07</U>.
None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into Subordinate Voting Shares,
as set forth in <U>Section 14.01(a)</U> and <U>Section 14.02</U> prior to the effective date of such Merger Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The above provisions of this Section shall similarly apply to successive Merger Events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the consummation of any Merger Event, references to &ldquo;Subordinate Voting Shares&rdquo; shall be deemed to refer
to any Reference Property that constitutes Common Equity after giving effect to such Merger Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.08.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Covenants</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company covenants that all Subordinate Voting Shares issued upon conversion of Notes will be fully paid and non-assessable
by the Company and free from all taxes, liens and charges with respect to the issue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company covenants that, if any Subordinate Voting Shares to be provided for the purpose of conversion of Notes hereunder
require registration with or approval of any governmental authority under any federal or state law before such Subordinate Voting
Shares may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and interpretations of
the Commission, secure such registration or approval, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company further covenants that if at any time the Subordinate Voting Shares shall be listed on any national securities
exchange or automated quotation system the Company will list and keep listed, so long as the Subordinate Voting Shares shall be
so listed on such exchange or automated quotation system, any Subordinate Voting Shares issuable upon conversion of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.09.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Responsibility of Trustee and Conversion Agent</U>. The Trustee and Conversion Agent shall not at any time be under any
duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that
may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or calculation
of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to
be employed, in making the same. The Trustee and Conversion Agent shall not be accountable with respect to the validity or value
(or the kind or amount) of any Subordinate Voting Shares, or of any securities, property or cash that may at any time be issued
or delivered upon the conversion of any Note; and the Trustee and Conversion Agent make no representations with respect thereto.
Neither the Trustee nor the Conversion Agent shall be responsible for any failure of the Company to issue, transfer or deliver
any Subordinate Voting Shares or stock certificates or other securities or property or cash upon the surrender of any Note for
the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article.
Without limiting the generality of the foregoing, neither the Trustee nor the Conversion Agent shall be under any responsibility
to determine the correctness of any provisions contained in any supplemental indenture entered into pursuant to <U>Section 14.07</U>
relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon
the conversion of their Notes after any event referred to in such <U>Section 14.07</U> or to any adjustment to be made with respect
thereto, but, subject to the provisions of <U>Section 7.01</U>, <U>Section 7.02</U> and <U>Section 7.07</U> may accept (without
any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in relying
upon, the Officer&rsquo;s Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of
any such supplemental indenture) with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice to Holders Prior to Certain Actions.&nbsp;</U> In case of any:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to <U>Section
14.04</U> or <U>Section 14.11</U>; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>voluntary or involuntary dissolution, liquidation or winding-up of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">then, in each case (unless notice of such event is otherwise
required pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee and the Conversion
Agent (if other than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least 10 days
prior to the applicable date hereinafter specified, a notice stating (i)&nbsp;the date on which a record is to be taken for the
purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders
of Subordinate Voting Shares of record are to be determined for the purposes of such action by the Company or one of its Subsidiaries,
or (ii)&nbsp;the date on which such dissolution, liquidation or winding-up is expected to become effective or occur, and the date
as of which it is expected that holders of Subordinate Voting Shares of record shall be entitled to exchange their Subordinate
Voting Shares for securities or other property deliverable upon such dissolution, liquidation or winding-up. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such action by the Company or one of its Subsidiaries,
dissolution, liquidation or winding-up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 14.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stockholder Rights Plans</U>. If the Company has a stockholder rights plan in effect upon conversion of the Notes, each
share of Subordinate Voting Shares, if any, issued upon such conversion shall be entitled to receive the appropriate number of
rights, if any, and the certificates representing the Subordinate Voting Shares issued upon such conversion shall bear such legends,
if any, in each case as may be provided by the terms of any such stockholder rights plan, as the same may be amended from time
to time. However, if, prior to any conversion of Notes, the rights have separated from the Subordinate Voting Shares in accordance
with the provisions of the applicable stockholder rights plan, the Conversion Rate shall be adjusted at the time of separation
as if the Company distributed to all or substantially all holders of the Subordinate Voting Shares, the Distributed Property as
provided in <U>Section 14.04(c)</U>, subject to readjustment in the event of the expiration, termination or redemption of such
rights.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
15</FONT><BR>
REPURCHASE&nbsp;OF&nbsp;NOTES&nbsp;AT&nbsp;OPTION&nbsp;OF&nbsp;HOLDERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 15.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Repurchase at Option of Holders Upon a Fundamental Change</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Fundamental Change occurs at any time, the Company shall be required to offer to repurchase for cash all of the outstanding
Notes in integral multiples of $1,000 on the date (the &ldquo;<U>Fundamental Change Repurchase Date</U>&rdquo;) specified by the
Company that is not less than 20 Business Days or more than 35 Business Days following the date of the Fundamental Change Company
Notice at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to, but excluding,
the Fundamental Change Repurchase Date (the &ldquo;<U>Fundamental Change Repurchase Price</U>&rdquo;), unless the Fundamental Change
Repurchase Date falls after a Regular Record Date but on or prior to the Interest Payment Date to which such Regular Record Date
relates, in which case the Company shall instead pay the full amount of accrued and unpaid interest to Holders of record as of
such Regular Record Date, and the Fundamental Change Repurchase Price shall be equal to 100% of the principal amount of Notes to
be repurchased pursuant to this <U>Article 15</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Repurchases of Notes under this <U>Section 15.01</U>&nbsp;shall be made, at the option of the Holder thereof, upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>delivery to the Paying Agent by a Holder of a duly completed notice (the &ldquo;<U>Fundamental Change Repurchase Notice</U>&rdquo;)
in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Definitive Notes, or in
compliance with the Depositary&rsquo;s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in
each case, on or before the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>delivery of the Notes, if the Notes are Definitive Notes, to the Paying Agent at any time after delivery of the Fundamental
Change Repurchase Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent,
or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in each
case, such delivery or transfer being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fundamental Change Repurchase Notice
in respect of any Definitive Notes to be repurchased shall state:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the certificate numbers of the Notes to be delivered for repurchase;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Notes are Global Notes, to exercise the Fundamental Change
repurchase right, Holders must surrender their Notes in accordance with applicable Depositary procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything herein to the contrary,
any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this (b)&nbsp;shall have the
right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on
the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to
the Paying Agent in accordance with <U>Section 15.02(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Paying Agent shall promptly notify the
Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of withdrawal thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On or before the 20th Business Day after the occurrence of a Fundamental Change, the Company shall provide to all Holders,
the Trustee, the Conversion Agent (in the case of a Conversion Agent other than the Trustee) and the Paying Agent (in the case
of a Paying Agent other than the Trustee) a notice (the &ldquo;<U>Fundamental Change Company Notice</U>&rdquo;) of the occurrence
of the Fundamental Change, including an offer to repurchase the Notes. In the case of Definitive Notes, such notice shall be by
first class mail or, in the case of Global Notes, such notice shall be delivered in accordance with the applicable procedures of
the Depositary. Simultaneously with providing such notice, the Company shall publish such information on the Company&rsquo;s website
or through such other public medium as the Company may use at that time. Each Fundamental Change Company Notice shall specify:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the events causing the Fundamental Change;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the date of the Fundamental Change;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the last date on which a Holder may exercise the repurchase right pursuant to this Article 15;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Fundamental Change Repurchase Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Fundamental Change Repurchase Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the name and address of the Paying Agent and the Conversion Agent, if applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if applicable, the Conversion Rate and any adjustments to the Conversion Rate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted
only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the procedures that Holders must follow to require the Company to repurchase their Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No failure of the Company to give the foregoing
notices and no defect therein shall limit the Holders&rsquo; repurchase rights or affect the validity of the proceedings for the
repurchase of the Notes pursuant to this <U>Section 15.01</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the Company&rsquo;s request, the Trustee
shall give such notice in the Company&rsquo;s name and at the Company&rsquo;s expense; <U>provided</U>, <U>however</U>, that, in
all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon
a Fundamental Change if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on
or prior to such date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental
Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any
Definitive Notes held by it during the acceleration of the Notes (except in the case of an acceleration resulting from a Default
by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry
transfer of the Notes in compliance with the applicable procedures of the Depositary shall be deemed to have been cancelled, and,
upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed
to have been withdrawn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 15.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Withdrawal of Fundamental Change Repurchase Notice</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Fundamental Change Repurchase Notice may be withdrawn (in whole or in part) in respect of Definitive Notes by means of
a written notice of withdrawal delivered to the Paying Agent in accordance with this <U>Section 15.02(a)</U> at any time prior
to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date, specifying:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the principal amount of the Notes with respect to which such notice of withdrawal is being submitted, which must be $1,000
or an integral multiple thereof,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the certificate number of the Note in respect of which such notice of withdrawal is being submitted, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which
portion must be in principal amounts of $1,000 or an integral multiple of $1,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Notes are Global Notes, Holders may withdraw their Notes
subject to repurchase at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change
Repurchase Date in accordance with applicable procedures of the Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 15.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Fundamental Change Repurchase Price</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will deposit with the Trustee (or other Paying Agent appointed by the Company, or if the Company is acting as
its own Paying Agent, set aside, segregate and hold in trust as provided in <U>Section 4.04(a)</U> and <U>Section 7.05</U>) on
or prior to 11:00&nbsp;a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money sufficient to repurchase
all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or Notes
by the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not validly
withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date) will
be made on the later of (i)&nbsp;the Fundamental Change Repurchase Date (<U>provided</U>&nbsp;the Holder has satisfied the conditions
in <U>Section 15.01(a)</U>) and (ii)&nbsp;the time of book-entry transfer or the delivery of such Note to the Trustee (or other
Paying Agent appointed by the Company) by the Holder thereof in the manner required by <U>Section 15.01(a)</U> by mailing checks
for the amount payable to the Holders of such Notes entitled thereto as they shall appear in the Note Register;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary
or its nominee. The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any
funds in excess of the Fundamental Change Repurchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent appointed
by the Company) holds money sufficient to pay the Fundamental Change Repurchase Price of the Notes to be repurchased on such Fundamental
Change Repurchase Date, then, with respect to the Notes that have been properly surrendered for repurchase and have not been validly
withdrawn, (i)&nbsp;such Notes will cease to be outstanding, (ii)&nbsp;interest will cease to accrue on such Notes (whether or
not book-entry transfer of the Notes has been made or whether or not the Notes have been delivered to the Trustee or Paying Agent)
and (iii)&nbsp;all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change
Repurchase Price).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon surrender of a Note that is to be repurchased in part pursuant to <U>Section 15.01(a)</U>, the Company shall execute
and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount
to the unrepurchased portion of the Note surrendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 15.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Covenant to Comply with Applicable Laws Upon Repurchase of Notes</U>. In connection with any repurchase offer upon a
Fundamental Change pursuant to this <U>Article 15</U>, the Company will, if required:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>comply with the applicable provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act
that may then be applicable, and any requirements of Canadian securities laws that may then be applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>file all materials required under applicable U.S. and Canadian securities laws or other applicable laws; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>otherwise comply with all U.S. federal and state and Canadian securities laws in connection with any offer by the Company
to repurchase the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">in each case, so as to permit the rights and obligations under
this <U>Article 15</U> to be exercised in the time and in the manner specified in this <U>Article 15</U>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
16</FONT><BR>
OPTIONAL&nbsp;REDEMPTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 16.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Optional Redemption</U>. The Notes shall not be redeemable by the Company prior to June 1, 2023, except as provided in
Section 16.03. On or after June 1, 2023, the Company may redeem (an &ldquo;<U>Optional Redemption</U>&rdquo;) all or any portion
of the Notes, at its option, at the Redemption Price, if the Last Reported Sale Price of the Subordinate Voting Shares for at least
20 Trading Days (whether or not consecutive) during any 30 consecutive Trading Day period ending on the Trading Day immediately
preceding the date on which the Company provides the Notice of Optional Redemption in accordance with <U>Section 16.02(a)</U> has
been at least 130% of the Conversion Price then in effect on each such Trading Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 16.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Optional Redemption; Selection of Notes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes
pursuant to <U>Section 16.01</U>, it shall fix a Redemption Date and it or, at its written request received by the Trustee not
less than 5 Business Days prior to the date such Notice of Optional Redemption is to be sent (or such shorter period of time as
may be acceptable to the Trustee), the Trustee, in the name of and at the expense of the Company, shall deliver or cause to be
delivered a notice of such Optional Redemption (a &ldquo;<U>Notice of Optional Redemption</U>&rdquo;) not less than 30 nor more
than 60 Scheduled Trading Days prior to the Redemption Date to each Holder so to be redeemed as a whole or in part;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that, if the Company shall give such notice, it shall also give the Notice of Optional Redemption to the Trustee and the Paying
Agent (if other than the Trustee). The Redemption Date must be a Business Day; and provided, further, that if the Company elects
to exercise its Share Repayment Right in accordance with Section 16.07, such Notice of Optional Redemption shall be delivered in
accordance with the time frame specified in such Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Notice of Optional Redemption, if delivered in the manner herein provided, shall be conclusively presumed to have been
duly given, whether or not the Holder receives such notice. In any case, failure to give such Notice of Optional Redemption or
any defect in the Notice of Optional Redemption to the Holder of any Note designated for redemption as a whole or in part shall
not affect the validity of the proceedings for the redemption of any other Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Notice of Optional Redemption shall specify:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Redemption Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Redemption Price</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if applicable, the aggregate principal amount of Notes in respect of which the Company is exercising the Share Repayment
Right pursuant to <U>Section 16.07</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that interest
thereon, if any, shall cease to accrue on and after the Redemption Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the place or places where such Notes are to be surrendered for payment of the Redemption Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that Holders may surrender their Notes for conversion at any time prior to the close of business on the Scheduled Trading
Day immediately preceding the Redemption Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the procedures a converting Holder must follow to convert its Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with
<U>Section 14.03(a)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in case any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and after
the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall
be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Notice of Optional Redemption shall be irrevocable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If fewer than all of the outstanding Notes are to be redeemed the Trustee shall select the Notes or portions thereof to
be so redeemed (in principal amounts of $1,000 or integral multiples thereof) by lot, on a&nbsp;pro rata&nbsp;basis or by another
method the Trustee considers to be fair and appropriate. If any Note selected for partial redemption is submitted for conversion
in part after such selection, the portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be
the portion selected for redemption, subject, in the case of Notes represented by a Global Note, to the Depositary&rsquo;s applicable
procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 16.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Redemption of Notes for Changes in Canadian Tax Law</U>. The Company may redeem (a &ldquo;<U>Tax Redemption</U>&rdquo;)
for cash all, but not part of, the Notes, at its option, at the Redemption Price, if the Company has, or on the next Interest Payment
Date would, become obligated to pay to the Holder of any Notes Additional Amounts (which are more than a de minimis amount) as
a result of any change or amendment that is announced or becomes effective on or after the date of the Offering Memorandum in the
laws or regulations of a Relevant Taxing Jurisdiction, or any change that is announced on or after the date of the Offering Memorandum
in an interpretation, administration or application of such laws or regulations by any legislative body, court, governmental agency,
taxing authority or regulatory authority (including the enactment of any legislation and the publication of any judicial decision
or regulatory or administrative determination);&nbsp;<U>provided</U>&nbsp;that the Company may only redeem the Notes under this
<U>Section 16.03</U> if (x)&nbsp;it cannot avoid these obligations by taking reasonable measures available to it and (y)&nbsp;it
delivers to the Trustee an Opinion of Counsel (which shall be provided by outside legal counsel) and an Officer&rsquo;s Certificate,
in each case, attesting to such change and obligation to pay Additional Amounts. The Trustee will have no obligation or liability
to determine whether any such change in law exists and whether the Company has taken measures necessary to avoid these obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 16.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notice of Tax Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case the Company exercises its Tax Redemption right to redeem all of the Notes pursuant to <U>Section 16.03</U>, it shall
fix a Redemption Date and it or, at its written request received by the Trustee not less than 5 Business Days prior to the date
such Notice of Tax Redemption is to be sent (or such shorter period of time as may be acceptable to the Trustee), the Trustee,
in the name of and at the expense of the Company, shall deliver or cause to be delivered a notice of such Tax Redemption (a &ldquo;<U>Notice
of Tax Redemption</U>&rdquo;) not less than 30 nor more than 60 Scheduled Trading Days prior to the Redemption Date to each Holder;&nbsp;<U>provided</U>,&nbsp;<U>however</U>,
that, (x)&nbsp;the Company shall not give a Notice of Tax Redemption earlier than 60 Scheduled Trading Days prior to the earliest
date on or from which the Company would be obligated to pay any such Additional Amounts; and (y)&nbsp;at the time the Company gives
a Notice of Tax Redemption, the circumstances creating the Company&rsquo;s obligation to pay such Additional Amounts remain in
effect; and (z)&nbsp;if the Company shall give such notice, it shall also give the Notice of Tax Redemption to the Trustee and
the Paying Agent (if other than the Trustee). The Redemption Date must be a Business Day; and provided, further, that if the Company
elects to exercise its Share Repayment Right in accordance with Section 16.07, such Notice of Tax Redemption shall be delivered
in accordance with the time frame specified in such Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Notice of Tax Redemption, if delivered in the manner herein provided, shall be conclusively presumed to have been duly
given, whether or not the Holder receives such notice. In any case, failure to give such Notice of Tax Redemption or any defect
in the Notice of Tax Redemption to the Holder of any Note designated for redemption as a whole or in part shall not affect the
validity of the proceedings for the redemption of any other Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Notice of Tax Redemption shall specify:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Redemption Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Redemption Price</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if applicable, the aggregate principal amount of Notes in respect of which the Company is exercising the Share Repayment
Right pursuant to <U>Section 16.07</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be redeemed, and that interest
thereon, if any, shall cease to accrue on and after the Redemption Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the place or places where such Notes are to be surrendered for payment of the Redemption Price;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that Holders may surrender their Notes for conversion at any time prior to the close of business on the Scheduled Trading
Day immediately preceding the Redemption Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the procedures a converting Holder must follow to convert its Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(viii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Conversion Rate and, if applicable, the number of Additional Shares added to the Conversion Rate in accordance with
<U>Section 14.03(a)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ix)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>that each Holder who does not wish to have the Company redeem its Notes will have the right to elect to not have its Notes
redeemed and the procedures for making such election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Notice of Tax Redemption shall be irrevocable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon receiving such Notice of Tax Redemption, each Holder who does not wish to have the Company redeem its Notes will have
the right to elect to (i)&nbsp;convert its Notes; or (ii)&nbsp;not have its Notes redeemed, in which case the Company will not
be obligated to pay any Additional Amounts on any payment with respect to such Notes solely as a result of such change in tax law
that resulted in the obligation to pay such Additional Amounts (whether upon conversion, required repurchase in connection with
a Fundamental Change, upon any Optional Redemption as described under <U>Section 16.01</U>, maturity or otherwise, and whether
in cash, Subordinate Voting Shares, Reference Property or otherwise) after the Redemption Date for such Tax Redemption (or, if
the Company fails to pay the Redemption Price on the Redemption Date, such later date on which the Company pays the Redemption
Price), and all future payments with respect to such Notes will be subject to the deduction or withholding of such Relevant Taxing
Jurisdiction taxes required by law to be deducted or withheld as a result of such change in tax law; provided that, notwithstanding
the foregoing, if a Holder electing not to have its Notes redeemed converts its Notes during the related Redemption Period, the
Company will be obligated to pay Additional Amounts, if any, with respect to such conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Holder must deliver to the Paying Agent a written notice of election so as to be received by the Paying Agent no later
than the close of business on a Business Day at least five Business Days prior to the Redemption Date. A Holder may withdraw any
notice of election by delivering to the Paying Agent a written notice of withdrawal prior to the close of business on the Business
Day prior to the Redemption Date. Where no election is made, the Holder&rsquo;s Notes will be redeemed without any further action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 16.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Notes Called for Redemption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Notice of Redemption has been given in respect of the Notes in accordance with <U>Section 16.02(a)</U> or <U>Section
16.04(a)</U>, as applicable, the Notes shall become due and payable on the Redemption Date at the place or places stated in the
Notice of Redemption and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places
stated in the Notice of Redemption, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to 11:00 a.m. New York City time on the Redemption Date, the Company shall deposit with the Paying Agent or, if the
Company or a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in <U>Section
4.04</U> and <U>Section 7.05</U> an amount of cash (in immediately available funds if deposited on the Redemption Date), and, subject
to <U>Section 16.07</U>, such number of Subordinate Voting Shares that are sufficient to pay the Redemption Price of all of the
Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed
shall be made on the Redemption Date for such Notes. The Paying Agent shall, promptly after such payment and upon written demand
by the Company, return to the Company any funds in excess of the Redemption Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 16.06.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restrictions on Redemption</U>. The Company may not redeem any Notes on any date if the principal amount of the Notes
has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior
to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption
Price with respect to such Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 16.07.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment Upon Redemption or Maturity</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may, at its option, on not less than 40 nor more than 90 Scheduled Trading Days&rsquo; notice to Trustee, the
Paying Agent and each Holder, and subject to any required regulatory approvals and this <U>Section 16.07</U>, unless an Event of
Default has occurred and is continuing, elect to satisfy its obligation to pay, in whole or in part, the principal amount of the
Notes which are to be redeemed or which are to mature by delivering, subject to <U>Section 14.07,</U> that number of Subordinate
Voting Shares obtained by dividing the principal amount of the Notes to be redeemed or that are to mature, as the case may be,
by 95% of the Current Market Price of the Subordinate Voting Shares on the Redemption Date or Maturity Date, as applicable (the
&ldquo;<U>Share Repayment Right</U>&rdquo;). The principal amount of Notes in respect of which the Company is exercising the Share
Repayment Right pursuant to <U>Section 16.07</U> may be specified as a percentage of the aggregate principal amount of Notes outstanding
as of the Redemption Date or Maturity Date, as applicable, that will be redeemed or that will mature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall specify the aggregate principal amount of Notes in respect of which it is exercising the Share Repayment
Right, (i) in the case of a redemption, in the related Notice of Redemption and (ii) in the case of payment upon maturity, in a
notice delivered in accordance with the terms of this Indenture. Any such notice shall be irrevocable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company&rsquo;s right to exercise the Share Repayment Right shall be conditional upon the following conditions being
met on the Business Day preceding the Redemption Date or Maturity Date, as applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the issuance of the Subordinate Voting Shares on the exercise of the Share Repayment Right shall be made in accordance with
applicable Canadian and U.S. securities laws or pursuant to an available exemption therefrom;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such additional Subordinate Voting Shares shall be approved for listing, on each stock exchange on which the Subordinate
Voting Shares are then listed if so required by the rules and regulations of the applicable exchange(s);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company shall be a reporting issuer in good standing or the equivalent under applicable Canadian securities laws where
the distribution of such Subordinate Voting Shares occurs;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no Event of Default shall have occurred and be continuing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the receipt by the Trustee of an Officer&rsquo;s Certificate stating that conditions (i), (ii), (iii) and (iv) above have
been satisfied and setting forth the number of Subordinate Voting Shares to be delivered for each $1,000 principal amount of Notes
and the Current Market Price of the Subordinate Voting Shares on the Redemption Date or Maturity Date, as applicable; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the receipt by the Trustee of an Opinion of Counsel to the effect that such Subordinate Voting Shares have been duly authorized
and, when issued and delivered pursuant to the terms of this Indenture in payment of the Redemption Price on the Redemption Date
or the principal amount of the Notes on the Maturity Date, as applicable, will be validly issued as fully paid and non-assessable,
that conditions (i) and (ii) above have been satisfied and that, relying exclusively on certificates of good standing issued by,
or a list of issuers in default maintained by, as applicable, the relevant securities authorities, condition (iii) above is satisfied,
except that the opinion in respect of condition (iii) need not be expressed with respect to those provinces where such lists or
certificates, as applicable, are not maintained or issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the foregoing conditions are not satisfied
prior to the close of business on the Business Day preceding the Redemption Date or the Maturity Date, as applicable, the Company
shall pay the amount payable on the Redemption Date or the Maturity Date, as applicable, entirely in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Company duly exercises its Share Repayment Right, the Company shall on or before 11:00 a.m. New York
time on the Business Day immediately prior to the Redemption Date or Maturity Date, as applicable, deliver to the Paying Agent,
for delivery to and on account of the Holders of the Notes, upon the due presentation and surrender of the Notes, evidence of the
Subordinate Voting Shares to which such Holders are entitled. To the extent that any Notes are converted pursuant to <U>Article
14</U> hereof after the delivery by the Company of such evidence, then the number of Subordinate Voting Shares that would otherwise
be deliverable in respect of such converted Notes shall automatically be deducted from the aggregate number of Subordinate Voting
Shares deliverable pursuant to this Section 16.07(d) on the Redemption Date or Maturity Date, as applicable, and shall not be issued
or delivered to the Holders for such converted Notes pursuant to this Section 16.07(d). The Company shall also deposit with the
Paying Agent cash sufficient to pay accrued and unpaid interest on the Notes to, but excluding, the Redemption Date or Maturity
Date, as applicable, together with any cash payable for fractional shares as provided in Section 16.07(e) below or in respect of
any portion of the Notes to be redeemed or repaid in cash as provided in Section 16.07(g) below and cash sufficient to pay any
charges or expenses which may be incurred by the Paying Agent in connection with the Share Repayment Right. Every such deposit
shall be irrevocable ; provided that any cash amounts to be paid in respect of Notes converted pursuant to <U>Article 14</U> hereof
prior to the Redemption Date or Maturity Date (and after the delivery by the Company of an Officer&rsquo;s Certificate certifying
that such cash amounts are to be paid in respect of Notes converted pursuant to <U>Article 14</U>), as applicable, shall be remitted
by the Paying Agent to the Company promptly following such Redemption Date or Maturity Date. From the Subordinate Voting Shares
and cash so deposited, in addition to the amounts payable by the Company, if any, pursuant to <U>Section 4.04(a)</U> or <U>Section
16.05(b)</U>, the Paying Agent shall pay or cause to be paid, to the Holders of such Notes, upon surrender of such Notes, the amounts
to which they are respectively entitled on the Redemption Date or the Maturity Date, as applicable, including any accrued and unpaid
interest to, but excluding, the Redemption Date or the Maturity Date, as applicable, in cash, and deliver to such Holders the certificates
for Subordinate Voting Shares to which such Holders are entitled; provided that the Subordinate Voting Shares to which such Holders
shall be entitled shall be delivered, subject to the applicable procedures of the Depositary, through the Depositary, in the case
of Global Notes, or in certificated form, in the case of Definitive Notes, in each case, in satisfaction of the Company&rsquo;s
obligation to deliver Subordinate Voting shares upon exercise the Share Repayment Right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No fractional Subordinate Voting Shares shall be delivered upon the exercise of the Share Repayment Right but, in lieu thereof,
the Company shall pay to the Paying Agent for the account of the Holders (after taking into account any conversions of Notes pursuant
to Article 14 hereof prior to the Redemption Date or Maturity Date, as applicable), at the time contemplated in <U>Section 16.07(d)</U>,
the cash equivalent thereof determined on the basis of the Current Market Price of the Subordinate Voting Shares on the Redemption
Date or Maturity Date, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Holder of Notes shall be treated as the shareholder of record of the Subordinate Voting Shares issued on due exercise
by the Company of its Share Repayment Right effective immediately after the close of business on the Redemption Date or the Maturity
Date, as applicable, and shall be entitled to all substitutions therefor, all income earned thereon or accretions thereto and all
dividends or distributions (including any dividends or distributions in kind) thereon and arising thereafter, and in the event
that the Trustee receives the same, it shall hold the same in trust for the benefit of such Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company has elected to satisfy its obligation to pay the principal amount of the Notes partly in cash and partly
by the delivery of Subordinate Voting Shares, then the portion payable in cash and the portion payable in Subordinate Voting Shares
shall be the same for each $1,000 aggregate principal amount of Notes to be redeemed or which are to mature, subject to the payment
of cash in lieu of fractional Subordinate Voting Shares pursuant to <U>Section 16.07(e), and such cash payment shall be deposited
with the Paying Agent as provided for in Section 16.07(d) above</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall at all times reserve and keep available out of its authorized Subordinate Voting Shares (if the number
thereof is or becomes limited), solely for the purpose of issue and delivery upon the exercise of the Company&rsquo;s Share Repayment
Right as provided herein, and shall issue to Holders of Notes to whom Subordinate Voting Shares will be issued pursuant to exercise
of the Share Repayment Right, such number of Subordinate Voting Shares as shall be issuable in such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Subordinate Voting Shares issued and delivered upon exercise of the Share Repayment Right shall be fully paid and non-assessable
and free from all taxes, liens and charges with respect to the issue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall comply will all applicable Canadian securities laws, the Securities Act and any applicable state securities
laws regulating the issue and delivery of the Subordinate Voting Shares upon exercise of the Share Repayment Right and shall cause
to be listed and posted for trading such Subordinate Voting Shares on each stock exchange on which the Subordinate Voting Shares
are then listed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall pay any documentary, stamp or similar issue or transfer tax which shall be payable with respect to the
issuance or delivery of Subordinate Voting Shares to Holders upon exercise of the Share Repayment Right pursuant to the terms of
the Notes and this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the avoidance of doubt, the Company&rsquo;s obligation to pay Additional Amounts pursuant to <U>Section 2.11</U> is
applicable to all payments or deliveries made pursuant to this <U>Section 16.07</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Trustee will only act pursuant to a Company Order when acting under this <U>Section 16.07</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Accrued and unpaid interest on the Notes that are outstanding on the Redemption Date or Maturity Date, as applicable, to,
but excluding, the Redemption Date or Maturity Date, as applicable, shall be paid in cash.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
17</FONT><BR>
MISCELLANEOUS&nbsp;PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.01.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Provisions Binding on Company&rsquo;s Successors</U>. All the covenants, stipulations, promises and agreements of the
Company contained in this Indenture shall bind its successors and assigns whether so expressed or not.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.02.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Official Acts by Successor Corporation</U>. Any act or proceeding by any provision of this Indenture authorized or required
to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and
effect by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole successor
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.03.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Addresses for Notices, Etc.</U> Any notice or demand that by any provision of this Indenture is required or permitted
to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made,
for all purposes if given or served by overnight courier or by being deposited postage prepaid by registered or certified mail
in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Colliers International
Group Inc., 1140 Bay Street, Suite 4000, Toronto, Ontario, Canada M5S 2B4, Attention: Christian Mayer (fax no.: (416) 960-5333).
Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made,
for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter
box addressed to the Corporate Trust Office of the Trustee or sent electronically in PDF format.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Trustee, by notice to the Company, may
designate an additional or different address for subsequent notices or communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any notice or communication delivered or
to be delivered to a Holder of Definitive Notes shall be mailed to it by first class mail, postage prepaid, at its address as it
appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication
delivered or to be delivered to a Holder of Global Notes shall be delivered in accordance with the applicable procedures of the
Depositary and shall be sufficiently given to it if so delivered within the time prescribed. Notwithstanding any other provision
of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any Fundamental Change
Company Notice) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to
the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic
mail in accordance with the Depositary&rsquo;s applicable procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Failure to mail or deliver a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is
mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether or not the addressee receives
it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification
as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.04.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law; Jurisdiction</U>. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR
RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably consents and agrees,
for the benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit or proceeding against
it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes
may be brought in any United States federal or State of New York court located in the Borough of Manhattan, New York City, New
York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to
the exclusive jurisdiction of each such court with respect to any such legal action, suit or proceeding for itself in respect of
its properties, assets and revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company irrevocably and unconditionally
waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any
of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the any United States
federal or State of New York court located in the Borough of Manhattan, New York City, New York and hereby further irrevocably
and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought
in any such court has been brought in an inconvenient forum. A final judgment in any such action, suit or proceeding brought in
any such court shall be conclusive and binding upon the Company and may be enforced in any other courts to whose jurisdiction the
Company is or may be subject, by suit upon judgment. The Company further agrees that nothing herein shall affect any Holder&rsquo;s
right to effect service of process in any other manner permitted by law or bring an action, suit or proceeding (including a proceeding
for enforcement of a judgment) in any other court or jurisdiction in accordance with applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company hereby appoints Ferrante &amp;
Associates, located at 126 Prospect Street, Cambridge, MA, USA 02139 (telephone: 617-868-5000) as its agent for service of process
in any suit, action or proceeding with respect to this Indenture and the Notes and for actions brought under the U.S. federal or
state securities laws with respect thereto brought in any U.S. federal or state court located in the Borough of Manhattan in the
City of New York. Service of any process on Ferrante &amp; Associates in any such action (and written notice of such service to
the Company) shall be effective service of process against the Company for any suit, action or proceeding brought in any such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.05.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee</U>. Upon any application
or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall, if
requested by the Trustee, furnish to the Trustee an Officer&rsquo;s Certificate stating that such action is permitted by the terms
of this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Officer&rsquo;s Certificate and Opinion
of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to compliance
with this Indenture (other than the Officer&rsquo;s Certificates provided for in <U>Section 4.08</U>) shall include (a)&nbsp;a
statement that the person signing such certificate is familiar with the requested action and this Indenture; (b)&nbsp;a brief statement
as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based;
(c)&nbsp;a statement that, in the judgment of such person, he or she has made such examination or investigation as is necessary
to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d)&nbsp;a
statement as to whether or not, in the judgment of such person, such action is permitted by this Indenture and that all conditions
precedent to such action have been complied with;&nbsp;<U>provided</U>&nbsp;that no Opinion of Counsel shall be required to be
delivered in connection with (1)&nbsp;the original issuance of the Initial Notes on the date hereof under this Indenture, (2)&nbsp;any
exchange by the Company in its sole discretion of the restricted CUSIP of the Restricted Securities to an unrestricted CUSIP pursuant
to the applicable procedures of the Depositary upon the Notes becoming freely tradeable by non-Affiliates of the Company under
Rule 144, or (3)&nbsp;a request by the Company that the Trustee deliver a notice to Holders under this Indenture where the Trustee
receives an Officer&rsquo;s Certificate with respect to such notice. With respect to matters of fact, an Opinion of Counsel may
rely on an Officer&rsquo;s Certificate or certificates of public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything to the contrary
in this <U>Section 17.05</U>, if any provision in this Indenture specifically provides that the Trustee shall or may receive an
Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled
to, or entitled to request, such Opinion of Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.06.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Legal Holidays</U>. In any case where any Interest Payment Date, any Fundamental Change Repurchase Date, any Redemption
Date or the Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may
be taken on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue
in respect of the delay.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.07.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Security Interest Created</U>. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed
to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in
effect, in any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.08.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Benefits of Indenture</U>. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person,
other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar
and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.09.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Table of Contents, Headings, Etc</U>. The table of contents and the titles and headings of the articles and sections
of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no
way modify or restrict any of the terms or provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authenticating Agent</U>. The Trustee may appoint an authenticating agent that shall be authorized to act on behalf of
the Trustee and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof
and transfers and exchanges of Notes hereunder, including under <U>Section 2.04</U>, <U>Section 2.05(a)</U>, <U>Section 2.06</U>,
<U>Section 2.07</U>, <U>Section 10.04</U> and <U>Section 15.03(a)</U> as fully to all intents and purposes as though the authenticating
agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of
this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery
of such Notes &ldquo;by the Trustee&rdquo; and a certificate of authentication executed on behalf of the Trustee by an authenticating
agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee&rsquo;s certificate of authentication.
Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to <U>Section 7.08</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any corporation or other entity into which
any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting
from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity
succeeding to the corporate trust business of any authenticating agent, shall be the successor of the authenticating agent hereunder,
if such successor corporation or other entity is otherwise eligible under this <U>Section 17.10</U>, without the execution or filing
of any paper or any further act on the part of the parties hereto or the authenticating agent or such successor corporation or
other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any authenticating agent may at any time
resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency
of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon receiving
such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible
under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written notice
of such appointment to the Company and shall deliver notice of such appointment to all Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company agrees to pay to the authenticating
agent from time to time reasonable compensation for its services, <U>provided</U>, that the Company may terminate the authenticating
agent if it determines such agent&rsquo;s fees to be unreasonable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of <U>Section 7.02</U>, <U>Section
7.03</U>, <U>Section 7.04</U>, <U>Section 8.03</U> and this <U>Section 17.10</U> shall be applicable to any authenticating agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If an authenticating agent is appointed
pursuant to this <U>Section 17.10</U>, the Notes may have endorsed thereon, in lieu of the Trustee&rsquo;s certificate of authentication,
an alternative certificate of authentication in the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________________________,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">as Authenticating Agent, certifies that this is one of the Notes described<BR>
in the within-named Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:&nbsp;&nbsp;_______________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Execution in Counterparts</U>. This Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture
and of signature pages by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery of
this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties
hereto transmitted by facsimile, PDF or other electronic transmission shall constitute effective execution and delivery of this
Indenture as to the other parties hereto shall be deemed to be their original signatures for all purposes. The words &ldquo;execution,&rdquo;
&ldquo;signed,&rdquo; &ldquo;signature,&rdquo; &ldquo;delivery,&rdquo; and words of like import in or relating to this Indenture
or any document to be signed in connection with this Indenture shall be deemed to include electronic signatures, deliveries or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties
hereto consent to conduct the transactions contemplated hereunder by electronic means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability</U>. In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable,
then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way
be affected or impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Jury Trial</U>. EACH OF THE COMPANY AND THE TRUSTEE, ON BEHALF OF ITSELF AND THE HOLDERS, HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Force Majeure</U>. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes,
epidemics, pandemics, other recognized emergencies or acts of God, and interruptions, or loss or malfunctions of utilities; it
being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Calculations</U>. Except as otherwise provided herein, the Company shall be responsible for making all calculations called
for under the Notes. These calculations include, but are not limited to, determinations of the Share Price for purposes of a Make-Whole
Fundamental Change or Redemption Period, the Current Market Price, the Last Reported Sale Price, the Daily VWAPs, accrued interest
payable on the Notes, currency exchange rates and the Conversion Rate. The Company shall make all these calculations in good faith
and, absent manifest error, the Company&rsquo;s calculations shall be final and binding on Holders. The Company shall provide a
schedule of its calculations to the Trustee and the Conversion Agent, and the Trustee, the Paying Agent, the Note Registrar and
the Conversion Agent are entitled to rely conclusively upon the accuracy of the Company&rsquo;s calculations without independent
verification and the Trustee, the Paying Agent, the Note Registrar and the Conversion Agent shall have no liability or responsibility
whatsoever for any such calculations. The Trustee will forward the Company&rsquo;s calculations to any Holder upon the written
request of that Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>USA PATRIOT Act</U>. The parties hereto acknowledge that in accordance with Section&nbsp;326 of the USA PATRIOT Act,
the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee. The Company agrees that it will provide the Trustee with such information as it may request in order
for the Trustee to satisfy the requirements of the USA PATRIOT Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Currency Conversion</U>. Payments of principal (except in accordance with <U>Section 16.07</U>) and interest and the
cash payable in lieu of fractional shares in respect of the Notes are payable in U.S. Dollars. If for the purposes of obtaining
judgment in any court it is necessary to convert a sum due under this Indenture to the Holder from U.S. dollars to another currency,
the Company agrees, and each Holder by holding such Note will be deemed to have agreed, to the fullest extent that the Company
and they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures
such Holder could purchase U.S. dollars with such other currency in New York City, New York on the Business Day preceding the day
on which final judgment is given. The Company&rsquo;s obligations to any Holder will, notwithstanding any judgment in a currency
(the &ldquo;<U>Judgment Currency</U>&rdquo;) other than U.S. dollars, be discharged only to the extent that on the Business Day
following receipt by such Holder or the Trustee, as the case may be, of any amount in such Judgment Currency, such Holder may in
accordance with normal banking procedures purchase U.S. dollars with the Judgment Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the amount of the U.S. dollars so purchased
is less than the amount originally to be paid to such Holder or the Trustee in the Judgment Currency (as determined in the manner
set forth in the preceding paragraph), as the case may be, the Company agrees, as a separate obligation and notwithstanding any
such judgment, to indemnify the Holder and the Trustee, as the case may be, against any such loss. If the amount of the U.S. dollars
so purchased is more than the amount originally to be paid to such Holder or the Trustee, as the case may be, such Holder or the
Trustee, as the case may be, will pay the Company such excess; <U>provided</U> that such Holder or the Trustee, as the case may
be, shall not have any obligation to pay any such excess if the Company shall have failed to pay such Holder or the Trustee any
amounts then due and payable under such Note or this Indenture, in which case such excess may be applied by such Holder or the
Trustee to such Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Anti-Money Laundering</U>. Subject at all times to <U>Article 8</U>, the Trustee shall retain the right not to act and
shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Trustee, in its
sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering, anti-terrorist
or economic sanctions legislation, regulation or guideline. Further, should the Trustee in its sole judgment, determine at any
time that its acting under this Indenture has resulted in its being in non-compliance with any applicable anti-money laundering,
anti-terrorist or economic sanctions legislation, regulation or guideline, then it shall have the right to resign in accordance
with the requirements of <U>Section 7.09</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Adverse Interpretation of Other Agreements</U>. This Indenture may not be used to interpret any other indenture, loan
or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not
be used to interpret this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Third Party</U>. The Company hereby represents to the Trustee that any account to be opened by, or interest to be held
by, the Trustee in connection with this Indenture, for or to the credit of the Company, either (i)&nbsp;is not intended to be used
by or on behalf of any third party; or (ii)&nbsp;is intended to be used by or on behalf of a third party, in which case, the Company
hereto agrees to complete and execute forthwith a declaration in the Trustee&rsquo;s prescribed form as to the particulars of such
third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 17.21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Immunity</U>. To the extent that the Company or any of its properties, assets or revenues may have or may hereafter
become entitled to, or have attributed to the Company, any right of immunity, on the grounds of sovereignty or otherwise, from
any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from setoff or
counterclaim, from the jurisdiction of any Canadian, New York state or U.S. federal court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, in any such court in which proceedings may at
any time be commenced, with respect to the obligations and liabilities of the Company, the Company hereby irrevocably and unconditionally
waives or </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">will waive such right to the extent permitted by applicable law, and agrees not to plead or claim any such immunity and
consents to such relief and enforcement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have
caused this Indenture to be duly executed as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">Colliers International Group</FONT> INC.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 45%">&ldquo;<I>Christian
                                         Mayer</I>&rdquo;</TD></TR>                                                                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name: Christian Mayer</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title: &nbsp;&nbsp;Chief Financial Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in; text-align: justify; text-indent: -0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">Wells Fargo Bank, National Association</FONT>, as Trustee</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 45%">&ldquo;<I>Stefan Victory</I>&rdquo;</TD></TR>                                                                                                                                 <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name: Stefan Victory</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title: &nbsp;&nbsp;Vice President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">APPENDIX A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROVISIONS RELATING TO INITIAL NOTES<BR>
AND ADDITIONAL NOTES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;1.1.&nbsp;&#9;<U>Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalized
Terms</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Capitalized terms used but not defined in
this Appendix A have the meanings given to them in this Indenture. The following capitalized terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Applicable Procedures</U>&rdquo;
means, with respect to any transfer or transaction involving a Regulation S Note or beneficial interest therein, the rules and
procedures of the Depositary for such Global Note, and CDS, in each case to the extent applicable to such transaction and as in
effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Canadian Resale Restriction
Termination Date</U>&rdquo; means, with respect to the Initial Notes, September 20, 2020, and with respect to any Additional Notes,
the date that is four months and one day following the latest possible issue date of such Additional Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Canadian Tax Act</U>&rdquo;
means the Income Tax Act (Canada), as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>CDS</U>&rdquo; means
CDS Clearing and Depository Services Inc., or any successor securities clearing agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Distribution Compliance
Period</U>&rdquo;, with respect to any Regulation S Notes, means the period of 40 consecutive days beginning on and including the
last original issue date thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>QIB</U>&rdquo; means
a &ldquo;qualified institutional buyer&rdquo; as defined in Rule 144A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Regulation S</U>&rdquo;
means Regulation S promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Rule 144</U>&rdquo;
means Rule 144 promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Rule 144A</U>&rdquo;
means Rule 144A promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&ldquo;<U>Rule 904</U>&rdquo;
means Rule 904 promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Other
Definitions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 79%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid">Term</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Defined
        in Section</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Canadian Restricted Securities Legend&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.2(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Definitive Notes Legend&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.2(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Global Notes Legend&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.2(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Regulation S Global Notes&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Regulation S Notes&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Restricted Securities Legends&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.2(a)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Rule 144A Global Notes&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;Rule 144A Notes&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&ldquo;U.S. Restricted Securities Legend&rdquo;&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2.2(a)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.1.&#9;<U>Form and Dating;
Global Notes</U>. The Initial Notes issued on the date hereof shall be (i)&nbsp;offered and sold by the Company to the Initial
Purchasers and (ii)&nbsp;resold, initially only to (1)&nbsp;QIBs in reliance on Rule 144A (&ldquo;<U>Rule 144A Notes</U>&rdquo;)
and (2)&nbsp;outside the United States to Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation
S (&ldquo;<U>Regulation S Notes</U>&rdquo;). Rule 144A Notes shall be issued initially in the form of one or more permanent global
Notes in fully registered form (collectively, the &ldquo;<U>Rule 144A Global Notes</U>&rdquo;) and Regulation S Notes shall be
issued initially in the form of one or more global Notes in fully registered form (collectively, the &ldquo;<U>Regulation S Global
Notes</U>&rdquo;), in each case without interest coupons and bearing the Global Notes Legend and the applicable Restricted Securities
Legends, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Custodian, and registered
in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as
provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.2.&#9;<U>Legends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legends
on the Notes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as permitted by this Section&nbsp;2.2, each Note shall bear legends in substantially the following form (each defined term in the
legend being defined as such for purposes of the legend only) (the first legend below, the &ldquo;<U>U.S. Restricted Securities
Legend</U>&rdquo; and the second legend, the &ldquo;<U>Canadian Restricted Securities Legend</U>&rdquo; and collectively, &ldquo;<U>Restricted
Securities Legends</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&ldquo;THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;<U>SECURITIES ACT</U>&rdquo;), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES [IN THE CASE OF REGULATION S NOTES:
PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LAST ORIGINAL ISSUE DATE HEREOF] (1)&nbsp;THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER
THE SECURITY EVIDENCED HEREBY, EXCEPT (A)&nbsp;TO <FONT STYLE="text-transform: uppercase">Colliers International Group</FONT> INC.
(THE &ldquo;<U>ISSUER</U>&rdquo;) OR A SUBSIDIARY OF THE ISSUER; (B)&nbsp;UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT; (C)&nbsp;TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS
DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED
INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH
RULE 144A (IF AVAILABLE); (D)&nbsp;OUTSIDE THE UNITED STATES IN A TRANSACTION MEETING THE REQUIREMENTS OF REGULATION S UNDER THE
SECURITIES ACT; OR (E)&nbsp;UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND (2)&nbsp;THAT
IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY, FURNISH TO THE ISSUER AND THE TRUSTEE OR TRANSFER AGENT FOR THIS SECURITY, AS
APPLICABLE, SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO CONFIRM THAT SUCH TRANSFER IS BEING
MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
ANY OTHER APPLICABLE SECURITIES LAWS.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">IN CANADA, UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE <FONT STYLE="text-transform: uppercase">September 20</FONT>, 2020.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Definitive Note shall bear the following
additional legend (&ldquo;<U>Definitive Notes Legend</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&ldquo;IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE NOTE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Global Note shall bear the following
additional legend (&ldquo;<U>Global Notes Legend</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&ldquo;UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;<U>DTC</U>&rdquo;), NEW YORK, NEW YORK,
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE&nbsp;&amp; CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE&nbsp;&amp;
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST
HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.5in; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.5in; margin-bottom: 0pt">____________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;<SUP>1</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">In
                                         the case of any Additional Notes, the actual Canadian Resale Restriction Termination
                                         Date for such Additional Notes will be inserted in place of September&nbsp;20, 2020 (the
                                         date that is four months and one day following the latest possible issue date of any
                                         Notes that may be issued pursuant to the exercise of the Initial Purchasers&rsquo; option
                                         to purchase Additional Notes).</FONT></TD></TR></TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&rsquo;S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
a sale or transfer after the expiration of the Canadian Resale Restriction Termination Date of any Initial Note or Additional Note,
all requirements that such Initial Note or Additional Note bear the Canadian Restricted Securities Legend shall cease to apply
and the requirements requiring any such Initial Note or Additional Note be issued in global form shall continue to apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
Additional Notes sold in a registered offering under the Securities Act shall not be required to bear the U.S. Restricted Securities
Legend;&nbsp;<U>provided</U>&nbsp;that, any such Additional Notes may be required to include the Canadian Restricted Securities
Legend unless such Additional Notes are qualified for distribution by a prospectus under Canadian securities laws or otherwise
not subject to any applicable resale restrictions under securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may, in its sole discretion, cause the U.S. Restricted Securities Legend on any Global Note to be removed (or deemed removed)
and cause such Global Note to be identified by an unrestricted CUSIP at any time on or after the Canadian Resale Restriction Termination
Date, without delivering an Opinion of Counsel, by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;delivering
to the Trustee a written notice (x)&nbsp;certifying that (1)&nbsp;in the case of any Regulation S Global Note, all Notes represented
by such Regulation S Global Note would be freely tradable under Rule 904, Section&nbsp;4(a)(1) of the Securities Act or Section&nbsp;4(a)(3)
of the Securities Act, and (2)&nbsp;in the case of any Rule 144A Global Note, all Notes represented by such Rule 144A Global Note
would be freely tradable under Rule 144 by a person who is not an Affiliate of the Company (within the meaning of Rule 144) and
has not been an Affiliate of the Company (within the meaning of Rule 144A) during the immediately preceding 90 days, the Company
is no longer subject to the limitations imposed by Rule 144(i), (y)&nbsp;instructing the Trustee to take any actions as may be
necessary so that the Restricted Securities Legends set forth on the Global Notes shall be deemed removed from the Global Notes
in accordance with the terms and conditions of the Notes and the Indenture, without further action on the part of Holders and (z)&nbsp;instructing
the Trustee to take any actions as may be necessary so that the restricted CUSIP number for the Notes shall be removed from the
Global Notes and replaced with an unrestricted CUSIP number. Immediately upon receipt of such notice by the Trustee the Restricted
Securities Legends will be deemed removed from such Global Notes specified in such notice and the restricted CUSIP number will
be deemed removed from each of such Global Notes and deemed replaced with an unrestricted CUSIP number; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;providing
the Depositary an instruction letter for the Depositary&rsquo;s mandatory exchange process (or any successor notice, form or action
required pursuant to the Applicable Procedures) to the extent required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legends
on Subordinate Voting Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
share certificate representing Subordinate Voting Shares issued upon conversion of a Note that bears the U.S. Restricted Securities
Legend shall bear a legend in substantially the following form (unless agreed by the Company with written notice thereof to the
Trustee and any transfer agent for the Subordinate Voting Shares):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;<U>SECURITIES ACT</U>&rdquo;), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES [IN THE CASE OF REGULATION S NOTES:
PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LAST ORIGINAL ISSUE DATE OF THE UNDERLYING CONVERTIBLE NOTES] (1)&nbsp;THAT IT WILL
NOT RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A)&nbsp;TO <FONT STYLE="text-transform: uppercase">Colliers
International Group</FONT> INC. (THE &ldquo;<U>ISSUER</U>&rdquo;) OR A SUBSIDIARY OF THE ISSUER; (B)&nbsp;UNDER A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C)&nbsp;TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); (D)&nbsp;OUTSIDE THE UNITED STATES IN A TRANSACTION MEETING THE REQUIREMENTS
OF REGULATION S UNDER THE SECURITIES ACT; OR (E)&nbsp;UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT; AND (2)&nbsp;THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY, FURNISH TO THE ISSUER AND THE TRUSTEE OR
TRANSFER AGENT FOR THIS SECURITY, AS APPLICABLE, SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO
CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND ANY OTHER APPLICABLE SECURITIES LAWS.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE
LISTED ON THE TORONTO STOCK EXCHANGE (&ldquo;<U>TSX</U>&rdquo;); HOWEVER, THE SAID SECURITIES CANNOT BE TRADED THROUGH THE FACILITIES
OF TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT &ldquo;GOOD
DELIVERY&rdquo; IN SETTLEMENT OF TRANSACTIONS ON TSX,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in"><U>provided</U>, that if the Subordinate Voting
Shares, are being sold in compliance with the requirements of Rule 904 of Regulation S and in compliance with applicable local
laws and regulations, the legends may be removed by providing a declaration to the Company and to the share transfer agent for
the Subordinate Voting Shares, in the form attached as Attachment 4 (or as the Company may prescribe from time to time); <U>provided
further</U>, if any of the Subordinate Voting Shares, are being sold pursuant to Rule 144 under the U.S. Securities Act, if available,
the legends may be removed by delivering to the Company and the transfer agent for the Company an opinion of counsel of recognized
standing in form and substance reasonably satisfactory to the Company, to the effect that the legends are no longer required under
applicable requirements of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">Further, any stock certificate representing Subordinate
Voting Shares issued upon conversion of a Note that bears the Canadian Restricted Securities Legend shall, if the conversion occurs
prior to the date referenced in the Canadian Restricted Securities Legend, bear a legend in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">IN CANADA, UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE <FONT STYLE="text-transform: uppercase">September 20</FONT>, 2020.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&nbsp;2.3.&#9;<U>Transfer and Exchange
of Interests in Global Notes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfer
and Exchange of Global Notes</U>. A transferor of a beneficial interest in a Global Note shall deliver a written order given in
accordance with the Depositary&rsquo;s procedures containing information regarding the Participant account of the Depositary to
be credited with a beneficial interest in such Global Note or another Global Note and such account shall be credited in accordance
with such order with a beneficial interest in the applicable Global Note and the account of the Person making the transfer shall
be debited by an amount equal to the beneficial interest in the Global Note being transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.5in; margin-bottom: 0pt">____________________</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;<SUP>2</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">In
                                         the case of any Additional Notes, the actual Canadian Resale Restriction Termination
                                         Date for such Additional Notes will be inserted in place of September&nbsp;20, 2020 (the
                                         date that is four months and one day following the latest possible issue date of any
                                         Notes that may be issued pursuant to the exercise of the Initial Purchasers&rsquo; option
                                         to purchase Additional Notes).</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Until
the expiration of the Distribution Compliance Period, transfers by an owner of a beneficial interest in the Regulation S Global
Note to a transferee who takes a beneficial interest in the Rule 144A Global Note shall be made only upon receipt by the Trustee
of a certification in the form provided on the reverse of the Initial Notes from the transferor to the effect that (A)&nbsp;such
a transfer is being made in accordance with Rule 144A; (B)&nbsp;the Notes are being transferred to a person who (1)&nbsp;the transferor
reasonably believes is a QIB and (2)&nbsp;is purchasing for its own account or the account of another QIB in a transaction meeting
the requirements of Rule 144A; and (C)&nbsp;the Notes are being transferred in accordance with all applicable securities laws of
the United States, Canada and other jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers
by an owner of a beneficial interest in the Rule 144A Global Note to a transferee who takes delivery of such interest through the
Regulation S Note, whether before or after the expiration of the Distribution Compliance Period, shall be made only upon receipt
by the Trustee of a certification in the form provided on the reverse of the Initial Notes from the transferor to the effect that
such transfer is being made in accordance with Rule 903 or Rule 904 of Regulation S or (if available) Rule 144 and in accordance
with all applicable securities laws of Canada and other jurisdictions; <U>provided</U> that if the sale is being made in accordance
with Rule 904 of Regulation S after the Distribution Compliance Period, the transferor shall have provided a declaration to the
Company and to the Trustee for the Company, in the form attached as Attachment 4 (or as the Company may otherwise prescribe from
time to time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note,
the Note Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to
which such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the
Note Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of Global Note
from which such interest is being transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of this Appendix A (other than the provisions set forth in <U>Section 2.05</U> of the Indenture relating to
the issuance of Definitive Notes), a Global Note may not be transferred as a whole except by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a Global Note is exchanged for Definitive Notes pursuant to <U>Section 2.05</U> of the Indenture, such Notes may
be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section&nbsp;2.3
(including the certification requirements set forth on the reverse of the Initial Notes intended to ensure that such transfers
comply with Rule 144A, Regulation S or such other applicable exemption from registration under the Securities Act, as the case
may be) and/or such other procedures as may from time to time be adopted by the Company.</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions
on Transfer of Regulation S Note</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the Distribution Compliance Period, beneficial ownership interests in the Regulation S Note may only be sold, pledged or transferred
through CDS in accordance with the Applicable Procedures and only (1)&nbsp;to the Company or any of its subsidiaries; (2)&nbsp;under
a registration statement that has been declared effective under the Securities Act; (3)&nbsp;to a person whom the selling holder
reasonably believes is a QIB that is purchasing for its own account or for the account of another QIB and to whom notice is given
that the transfer is being made in reliance on Rule 144A; (4)&nbsp;outside the United States to non-U.S. persons in a transaction
meeting the requirements of Regulation S under the Securities Act; or (5)&nbsp;pursuant to any other available exception from the
registration requirements of the Securities Act; <U>provided</U> that, in the case of a sale, pledge or transfer pursuant to subclauses
(2), (3), (4)&nbsp;or (5)&nbsp;of this paragraph, such sale, pledge or transfer shall also be made in accordance with all applicable
securities laws of Canada and other jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the expiration of the Distribution Compliance Period, beneficial ownership interests in the Regulation S Note shall be transferable
in accordance with all applicable securities laws of Canada and other jurisdictions and the other terms of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transfers
to Global Notes without Restricted Securities Legends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers
by an owner of a beneficial interest in the Regulation S Global Note bearing Restricted Securities Legends may be transferred to
a transferee who takes delivery of such interest through a Global Note that does not bear the Restricted Securities Legends from
and after the Canadian Resale Restriction Termination Date; <U>provided</U> that the transferor shall have provided a declaration
to the Company and to the Trustee for the Company, in the form attached as Attachment 4 (or as the Company may otherwise prescribe
from time to time); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
by an owner of a beneficial interest in the Rule 144A Global Note bearing Restricted Securities Legends may be sold to a transferee
who takes delivery of such interest through a Global Note that does not bear a Restricted Securities Legend <U>provided</U> that
(A)&nbsp;(1)&nbsp;such sale occurs on and after the date that is the later of (x)&nbsp;the date that is six months after the last
date of original issuance of the Initial Notes or Additional Notes, as applicable, and (y)&nbsp;such later date, if any, as may
be required by applicable law, and (2)&nbsp;upon receipt by the Trustee of a certification that such transfer shall have been effected
in reliance on Rule 144; or (B)&nbsp;under a registration statement that has been declared effective under the Securities Act or
(C)&nbsp;otherwise upon receipt by the Trustee from an appropriate direction or consent from the Company or (D)&nbsp;such Note
has been sold outside the United States pursuant to Regulation S under the Securities Act and in compliance with all applicable
Canadian and other securities laws, and the Holder selling such Notes has delivered to the Trustee a certificate in the form of
Attachment 4 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
obligation of the Trustee</U>. The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with
any restrictions on transfer imposed under the Indenture or under applicable law with respect to any transfer of any interest in
any Note (including any transfers between or among Participants, members or beneficial owners in any Global Note) other than to
require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by, the terms of the Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional
Global Notes</U>. In connection with any transfer of beneficial interests in a Global Note that bears Restricted Securities Legends
for any Global Note that does not bear a Restricted Securities Legends in accordance with Section&nbsp;2.2, if a Global Note that
does not bear a Restricted Securities Legend is not then outstanding (or an insufficient principal amount of such Global Notes
are outstanding to permit such transfer) and the Global Notes have not been previously transferred for Definitive Notes in compliance
with <U>Section 2.05</U> of the Indenture, the Company shall issue and the Trustee shall authenticate, upon written order of the
Company in the form of an Officer&rsquo;s Certificate, one or more new Global Note without the Restricted Securities Legends in
the appropriate principal amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Canadian
Resale Restrictions</U>. Initial Notes and Additional Notes may not be transferred in Canada prior to the applicable Canadian Resale
Restriction Termination Date except pursuant to an exemption from the prospectus requirements of Canadian securities laws or otherwise
in compliance with such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF FACE OF NOTE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[INCLUDE FOLLOWING LEGEND IF A GLOBAL NOTE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;<U>DTC</U>&rdquo;), TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE TO CEDE&nbsp;&amp;
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST
HEREIN.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&rsquo;S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[INCLUDE FOLLOWING LEGEND IF A DEFINITIVE
NOTE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">[IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL
DELIVER TO THE NOTE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">[INCLUDE FOLLOWING LEGEND IF A RESTRICTED
SECURITY]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
U.S. SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;<U>SECURITIES ACT</U>&rdquo;), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES [IN THE CASE OF REGULATION S NOTES:
PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE LAST ORIGINAL ISSUE DATE HEREOF] (1)&nbsp;THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER
THE SECURITY </P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">EVIDENCED HEREBY, EXCEPT (A)&nbsp;TO <FONT STYLE="text-transform: uppercase">Colliers International Group</FONT> INC.
(THE &ldquo;<U>ISSUER</U>&rdquo;) OR A SUBSIDIARY OF THE ISSUER; (B)&nbsp;UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT; (C)&nbsp;TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS
DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED
INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH
RULE 144A (IF AVAILABLE); (D)&nbsp;OUTSIDE THE UNITED STATES IN A TRANSACTION MEETING THE REQUIREMENTS OF REGULATION S UNDER THE
SECURITIES ACT; OR (E)&nbsp;UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND (2)&nbsp;THAT
IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY, FURNISH TO THE ISSUER AND THE TRUSTEE OR TRANSFER AGENT FOR THIS SECURITY, AS
APPLICABLE, SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO CONFIRM THAT SUCH TRANSFER IS BEING
MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
ANY OTHER APPLICABLE SECURITIES LAWS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in">IN CANADA, UNLESS PERMITTED UNDER SECURITIES LEGISLATION,
THE HOLDER OF THIS SECURITY MUST NOT TRADE THE SECURITY BEFORE [__].<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.5in; margin-bottom: 0pt">____________________</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<SUP>3</SUP></FONT></TD><TD>The Canadian Resale Restriction Termination Date for the Initial Notes or Additional Notes, as applicable, will be inserted
(the date that is four months and one day following the latest possible issue date of any Notes that may be issued pursuant to
the exercise of the Initial Purchasers&rsquo; option to purchase Additional Notes).</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 122; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Colliers International Group Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">4.00% Convertible Senior Subordinated Note
due 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">CUSIP No. [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%">No. [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD STYLE="text-align: right; width: 20%">[Initially]4&nbsp;$[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Colliers International Group Inc., a corporation
organized and existing under the&nbsp;Business Corporations Act (Ontario)&nbsp;(the &ldquo;<U>Company,</U>&rdquo; which term includes
any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises
to pay to [CEDE&nbsp;&amp; CO.]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>&nbsp;[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>,
or registered assigns, the principal sum [as set forth in the &ldquo;Schedule of Exchanges of Notes&rdquo; attached hereto]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>&nbsp;[of
$[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>,
which amount, taken together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture,
exceed $230,000,000 in aggregate at any time, in accordance with the rules and applicable procedures of the Depositary, on June&nbsp;1,
2025, and interest thereon as set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note shall bear cash interest at the
rate of 4.00% per year from May&nbsp;19, 2020, or from the most recent date to which interest had been paid or provided for to,
but excluding, the next scheduled Interest Payment Date until June&nbsp;1, 2025. Interest is payable semi-annually in arrears on
each June&nbsp;1 and December&nbsp;1, commencing on December&nbsp;1, 2020, to Holders of record at the close of business on the
preceding May&nbsp;15 and November&nbsp;15 (whether or not such day is a Business Day), respectively. Additional Interest will
be payable as set forth in <U>Section 4.06(d)</U> and <U>Section 6.03</U> of the within-mentioned Indenture, and any reference
to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional
Interest is, was or would be payable pursuant to any of such <U>Section 4.06(d)</U> or <U>Section 6.03</U>, and any express mention
of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those
provisions thereof where such express mention is not made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any Defaulted Amounts shall accrue interest
per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, the
relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election,
in accordance with <U>Section 2.03(c)</U> of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company shall pay the principal of and
interest on this Note, if and so long as such Note is a Global Note, in immediately available funds (and/or, in the event the Company
elects to exercise its Share Repayment Right pursuant to Section 16.07 of the Indenture, Subordinate Voting Shares) to the Depositary
or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the
Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global Notes) at the office or agency designated
by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect
of the Notes and its agency in the Borough of Manhattan, The City of New York, as a place where Notes may be presented for payment
or for registration of transfer and exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.5in; margin-bottom: 0pt">____________________</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;<SUP>4</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">Include
                                         if a global note.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;<SUP>5</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">Include
                                         if a global note.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;<SUP>6</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">Include
                                         if a definitive note.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;<SUP>7</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">Include
                                         if a global note.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;<SUP>8</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">Include
                                         if a definitive note.</FONT></TD></TR></TABLE>
<!-- Field: Page; Sequence: 123; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is made to the further provisions
of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder of this Note the right
to convert this Note into Subordinate Voting Shares, on the terms and subject to the limitations set forth in the Indenture. Such
further provisions shall for all purposes have the same effect as though fully set forth at this place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>This Note, and any claim, controversy
or dispute arising under or related to this Note, shall be construed in accordance with and governed by the laws of the State of
New York.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of any conflict between this
Note and the Indenture, the provisions of the Indenture shall control and govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed manually or by facsimile by the Trustee or
a duly authorized authenticating agent under the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Remainder of page intentionally left blank]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 124; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD COLSPAN="2"><FONT STYLE="text-transform: uppercase">Colliers International Group Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 5%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 45%">
&nbsp;&nbsp;</TD></TR>                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Name:</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Title:</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TRUSTEE&rsquo;S CERTIFICATE OF AUTHENTICATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Bank, National Association<BR>
as Trustee, certifies that this is one of the Notes described<BR>
in the within-named Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Authorized Signatory</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 125; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF REVERSE OF NOTE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Colliers International Group Inc.<BR>
4.00% Convertible Senior Subordinated Note due 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Note is one of a duly authorized issue
of Notes of the Company, designated as its 4.00% Convertible Senior Subordinated Notes due 2025 (the &ldquo;<U>Notes</U>&rdquo;),
limited to the aggregate principal amount of $230,000,000 all issued or to be issued under and pursuant to an Indenture dated as
of May&nbsp;19, 2020 (the &ldquo;<U>Indenture</U>&rdquo;) between the Company and Wells Fargo Bank, National Association (the &ldquo;<U>Trustee</U>&rdquo;)
to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Additional Notes
may be issued in an unlimited aggregate principal amount, subject to certain conditions specified in the Indenture. Capitalized
terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In case certain Events of Default shall
have occurred and be continuing, the principal of, and interest on, all Notes may be declared, by either the Trustee or Holders
of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable,
in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the terms and conditions of the
Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental
Change Repurchase Date, the Redemption Price on a Redemption Date and the principal amount on the Maturity Date, as the case may
be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay
cash amounts in U.S. Dollars that at the time of payment is legal tender for payment of public and private debts, subject to the
terms and conditions of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Indenture contains provisions permitting
the Company and the Trustee in certain circumstances, without the consent of the Holders of the Notes, and in certain other circumstances,
with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding,
evidenced as in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as
described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any past Default or
Event of Default under the Indenture and its consequences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Holder shall have the right to receive
delivery of the Subordinate Voting Shares due upon conversion of this Note at the place, at the respective times and at the rate,
prescribed in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes are issuable in registered form
without coupons in denominations of $1,000 principal amount and integral multiples thereof. At the office or agency of the Company
referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged
for a like aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if
required by the Company or the Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed
in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different
from the name of the Holder of the old Notes surrendered for such exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 126; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes shall be redeemable at the Company&rsquo;s
option on or after June&nbsp;1, 2023 in accordance with the terms and subject to the conditions specified in the Indenture. The
Notes shall be redeemable in full and not in part at the Company&rsquo;s option for certain changes in Canadian tax law in accordance
with the terms and subject to the conditions specified in the Indenture. No sinking fund is provided for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon the occurrence of a Fundamental Change,
the Company shall be required to offer to repurchase for cash all of the outstanding Notes (in principal amounts of $1,000 or integral
multiples thereof) on the Fundamental Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company may elect to satisfy its obligation
to repay all or any portion of the principal amount of the Notes due upon redemption or at maturity by delivery of Subordinate
Voting Shares in accordance with the provisions of the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The indebtedness evidenced by the Notes
is subordinated in right of payment, to the extent and in the manner provided in Article 13 of the Indenture, to the prior payment
in full of the Company&rsquo;s Senior Indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the provisions of the Indenture,
the Holder hereof has the right, at its option, during certain periods and upon the occurrence of certain conditions specified
in the Indenture, prior to the close of business on the Business Day immediately preceding the Maturity Date, to convert any Notes
or portion thereof that is $1,000 or an integral multiple thereof into Subordinate Voting Shares at the Conversion Rate specified
in the Indenture, as adjusted from time to time as provided in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 127; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ABBREVIATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following abbreviations, when used in
the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws
or regulations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">TEN COM = as tenants in common</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">UNIF GIFT MIN ACT = Uniform Gifts
to Minors Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">CUST = Custodian</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">TEN ENT = as tenants by the entireties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">JT TEN = joint tenants with right
of survivorship and not as tenants in common</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Additional abbreviations may also be used
though not in the above list.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 128; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>SCHEDULE A<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE OF EXCHANGES OF NOTES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Colliers International Group Inc.<BR>
4.00% Convertible Senior Subordinated Notes due 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The initial principal amount of this Global
Note is&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> U.S. DOLLARS ($[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]).
The following increases or decreases in this Global Note have been made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 20%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Date
        of<BR>
        exchange</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Amount
        of <BR>
decrease in <BR>
principal <BR>
amount of this <BR>
Global Note</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Amount
        of <BR>
increase in <BR>
principal <BR>
amount of this <BR>
Global Note</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Principal
        <BR>
amount of this <BR>
Global Note <BR>
following such <BR>
decrease or <BR>
increase</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%">
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Signature
        of <BR>
authorized <BR>
signatory of <BR>
Trustee or <BR>
Custodian</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0.5in; margin-bottom: 0pt">____________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&nbsp;<SUP>9</SUP></FONT></TD><TD><FONT STYLE="font-size: 9pt">Include
                                         if a global note.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 129; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ATTACHMENT 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF NOTICE OF CONVERSION]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">To:</TD><TD>Wells Fargo Bank, National Association<BR>
MAC N9303-060<BR>
600 South 4th Street, 6th Floor<BR>
Minneapolis, MN 55415<BR>
CMESCONVERSIONS@wellsfargo.com<BR>
Attention:&nbsp;&nbsp;Corporate Trust Conversions Team</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registered owner of this
Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, into Subordinate Voting Shares in accordance with the terms of the Indenture referred to in this Note,
and directs that any cash payable and any Subordinate Voting Shares issuable and deliverable upon such conversion, together with
any cash for any fractional share, and any Notes representing any unconverted principal amount hereof, be issued and delivered
to the registered Holder hereof unless a different name has been indicated below. If any Subordinate Voting Shares or any portion
of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary,
stamp or similar issue or transfer taxes, if any in accordance with <U>Section 14.02(d)</U> and <U>Section 14.02(e)</U> of the
Indenture. Any amount required to be paid to the undersigned on account of interest accompanies this Note. Capitalized terms used
herein but not defined shall have the meanings ascribed to such terms in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of Definitive Notes, the certificate
numbers of the Notes to be converted are as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">Dated: ___________________________________</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Signature(s)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Guarantee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature(s) must be guaranteed<BR>
by an eligible Guarantor Institution<BR>
(banks, stock brokers, savings and<BR>
loan associations and credit unions)<BR>
with membership in an approved<BR>
signature guarantee medallion program<BR>
pursuant to Securities and Exchange<BR>
Commission Rule 17Ad-15 if Subordinate Voting Shares are to be issued, or<BR>
Notes are to be delivered, other than<BR>
to and in the name of the registered holder.<BR>
Fill in for registration of shares if<BR>
to be issued, and Notes if to<BR>
be delivered, other than to and in the<BR>
name of the registered holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(Name)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(Street Address)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(City, State and Zip Code)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Please print name and address.</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Principal amount to be converted (if less than all):</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,000</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every
particular without alteration or enlargement or any change whatever.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Social Security or Other Taxpayer Identification Number</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ATTACHMENT 2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">To:</TD><TD>Wells Fargo Bank, National Association<BR>
MAC N9303-060<BR>
600 South 4th Street, 6th Floor<BR>
Minneapolis, MN 55415<BR>
CMESCONVERSIONS@wellsfargo.com<BR>
Attention:&nbsp;&nbsp;Corporate Trust Conversions Team</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registered owner of this
Note hereby acknowledges receipt of a notice from Colliers International Group Inc. (the &ldquo;<U>Company</U>&rdquo;) as to the
occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests
and instructs the Company to pay to the registered holder hereof in accordance with <U>Section 15.01(a)</U> of the Indenture referred
to in this Note (1)&nbsp;the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an
integral multiple thereof) below designated, and (2)&nbsp;if such Fundamental Change Repurchase Date does not fall during the period
after a Regular Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon
to, but excluding, such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall have the meanings
ascribed to such terms in the Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the case of Definitive Notes, the certificate
numbers of the Notes to be repurchased are as set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">Dated: ___________________________________</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Signature(s)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature Guarantee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature(s) must be guaranteed<BR>
by an eligible Guarantor Institution<BR>
(banks, stock brokers, savings and<BR>
loan associations and credit unions)<BR>
with membership in an approved<BR>
signature guarantee medallion program<BR>
pursuant to Securities and Exchange<BR>
Commission Rule 17Ad-15 if shares<BR>
of Subordinate Voting Shares are to be issued, or<BR>
Notes are to be delivered, other than<BR>
to and in the name of the registered holder.<BR>
Fill in for registration of Notes if to<BR>
be delivered, other than to and in the<BR>
name of the registered holder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%">&nbsp;</TD>
    <TD STYLE="width: 70%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(Name)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(Street Address)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>(City, State and Zip Code)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Please print name and address.</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%">Principal amount to be repurchased (if less than all):</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,000</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every
particular without alteration or enlargement or any change whatever.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Social Security or Other Taxpayer Identification Number</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ATTACHMENT 3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF ASSIGNMENT AND TRANSFER]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For value received&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;hereby
sell(s), assign(s) and transfer(s) unto&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;(Please
also insert social security number or Taxpayer Identification Number, social insurance number or corporate number of assignee)
the within Note, and hereby irrevocably constitutes and appoints&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;attorney
to transfer the said Note on the books of the Company, with full power of substitution in the premises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with any transfer of the within
restricted security, the undersigned confirms that such Note is being transferred:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;To
Colliers International Group Inc. or a subsidiary thereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;Pursuant
to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;Pursuant
to and in compliance with Rule 144A under the Securities Act of 1933, as amended[; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Include the following in the case
of transfers of a beneficial interest in a Regulation S Global Note to a transferee taking an interest in a Rule 144A Note prior
to the expiration of the Distribution Compliance Period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in">To a person who the undersigned reasonably believes is a &ldquo;qualified institutional buyer&rdquo;
as defined in Rule 144A (a &ldquo;<U>QIB</U>&rdquo;) and is purchasing for its own account or the account of another QIB in a transaction
meeting the requirements of Rule 144A; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="padding-right: 0.5in">in accordance with all applicable securities laws of the United States and other jurisdictions.];
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;Pursuant
to and in compliance with Rule 903 or Rule 904 of Regulation S under the Securities Act of 1933, as amended; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">5. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;Pursuant
to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption from the registration
requirements of the Securities Act of 1933, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">and:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;If
the transfer is being made in Canada or otherwise subject to the laws of Canada, pursuant to an exemption from the prospectus requirements
of applicable Canadian securities laws or pursuant to a prospectus filed and receipted by the Company under applicable Canadian
securities laws; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">B. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;The
transfer is being made outside of Canada and is not otherwise subject to the laws of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned further confirms that such
Note is being transferred outside Canada, or pursuant to an exemption from the prospectus requirements of Canadian securities laws
if the Notes remain subject to any restriction on transfer under Canadian securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless one of the boxes is checked, the
Trustee shall refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered
Holder thereof; <U>provided</U>,&nbsp;<U>however</U>, that if items (4)&nbsp;or (5)&nbsp;are checked, the Company or the Trustee
may require, prior to registering any such transfer of the Notes, such legal opinions, certifications and other information as
the Company has reasonably requested to confirm that such transfer is being made in compliance with all transfer restrictions applicable
to the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 5%">Dated:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 34%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.75in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Signature(s)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Signature Guarantee</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature(s) must be guaranteed by an<BR>
eligible Guarantor Institution (banks, stock<BR>
brokers, savings and loan associations and<BR>
credit unions) with membership in an approved<BR>
signature guarantee medallion program pursuant<BR>
to Securities and Exchange Commission<BR>
Rule 17Ad-15 if Notes are to be delivered, other<BR>
than to and in the name of the registered holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: The signature on the assignment must correspond with
the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ATTACHMENT 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[FORM OF CERTIFICATE TO BE DELIVERED<BR>
IN CONNECTION WITH CERTAIN TRANSFERS<BR>
PURSUANT TO REGULATION S]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wells Fargo Bank, National Association<BR>
Attn: DAPS &ndash; Reorg<BR>
600 South 4<SUP>th</SUP> Street &ndash; 7<SUP>th</SUP> Floor<BR>
Minneapolis, MN 55415<BR>
Facsimile: (866) 969-1290<BR>
Phone: (800) 344-5128<BR>
Email: DAPSReorg@wellsfargo.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned seller (i)&nbsp;acknowledges
that the sale of [$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;principal amount of Notes]
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;subordinate voting shares] of Colliers International
Group Inc. to which this declaration relates[, represented by certificate no.&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>],
is being made in reliance on Rule 904 of Regulation S (&ldquo;<U>Regulation S</U>&rdquo;) under the U.S. Securities Act of 1933,
as amended (the &ldquo;<U>Securities Act</U>&rdquo;), and (ii)&nbsp;certifies that: (A)&nbsp;it is not an affiliate (as defined
in Rule 405 under the Securities Act) of Colliers International Group Inc. (except for any officer or director who is an affiliate
solely by virtue of holding such position); (B)&nbsp;the offer of the securities was not made to a person in the United States
and either (1)&nbsp;at the time the buy order was originated, the buyer was outside the United States, or the seller and any person
acting on its behalf reasonably believe that the buyer was outside the United States, or (2)&nbsp;the transaction was executed
on or through the facilities of the Toronto Stock Exchange, and neither the seller nor any person acting on its behalf knows that
the transaction has been prearranged with a buyer in the United States; (C)&nbsp;neither the seller nor any affiliate of the seller
nor any person acting on any of their behalf has engaged or will engage in any &ldquo;directed selling efforts&rdquo; (as such
term is defined in Regulation S) in the United States in connection with the offer and sale of the securities; (D)&nbsp;the sale
is bona fide and not for the purpose of &ldquo;washing off&rdquo; the resale restrictions imposed because the securities are &ldquo;restricted
securities&rdquo; (as that term is defined in Rule 144(a)(3) under the Securities Act); (E)&nbsp;the seller does not intend to
replace the securities sold in reliance on Rule 904 of Regulation S with fungible unrestricted securities; and (F)&nbsp;the contemplated
sale is not a transaction, or part of a series of transactions which, although in technical compliance with Regulation S, is part
of a plan or scheme to evade the registration provisions of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You, the Company and counsel for the Company
are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 5%">Dated:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 34%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.75in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Signature(s)</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Signature Guarantee</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signature(s) must be guaranteed by an<BR>
eligible Guarantor Institution (banks, stock<BR>
brokers, savings and loan associations and<BR>
credit unions) with membership in an approved<BR>
signature guarantee medallion program pursuant<BR>
to Securities and Exchange Commission<BR>
Rule 17Ad-15 if Securities are to be delivered, other<BR>
than to and in the name of the registered holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOTICE: The signature on the assignment must correspond with
the name as written upon the face of the Security in every particular without alteration or enlargement or any change whatever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">2</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THIRD AMENDMENT<BR>
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>EXECUTED</B> by the parties hereto as
of the 27<SUP>th</SUP> day of March, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AMONG:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT>, as Canadian
Borrower (the <B>Canadian Borrower</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>COLLIERS INTERNATIONAL HOLDINGS (USA), INC.</B></FONT>,
as U.S. Borrower (the <B>US Borrower</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><B>GLOBESTAR LIMITED</B>, as a UK Borrower (<B>Globestar</B>)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><B>COLLIERS INTERNATIONAL EMEA HOLDINGS LIMITED</B>, as a UK Borrower (<B>EMEA Holdings</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><B>COLLIERS INTERNATIONAL HOLDINGS (AUSTRALIA) LIMITED</B>, as Australian Borrower (the <B>Australian
Borrower</B>, and together with the Canadian Borrower, the US Borrower, Globestar, EMEA Holdings, collectively, the <B>Borrowers</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>The Subsidiaries named on the execution pages hereof</B></FONT>,
as Guarantors (the <B>Guarantors</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>The banks named on the execution pages hereof</B></FONT>,
as Lenders (collectively, the <B>Lenders</B> and each individually the <B>Lender</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0; text-align: right"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Toronto Dominion (Texas) LLC</B></FONT>,
as the U.S. administration agent (the <B>U.S. Agent</B>)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><B>THE TORONTO-DOMINION BANK, LONDON BRANCH</B>, as European administration agent (the <B>European
Agent</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><B>HSBC BANK AUSTRALIA LIMITED</B>, as Australian administration agent (the <B>Australian Agent</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>The Toronto-Dominion Bank</B></FONT>, as the administration
agent, as the collateral agent and as the Canadian administration agent (in its capacity as the collateral agent, the <B>Collateral
Agent</B>, in its capacity as the administration agent, the <B>Administration Agent</B> and in its capacity as the Canadian administration
agent, the <B>Canadian Agent</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS </B>the
Borrowers, the Guarantors, the Lenders, the Administration Agent, the Collateral Agent, Canadian Agent, the U.S. Agent, the European
Agent, the Australian Agent (collectively, the <B>Agents</B>), TD Securities, as Sole Lead Arranger and Sole Bookrunner, Bank of
Montreal and HSBC Bank Canada, as Syndication Agents, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd. and U.S. Bank, National Association,
as Documentation Agents, among others, have entered into a second amended and restated credit agreement dated April 19, 2018 (as
amended by a first amendment to second amended and restated credit agreement dated as of April 4, 2019, a second amendment to second
amended and restated credit agreement dated as of September 13, 2019 and as the same may be further amended, restated, supplemented
or otherwise modified from time to time, the <B>Credit Agreement</B>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B>
the Canadian Borrower has advised the Agent that the U.S. Borrower intends to acquire a majority ownership interest in Colliers
Mortgage Holdings LLC pursuant to a share purchase agreement by and among the U.S. Borrower and the sellers party thereto dated
December 19, 2019;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B>
the Borrowers, the Agents and the Lenders have agreed to amend certain provisions of the Credit Agreement, but only to the extent
and subject to the provisions set forth in this third amendment to the Credit Agreement (the <B>Amendment</B>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW THEREFORE</B>,
for good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereby agree as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
1</FONT> &ndash; INTERPRETATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Capitalized terms referred to and not defined herein shall have the meanings ascribed thereto in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Borrowers and each of the Guarantors agrees that the recitals form an integral part of this Amendment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
2</FONT> &ndash; AMENDMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With effect on the Amendment Effective Date (as defined herein), the Credit Agreement is amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Section 1.1 of the Credit Agreement is hereby amended by amending the definition of &ldquo;Consolidated
EBITDA&rdquo; by deleting the reference to &ldquo;EBTIDA&rdquo; and substituting &ldquo;EBITDA&rdquo; therefor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Section 1.1 of the Credit Agreement is hereby amended by deleting Paragraph (c) of the definition
of &ldquo;Guarantor&rdquo; and substituting the following therefor:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&ldquo;(c)&#9;any
other Person who has provided a guarantee of Borrower&rsquo;s obligations hereunder in favour of the Agent or the Lenders, provided
however, that notwithstanding any other provision to the contrary contained in this Agreement, including for certainty paragraphs
(a)(iii), (a)(iv) and (a)(v) above, neither CMH nor any of its Subsidiaries shall be required to become a Guarantor.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Section 1.1 of the Credit Agreement is hereby amended by deleting the definition of &ldquo;Interest
Charges&rdquo; and substituting the following therefor:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&ldquo;&rdquo;<B>Interest
Charges</B>&rdquo; means for any period, the total of all items properly classified as interest expense for a Person for such period,
less the amount of any interest income, both determined in accordance with GAAP, provided, however, that &ldquo;Interest Charges&rdquo;
shall exclude any interest expense in respect of the Warehouse Line (as permitted under Section 8.3(b)(xiii) of this Agreement)
and any interest income from any mortgage loan financed thereby.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Section 1.1 of the Credit Agreement is hereby amended by deleting the definition of &ldquo;Interest
Coverage Ratio&rdquo; and substituting the following therefor:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&ldquo;&ldquo;<B>Interest
Coverage Ratio</B>&rdquo; means, in respect of any period, the quotient obtained by dividing (a) Consolidated EBITDA for such period
by (b) the sum of Consolidated (for the Canadian Borrower and its Subsidiaries, but excluding Unrestricted Entities) Interest Charges
for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">Section 1.1 of the Credit Agreement is hereby amended by adding a new Section (o) to the definition
of &ldquo;Permitted Encumbrances&rdquo; (with appropriate grammatical and punctuational changes as may be required to accommodate
the addition of such Section):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">&ldquo;(o)</TD><TD STYLE="text-align: justify">liens on assets of CMH and any of its Subsidiaries which are used from time to time to secure the
Warehouse Line.&rdquo;</TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Section 1.1 of the Credit Agreement is hereby amended by deleting the definition of &ldquo;Total
Debt&rdquo; and substituting the following therefor:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&ldquo;&rdquo;<B>Total
Debt</B>&rdquo; shall include, without duplication, the obligations under this Agreement, obligations in respect of Permitted Unsecured
Loans, Financial Contract Obligations, guaranteed obligations, capital leases, vendor-take-back financing, subordinated debt, reimbursement
obligations with respect to letters of credit and any other interest bearing obligations of the Canadian Borrower and its Subsidiaries
on a Consolidated basis excluding the Unrestricted Entities but otherwise determined in accordance with GAAP after deduction of
unrestricted cash-on-hand plus the aggregate of all Cash Amounts; provided that &ldquo;Total Debt&rdquo; shall exclude (i) any
Convertible Debentures up to a maximum aggregate amount of U.S.$100,000,000, and (ii) indebtedness in respect of the Warehouse
Line (as permitted under Section 8.3(b)(xiii) of this Agreement).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">Section 1.1 of the Credit Agreement is hereby amended by deleting the definition of &ldquo;Unrestricted
Entities&rdquo; and substituting the following therefor:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&ldquo;&rdquo;<B>Unrestricted
Entities</B>&rdquo; means Eligible Businesses in which a Borrower or any Subsidiary has invested (whether or not such entity is
controlled by a Borrower or any Subsidiary) having an aggregate initial investment value to the Borrowers and their Subsidiaries
(determined at the time of each such investment, including at the time of any subsequent investments in any particular entity in
which a Borrower or any of its Subsidiaries already has an interest) not exceeding the greater of (i) U.S$100,000,000 and (ii)
5% of Consolidated Total Assets. Schedule &ldquo;A&rdquo; lists the Unrestricted Entities as of the date of this Agreement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Section 1.1 of the Credit Agreement is hereby amended by adding the following new definitions in
the appropriate alphabetical order:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&ldquo;&rdquo;<B>CMH</B>&rdquo; means Colliers Mortgage Holdings LLC.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">&ldquo;&rdquo;<B>Warehouse Line</B>&rdquo; means one or more secured, first priority revolving
credit facilities in favour of CMH and/or any of its Subsidiaries, by and among CMH and/or any of its Subsidiaries and the financial
institutions party thereto from time to time, for the purpose of funding mortgage loans originated by CMH or any of its Subsidiaries.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">Section 8.3(b) of the Credit Agreement is hereby amended by adding a new Section 8.3(b)(xiii) (with
appropriate grammatical and punctuational changes as may be required to accommodate the addition of such Section):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&ldquo;(xiii)
mortgage loans made by CMH or any of its Subsidiaries in the ordinary course of business, and indebtedness or other obligations
of CMH or any of its Subsidiaries arising under the Warehouse Line so long as (A) the principal amount of such indebtedness obligations
(or the principal amount of such other obligations) owing to third parties under the Warehouse Line does not in the aggregate exceed
at any one time outstanding the greater of (x) U.S.$300,000,000 or (y) 10% of Consolidated Total Assets, (B) recourse in respect
of such indebtedness obligations is limited solely to CMH and its Subsidiaries and no other Guarantor or Affiliate of a Guarantor
thereof, and (C) concurrently with any mortgage loan agreement entered into by CMH or any of its Subsidiaries and the borrower
of such mortgage loan which is intended to be originated by CMH or such Subsidiary, a binding agreement of sale is entered into
in writing by CMH or such Subsidiary and a third party financial institution in respect of the sale of such mortgage loan to such
third party financial institution (to the extent such agreement is not already in existence).&rdquo;</P>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">Article 16 of the Credit Agreement is hereby amended by adding a new Section 16.16 immediately
following Section 16.15 as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&ldquo;<B>16.16</B>&#9;<B>Acknowledgement
Regarding Any Supported QFCs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">To the extent
that the Loan Documents provide support, through a guarantee or otherwise, for any Hedging Agreements or any other agreement or
instrument that is a QFC (such support, &ldquo;<B>QFC Credit Support</B>&rdquo;, and each such QFC, a &ldquo;<B>Supported QFC</B>&rdquo;),
the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together
with the regulations promulgated thereunder, the &ldquo;<B>U.S. Special Resolution Regimes</B>&rdquo;) in respect of such Supported
QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC
may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the
United States):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">In the event a Covered Entity that is party to a Supported QFC (each, a &ldquo;<B>Covered Party</B>&rdquo;)
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such
QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights
in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and
any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States.
In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution
Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that
may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be
exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the
United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and
remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect
to a Supported QFC or any QFC Credit Support.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">As used in this Section 16.16, the following terms have the following meanings:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&ldquo;<B>BHC Act Affiliate</B>&rdquo; of a party means an &ldquo;affiliate&rdquo; (as such term
is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Covered Entity</B>&rdquo; means any of the following: (i) a &ldquo;covered entity&rdquo;
as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii) a &ldquo;covered bank&rdquo; as
that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii) a &ldquo;covered FSI&rdquo; as
that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">&ldquo;<B>Default Right</B>&rdquo; has the meaning assigned to that term in, and shall be interpreted
in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2 or 382.1, as applicable.</TD></TR></TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">&ldquo;<B>QFC</B>&rdquo; has the meaning assigned to the term &ldquo;qualified financial contract&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).&rdquo;</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
3</FONT>&ndash; CONDITIONS TO EFFECTIVENESS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Amendment shall become effective upon the satisfaction of the following conditions precedent in form and substance
satisfactory to the Collateral Agent (the date and fulfillment of such conditions being herein referred to as the <B>Amendment
Effective Date</B>):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">delivery to the Collateral Agent of a fully executed copy of this Amendment, dated the Amendment
Effective Date, as executed by the Borrowers, the Guarantors, the Agents and the Lenders; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Collateral Agent being satisfied that all representations and warranties contained in Article
8 of the Credit Agreement shall remain true and correct in all material respects (except such representations and warranties that
are qualified as to materiality, which shall be true and correct in all respects) following this Amendment.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
4</FONT>&ndash; REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower and each Guarantor warrants and represents to the Agents and the Lenders that the following statements are
true, correct and complete:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Authorization, Validity, and Enforceability of this Amendment.</U> Each Borrower and each Guarantor
has the corporate power and authority to execute and deliver this Amendment and to perform its obligations under the Credit Agreement,
as amended by this Amendment. Each Borrower and each Guarantor has taken all necessary corporate action (including, without limitation,
obtaining approval of its shareholders if necessary) to authorize its execution and delivery of this Amendment and the performance
of the Credit Agreement. This Amendment has been duly executed and delivered by each Borrower and each Guarantor and this Amendment
and the Credit Agreement constitute the legal, valid and binding obligations of each Borrower and each Guarantor, enforceable against
each of them in accordance with their respective terms without defence, compensation, setoff or counterclaim. Each Borrower&rsquo;s
and each Guarantor&rsquo;s execution and delivery of this Amendment and the performance by each Borrower and each Guarantor of
the Credit Agreement do not and will not conflict with, or constitute a violation or breach of, or constitute a default under,
or result in the creation or imposition of any Lien upon the property of any Borrower or any Guarantor by reason of the terms of
(a) any contract, mortgage, hypothec, Lien, lease, agreement, indenture, or instrument to which any Borrower or any Guarantor is
a party or which is binding on any of them, (b) any requirement of law applicable to any Borrower or any Guarantor, or (c) the
certificate or articles of incorporation or amalgamation or association or bylaws or memorandum of association of any Borrower
or any Guarantor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Governmental Authorization.</U> No approval, consent, exemption, authorization, or other action
by, or notice to, or filing with, any governmental authority or other person is necessary or required in connection with the execution,
delivery or performance by, or enforcement against each Borrower and each Guarantor of this Amendment or the Credit Agreement except
for such as have been obtained or made and filings required in order to perfect and render enforceable the Collateral Agent&rsquo;s
Liens.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Incorporation of Representations and Warranties from Credit Agreement.</U> The representations
and warranties contained in Article 8 of the Credit Agreement and the other Loan Documents are and will be true, correct and complete
in all material respects on and as of the Amendment Effective Date to the same extent as though made on and as of that date, except
to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date.</TD></TR></TABLE>
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Absence of Default.</U> No event has occurred and is continuing or will result from the consummation
of the transactions contemplated by this Amendment that would constitute a Default or an Event of Default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><U>No Other Amendment.</U> Except to the extent set forth herein no additional amendment, consent
or waiver of any other term, condition, covenant, agreement or any other aspect of the Credit Agreement is intended or implied
and except as covered by this Amendment, no other aspect of the covenants referred to herein is amended or waived, including without
limitation for any other period or circumstance, and no such amendment, waiver or consent is intended or implied.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
5</FONT> &ndash; MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower and each Guarantor (i) reaffirms its Obligations under the Credit Agreement and the other Loan Documents to
which it is a party, and (ii) agrees that the Credit Agreement and the other Loan Documents to which it is a party remain in full
force and effect, except as amended hereby, and are hereby ratified and confirmed. The Guarantors (i) consent to and approve the
execution and delivery of this Amendment by the parties hereto, (ii) agree that this Amendment does not and shall not limit or
diminish in any manner the obligations of the Guarantors under their guarantees (collectively, the <B>Guarantees</B>) and that
such obligations would not be limited or diminished in any manner even if such Guarantors had not executed this Amendment, (iii)
agree that this Amendment shall not be construed as requiring the consent of such Guarantors in any other circumstance, (iv) reaffirm
each of their obligations under the Guarantees and the other Loan Documents to which they are a party, and (v) agree that the Guarantees
and the other Loan Documents to which they are a party remain in full force and effect and are hereby ratified and confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except to the extent specifically set forth in this Amendment, nothing contained in this Amendment or any other communication
between the Collateral Agent and/or the Lenders and the Borrowers (or any Guarantor) shall be a waiver of any other present or
future violation, Default or Event of Default under the Credit Agreement or any other Loan Document (collectively, <B>Other Violations</B>).
Similarly, nothing contained in this Amendment shall directly or indirectly in any way whatsoever either (i) impair, prejudice
or otherwise adversely affect the Collateral Agent&rsquo;s or the Lenders&rsquo; right at any time to exercise any right, privilege
or remedy in connection with the Credit Agreement or any other Loan Document with respect to any Other Violations (including, without
limiting the generality of the foregoing, in respect of the non-conformity to any representation, warranty or covenant contained
in any Loan Document), (ii) except as specifically provided in Article 2 hereof, amend or alter any provision of the Credit Agreement
or any other Loan Document or any other contract or instrument, or (iii) constitute any course of dealing or other basis for altering
any obligation of any Borrower or any Guarantor under the Loan Documents or any right, privilege or remedy of the Collateral Agent
or the Lenders under the Credit Agreement or any other Loan Document or any other contract or instrument with respect to Other
Violations. Nothing in this Amendment shall be construed to be a consent by the Collateral Agent or the Lenders to any Other Violations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Amendment will not discharge or constitute novation of any debt, obligation, covenant or agreement contained in the
Agreement or any of the documents or security delivered pursuant thereto but same shall remain in full force and effect save to
the extent same are amended by the provisions of this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All reasonable expenses of the Collateral Agent in connection with this Amendment and the related documentation, including
all reasonable legal fees and disbursements incurred by the Collateral Agent, shall be for the account of the Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Amendment enures to the benefit of and binds the parties and their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party shall from time to time promptly execute and deliver all further documents and take all further action necessary
to give effect to the provisions and intent of this Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Amendment may be executed and delivered in one or more counterparts, including by way of facsimile, or electronically,
each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Amendment shall be interpreted and the rights and liabilities of the parties hereto shall be determined in accordance
with the laws of the Province of Ontario and the federal laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Signature pages commence on the following
page] </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF</B>, the parties
hereto have caused this Amendment to Credit Agreement to be executed as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL GROUP INC., as Canadian Borrower</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President, Legal Counsel and Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Corporation</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL HOLDINGS (USA), INC., as U.S. Borrower</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Corporation</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">GLOBESTAR LIMITED, as a UK Borrower</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL EMEA HOLDINGS LIMITED, as a UK Borrower</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 48%">Executed by <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700">Colliers International Holdings (Australia) Limited </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">ACN 008 178 238 as Australian Borrower in accordance with section&nbsp;127 of the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: 400"><I>Corporations Act 2001:</I></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic">&lt;Signed&gt; Robert Wall</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">&lt;Signed&gt; John Kenny</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 0.5pt dotted"><STRIKE>Director</STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">/company secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt dotted">Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 0.5pt dotted">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt dotted">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>ROBERT WALL</TD>
    <TD>&nbsp;</TD>
    <TD>JOHN KENNY</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 0.5pt dotted">Name of director/company secretary</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt dotted">Name of director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>(BLOCK LETTERS)</TD>
    <TD>&nbsp;</TD>
    <TD>(BLOCK LETTERS)</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS MACAULAY NICOLLS INC., as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Corporation</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL USA, LLC, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">CIVAS HOLDINGS, LLC, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL WA, LLC, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL REAL ESTATE MANAGEMENT SERVICES (AZ), LLC, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL CA, LLC, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL GREATER LOS ANGELES, LLC as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL VALUATION &amp; ADVISORY SERVICES, LLC, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">FS WILLIAMS ACQUISITIONCO LLC, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS PARRISH INTERNATIONAL, INC., as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Corporation</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 48%">Executed by <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700">COLLIERS INTERNATIONAL (NSW) PTY LIMITED </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">ACN 001 401 681 as a Guarantor in accordance with section&nbsp;127 of the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: 400"><I>Corporations Act 2001:</I></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic">&lt;Signed&gt; Robert Wall</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">&lt;Signed&gt; John Kenny</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 0.5pt dotted"><STRIKE>Director</STRIKE><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">/company secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt dotted">Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 0.5pt dotted">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt dotted">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>ROBERT WALL</TD>
    <TD>&nbsp;</TD>
    <TD>JOHN KENNY</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 0.5pt dotted">Name of director/company secretary</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt dotted">Name of director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>(BLOCK LETTERS)</TD>
    <TD>&nbsp;</TD>
    <TD>(BLOCK LETTERS)</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Executed by <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700">COLLIERS INTERNATIONAL (VICTORIA) PTY LTD </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">ACN 005 032 940 as a Guarantor in accordance with section&nbsp;127 of the </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: 400"><I>Corporations Act 2001:</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic">&lt;Signed&gt; Robert Wall</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">&lt;Signed&gt; John Marasco</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 0.5pt dotted">Director/company secretary</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt dotted">Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 0.5pt dotted">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt dotted">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>ROBERT WALL</TD>
    <TD>&nbsp;</TD>
    <TD>JOHN MARASCO</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="border-top: Black 0.5pt dotted">Name of director/company secretary</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt dotted">Name of director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>(BLOCK LETTERS)</TD>
    <TD>&nbsp;</TD>
    <TD>(BLOCK LETTERS)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL NEW ZEALAND LIMITED, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL GERMANY HOLDING GMBH, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS MACAULAY NICOLLS (CYPRUS) LIMITED, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL HOLDINGS LIMITED, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL CONSULTANTS LIMITED, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL (HONG KONG) LIMITED, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">Signed by a director of GLOBESTAR LIMITED for and on behalf of, and as corporate member of, COLLIERS INTERNATIONAL PROPERTY ADVISERS UK LLP, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL PROPERTY CONSULTANTS LIMITED, as a Guarantor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Anthony Horrell</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Anthony Horrell</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL FINLAND GROUP OY<FONT STYLE="font: normal 700 10pt Times New Roman, Times, Serif">, as a Guarantor</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL FINLAND OY<FONT STYLE="font: normal 700 10pt Times New Roman, Times, Serif">, as a Guarantor</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL FINLAND HOLDINGS OY<FONT STYLE="font: normal 700 10pt Times New Roman, Times, Serif">, as a Guarantor</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL PROPERTY CONSULTANTS (SHANGHAI) CO. LTD.<FONT STYLE="font: normal 700 10pt Times New Roman, Times, Serif">, as a Guarantor</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew&nbsp;&nbsp;Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL FINCO (CANADA) INC.<FONT STYLE="font: normal 700 10pt Times New Roman, Times, Serif">, as a Guarantor</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew&nbsp;&nbsp;Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Corporation</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INVESTMENT MANAGEMENT HOLDINGS, Inc.<FONT STYLE="font: normal 700 10pt Times New Roman, Times, Serif">, as a Guarantor</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew&nbsp;&nbsp;Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signor</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Corporation</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">Colliers International EMEA FINCO PLC&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">Colliers International REMS US, LLC&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;Secretary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">I have the authority to bind the Company</TD></TR>
</TABLE>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">THE TORONTO-DOMINION BANK, as Administration Agent, Collateral Agent and Canadian Administration Agent</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Neda Heidarpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Neda Heidarpour</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Loan Syndications - Agency</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">Draw Requests, Conversion Requests, Repayment Notices</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">All Other Notices</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">TORONTO DOMINION (TEXAS) LLC, as U.S. Administration Agent</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Hughroy Enniss</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Hughroy Enniss</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Authorized Signatore</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">THE TORONTO-DOMINION BANK, London Branch, as European Agent</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Philip Bates</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Philip Bates</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: MD &amp; Head of European Corporate Banking</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">THE TORONTO-DOMINION BANK, London Branch, as European Agent</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Paul Needs</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Paul Needs</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director, Global Counterparty Credit</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">HSBC BANK AUSTRALIA LIMITED, as Australian Agent</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left">&lt;Signed&gt; Steve Hughes</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Steve Hughes</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&nbsp;</TD></TR>
</TABLE>


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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">THE TORONTO-DOMINION BANK</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Tim Thomas</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Tim Thomas</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left">&lt;Signed&gt; Andrew C. Rytel</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Andrew C. Rytel</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">JPMORGAN CHASE BANK, N.A., Toronto Branch</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Jeffrey Coleman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Jeffrey Coleman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Executive Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">BANK OF MONTREAL</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Sean P. Gallaway</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sean P. Gallaway</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">HSBC BANK CANADA</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Simon Tobin</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Simon Tobin</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director, Large Corporate Banking</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Jordan Stewart</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Jordan Stewart</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director, Large Corporate Banking</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&rsquo;D</B></P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">THE BANK OF NOVA SCOTIA</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Steve Holyman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Steve Holyman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Andrew Morales</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Andrew Morales</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Associate Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">BANK OF AMERICA, N.A., Canada Branch</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Sanaa Khatri-Ahmed</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sanaa Khatri-Ahmed</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Senior Vice President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">CANADIAN IMPERIAL BANK OF COMMERCE</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Executive Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Stephen Redding</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Stephen Redding</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>



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<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">NATIONAL BANK OF CANADA</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; David Torrey</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: David Torrey</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">U.S. BANK NATIONAL ASSOCIATION, Canada Branch</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; James F. Cooper</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: James F. Cooper</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Sr. V/President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>



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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">WELLS FARGO BANK, N.A., Canadian Branch</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Jeff McInenly</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Jeff McInenly</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Gord Morrison</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Gord Morrison</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&rsquo;D</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">MIZUHO BANK, LTD.</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]&nbsp;</TD></TR>
</TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">the TORONTO-DOMINION BANK, NEW YORK Branch</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Hughroy Enniss</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Hughroy Enniss</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">JPMORGAN CHASE BANK, N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Sabir Hashmy</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sabir Hashmy</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">BANK OF MONTREAL, Chicago Branch</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Andrew Berryman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Andrew Berryman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]v</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">HSBC BANK CANADA</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; text-align: left; width: 45%">&lt;Signed&gt; Simon Tobin</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Simon Tobin</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director, Large Corporate Banking</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Jordan Stewart</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Jordan Stewart</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director, Large Corporate Banking</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">THE BANK OF NOVA SCOTIA</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Steve Holyman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Steve Holyman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Andrew Morales</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Andrew Morales</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Associate Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">BANK OF AMERICA, N.A., Canada Branch</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Sanaa Khatri-Ahmed</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sanaa Khatri-Ahmed</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Senior Vice President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">CANADIAN IMPERIAL BANK OF COMMERCE</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Executive Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Stephen Redding</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Stephen Redding</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">NATIONAL BANK OF CANADA</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; David Torrey</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: David Torrey</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">U.S. BANK NATIONAL ASSOCIATION</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; James F. Cooper</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: James F. Cooper</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Sr. V/President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">WELLS FARGO BANK, N.A., Canadian Branch</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Jeff McInenly</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Jeff McInenly</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Gord Morrison</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Gord Morrison</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>US LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">MIZUHO BANK, LTD.</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">THE toronto-dominion BANK, London Branch</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Philip Bates</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Philip Bates</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: MD &amp; Head of European Corporate&nbsp;&nbsp;Banking</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Paul Needs</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Paul Needs</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director, Global Counterparty Credit</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]:&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">JPMORGAN CHASE BANK, N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Sabir Hashmy</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sabir Hashmy</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">BANK OF MONTREAL, London Branch</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Tom Woolgar</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Tom Woolgar</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: MD</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Richard Couzens</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Richard Couzens</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">HSBC BANK plc</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Steve Robinson</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Steve Robinson</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;Relationship Director, International&nbsp;&nbsp;Subsidiary Banking</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Michael Jones</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Jones</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Deputy Head International Subsidiary Banking</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">THE BANK OF NOVA SCOTIA</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Steve Holyman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Steve Holyman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Andrew Morales</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Andrew Morales</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Associate Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">BANK OF AMERICA, N.A., Canada Branch</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Sanaa Khatri-Ahmed</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sanaa Khatri-Ahmed</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Senior Vice President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">NATIONAL BANK OF CANADA</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; David Torrey</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: David Torrey</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">WELLS FARGO BANK, N.A., Canadian Branch</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Jeff McInenly</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Jeff McInenly</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Gord Morrison</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Gord Morrison</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">MIZUHO BANK, LTD.</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">CANADIAN IMPERIAL BANK OF COMMERCE</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Executive Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Stephen Redding</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Stephen Redding</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]v</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">THE toronto-dominion BANK, London Branch</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Philip Bates</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Philip Bates</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: MD &amp; Head of European Corporate Banking</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Paul Needs</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Paul Needs</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director, Global Counterparty Credit</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">JPMORGAN CHASE BANK, N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Sabir Hashmy</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sabir Hashmy</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">BANK OF MONTREAL, London Branch</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Tom Woolgar</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Tom Woolgar</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: MD</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Richard Couzens</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Richard Couzens</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold"><FONT STYLE="text-transform: uppercase">HSBC BANK plc</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Steve Robinson</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Steve Robinson</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;Relationship Director, International Subsidiary Banking</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Michael Jones</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Jones</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Deputy Head, International Subsidiary</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Banking</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">THE BANK OF NOVA SCOTIA</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Steve Holyman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Steve Holyman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Andrew Morales</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Andrew Morales</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Associate Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&rsquo;D</B></P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">BANK OF AMERICA, N.A., Canada Branch</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Sanaa Khatri-Ahmed</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sanaa Khatri-Ahmed</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Senior Vice President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">NATIONAL BANK OF CANADA</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; David Torrey</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: David Torrey</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">WELLS FARGO BANK, N.A., Canadian Branch</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Jeff McInenly</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Jeff McInenly</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Gord Morrison</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Gord Morrison</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">CANADIAN IMPERIAL BANK OF COMMERCE</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Executive Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid">&lt;Signed&gt; Stephen Redding</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Stephen Redding</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Signature page to Third Amendment to<BR> Second Amended and Restated Credit Agreement - Colliers</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&rsquo;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">MIZUHO BANK, LTD.</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">Per:</TD>
    <TD STYLE="font-style: italic; border-bottom: Black 1pt solid; width: 45%">&lt;Signed&gt; Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">[REDACTED]</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AUSTRALIAN LENDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-transform: uppercase"><B>HSBC
BANK AUSTRALIA LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; width: 48%">Signed <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">for </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 700">HSBC BANK AUSTRALIA LIMITED </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">(ABN 48 006 434 162) by its duly appointed attorney under power of attorney in the presence of:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic; vertical-align: middle">&lt;Signed&gt; Weng Hang Lei, Christie</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><I>&lt;Signed&gt; Steve Hughes</I></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">Witness Signature</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Attorney Signature</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: middle">Weng Hang Lei, Christie</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">Steve Hughes</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>Print Name</TD>
    <TD>&nbsp;</TD>
    <TD>Print Name</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Address for Notice:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">[REDACTED]</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Signature page to Third Amendment to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Second Amended and Restated Credit Agreement
- Colliers</P>



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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exh_993.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>Execution Version</I></B></P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FOURTH AMENDMENT<BR>
TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THIS FOURTH AMENDMENT TO SECOND AMENDED
AND RESTATED CREDIT AGREEMENT </B>(the <B>Fourth Amendment</B>) is executed by the parties hereto as of the 13<SUP>th</SUP> day
of May, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AMONG:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>COLLIERS INTERNATIONAL GROUP INC.</B></FONT>, as Canadian
Borrower (the <B>Canadian Borrower</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>COLLIERS INTERNATIONAL HOLDINGS (USA), INC.</B></FONT>,
as U.S. Borrower (the <B>US Borrower</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>GLOBESTAR LIMITED</B>,
as a UK Borrower (<B>Globestar</B>)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><B>COLLIERS INTERNATIONAL EMEA HOLDINGS LIMITED</B>, as a UK Borrower (<B>EMEA Holdings</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><B>COLLIERS INTERNATIONAL HOLDINGS (AUSTRALIA) LIMITED</B>, as Australian Borrower (the <B>Australian
Borrower</B>, and together with the Canadian Borrower, the US Borrower, Globestar, EMEA Holdings, collectively, the <B>Borrowers</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>The Subsidiaries named on the execution pages hereof</B></FONT>,
as Guarantors (the <B>Guarantors</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>The banks named on the execution pages hereof</B></FONT>,
as Lenders (collectively, the <B>Lenders</B> and each individually the <B>Lender</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B><FONT STYLE="text-transform: uppercase">Toronto
Dominion (Texas) LLC</FONT></B>, as the U.S. administration agent (the <B>U.S. Agent</B>)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><B>THE TORONTO-DOMINION BANK, LONDON BRANCH</B>, as European administration agent (the <B>European
Agent</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><B>HSBC BANK AUSTRALIA LIMITED</B>, as Australian administration agent (the <B>Australian Agent</B>)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>AND:</B></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>The Toronto-Dominion Bank</B></FONT>, as the administration
agent, as the collateral agent and as the Canadian administration agent (in its capacity as the collateral agent, the <B>Collateral
Agent</B>, in its capacity as the administration agent, the <B>Administration Agent</B> and in its capacity as the Canadian administration
agent, the <B>Canadian Agent</B>).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS </B>the
Borrowers, the Guarantors, the Lenders, the Administration Agent, the Collateral Agent, Canadian Agent, the U.S. Agent, the European
Agent, the Australian Agent (collectively, the <B>Agents</B>), TD Securities, as Sole Lead Arranger and Sole Bookrunner, Bank of
Montreal and HSBC Bank Canada, as Syndication Agents, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd. and U.S. Bank, National Association,
as Documentation Agents, among others, have entered into a second amended and restated credit agreement dated April 19, 2018, as
amended by a first amendment to second amended and restated credit agreement dated as of April 4, 2019, a second amendment to second
amended and restated credit agreement dated as of September 13, 2019 and a third amendment to second amended and restated credit
agreement dated as of March 27, 2020 (the <B>Existing Credit Agreement</B>, and as amended by this Fourth Amendment and as may
be further amended, restated, amended and restated, supplemented, replaced and otherwise modified from time to time, the <B>Credit
Agreement</B>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B>
the Borrowers, the Agents and the Lenders have agreed to amend certain provisions of the Existing Credit Agreement (collectively,
the <B>Amendments</B>), but only to the extent and subject to the provisions set forth in this Fourth Amendment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>AND WHEREAS</B>
in accordance with Section 13.8 of the Credit Agreement, the Amendments require the consent and approval of the Majority Lenders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW THEREFORE</B>,
for good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
1</FONT> &#8211; INTERPRETATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Capitalized terms referred to and not defined herein shall have the meanings ascribed thereto in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each of the Borrowers and each of the Guarantors agrees that the recitals form an integral part of this Fourth Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
2</FONT> &#8211; AMENDMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With effect as of the Amendment Effective Date (as defined herein), Section 1.1 of the Existing Credit Agreement is hereby
amended by adding the following new definitions in the appropriate alphabetical order:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -4.5pt">&#8220;&#8220;<B>CDOR
Scheduled Unavailability Date</B>&#8221; has the meaning attributed thereto in Section 4.13(a)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&#8220;<B>CDOR
Successor Rate</B>&#8221; has the meaning ascribed thereto in Section 4.13(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&#8220;<B>LIBO
Successor Rate</B>&#8221; has the meaning ascribed thereto in Section 4.14(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -4.5pt">&#8220;<B>LIBOR
Scheduled Unavailability Date</B>&#8221; has the meaning ascribed thereto in Section 4.14(a)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify; text-indent: -4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#8220;<B>LIBOR Screen
Rate</B>&#8221; has the meaning ascribed thereto in Section 4.14(a)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<B>Pricing
Ratio</B>&#8221; means, at any time, the quotient obtained by dividing (a) the sum of Total Debt plus Convertible Debentures (as
numerator) by (b) Consolidated EBITDA (as denominator), for the purpose of this ratio, calculated on the basis of the immediately
preceding four consecutive Quarters so as to include all Persons that have become Subsidiaries during the relevant periods in a
manner permitted by the terms of this Agreement, with EBITDA from Acquisition Entities to be included in the calculations by using
the trailing 12 month EBITDA for the Acquisition Entity or entities and so as to exclude the EBITDA of a former Subsidiary that
ceased being a Subsidiary during the previous four Quarters; in addition, the Consolidated EBITDA may be adjusted to include Normalizing
Adjustments; provided that such adjustments shall only be made if (i) the Canadian Borrower has provided to the Canadian Agent
details of such Normalizing Adjustments following the completion of the acquisition of such Acquisition Entity, and (ii) the Canadian
Agent has not provided written notice to the Canadian Borrower within 15 Business Days of the receipt by the Canadian Agent of
such details that the Majority Lenders do not so consent to the Normalizing Adjustments.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With effect as of the Amendment Effective Date, the definition of &#8220;Applicable Margin&#8221; appearing in Section 1.1
of the Existing Credit Agreement is hereby amended by (i) adding the phrase &#8220;, determined in accordance with the Pricing
Ratio&#8221; immediately following the phrase &#8220;per annum&#8221;, and (ii) deleting the pricing grid appearing therein in
its entirety and substituting the following therefor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #E6E6E6">
    <TD STYLE="width: 20%; border: Black 1pt solid; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">1. Pricing Ratio</TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2. &nbsp;Pricing Ratio</TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">3. &nbsp;Pricing Ratio</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">4. &nbsp;Pricing Ratio</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">5. &nbsp;Pricing Ratio</TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; font-weight: bold">6. &nbsp;Pricing Ratio</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Ratio &lt;1.5:1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Ratio of &#8805;1.5:1 but &lt;2: 1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Ratio of &#8805;2:1 but &lt;2.5: 1</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Ratio of &#8805;2.5:1 but &lt;3:1</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Ratio of &#8805;3:1 but &lt; 3.5</TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">Ratio of &#8805; 3.5:1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Canadian Prime Rate Margin</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.25%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.00%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">U.S. Base Rate Margin</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.25%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.00%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">U.S. Prime Rate Margin</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.25%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.00%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Australian Base Rate Margin</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.25%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.00%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Acceptance Fee</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.25%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.00%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Libor Margin</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.25%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.00%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Australian Bank Bill Rate Margin</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.25%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.00%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Letter of Credit Fee</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.25%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">1.75%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.00%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.00%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Commitment Fees</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.25%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.30%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.35%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.40%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.50%</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">0.60%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="6" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">Changes in the Applicable Margins become effective in accordance with Section 4.11.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With effect as of the Amendment Effective Date, clause (iv) of the definition of &#8220;Convertible Debentures&#8221; appearing
in Section 1.1 of the Existing Credit Agreement is hereby amended by adding the phrase &#8220;at the time of issuance of such debentures
or notes&#8221; immediately following the phrase &#8220;Final Maturity Date&#8221; appearing therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With effect as of the Amendment Effective Date, the definition of &#8220;Total Debt&#8221; appearing in Section 1.1 of the
Existing Credit Agreement is hereby amended by deleting the reference to &#8220;U.S.$100,000,000&#8221; and substituting &#8220;U.S.$250,000,000&#8221;
therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>With effect as of the Amendment Effective Date, Article 4 of the Existing Credit Agreement is hereby amended by (i) adding
a new Section 4.13 immediately following Section 4.12 thereof, and (ii) adding a new Section 4.14 immediately following Section
4.13 thereof, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<B>4.13</B>&#9;<B>CDOR
Discontinuation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">If the Administration Agent determines (which determination shall be conclusive absent manifest
error), or the Borrowers or the Majority Lenders notify the Administration Agent that the Borrowers or Majority Lenders (as applicable)
have determined that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">adequate and reasonable means do not exist for ascertaining CDOR Rate, including because the Reuters
Screen CDOR Page is not available or published on a current basis for the applicable Interest Period and such circumstances are
unlikely to be temporary;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the administrator of the CDOR Rate or a Governmental Authority having jurisdiction has made a public
statement identifying a specific date after which CDOR Rate will permanently or indefinitely cease to be made available or permitted
to be used for determining the interest rate of loans;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">a Governmental Authority having jurisdiction over the Administration Agent has made a public statement
identifying a specific date after which CDOR Rate shall no longer be permitted to be used for determining the interest rate of
loans (each such specific date in clause (ii) above and in this clause (iii) a &#8220;<B>CDOR Scheduled Unavailability Date</B>&#8221;);
or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">syndicated loans currently being executed, or that include language similar to that contained in
this Section 4.13, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace
the CDOR Rate,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">then reasonably
promptly after such determination by the Administration Agent or receipt by the Administration Agent of such notice, as applicable,
the Administration Agent and the Borrowers may mutually agree upon a successor rate to the CDOR Rate, and the Agent and the Borrowers
may amend this Agreement to replace the CDOR Rate with an alternate benchmark rate (including any mathematical or other adjustments
to the benchmark (if any) incorporated therein ), giving due consideration to any evolving or then existing convention for similar
Canadian Dollars denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a &#8220;<B>CDOR
Successor Rate</B>&#8221;), together with any proposed CDOR Successor Rate conforming changes and any such amendment shall become
effective at 5:00 p.m. (Toronto time) on the fifth (5<SUP>th</SUP>) Business Day after the Administration Agent shall have posted
such proposed amendment to all Lenders and the Borrowers unless, prior to such time, Lenders comprising the Majority Lenders have
delivered to the Agent written notice that such Majority Lenders do not accept such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">If no CDOR Successor Rate has been determined and the circumstances under clause 4.13(a)(i) above
exist or a CDOR Scheduled Unavailability Date has occurred (as applicable), the Administration Agent will promptly so notify the
Borrowers and each Lender. Thereafter, the obligation of the Lenders to make or maintain Bankers&#8217; Acceptances and BA Equivalent
Loans, shall be suspended (to the extent of the affected Bankers&#8217; Acceptances, BA Equivalent Loans, or Interest Periods).
Upon receipt of such notice, a Borrower may revoke any pending request for an Advance of, conversion to or rollover of Bankers&#8217;
Acceptances or BA Equivalent Loans, (to the extent of the affected Bankers&#8217; Acceptances, BA Equivalent Loans, or Interest
Periods) or, failing that, will be deemed to have converted such request into a request for an Advance of Canadian Prime Rate Loans
(subject to the foregoing clause (a)) in the amount specified therein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Notwithstanding anything else herein, any definition of the CDOR Successor Rate (exclusive of any
margin) shall provide that in no event shall such CDOR Successor Rate be less than zero for the purposes of this Agreement. In
addition, the CDOR Rate shall not be included or referenced in the definition of Canadian Prime Rate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><B>4.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR
Discontinuation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">If the Administration Agent determines (which determination shall be conclusive absent manifest
error), or the Borrowers or the Majority Lenders notify the Administration Agent that the Borrowers or Majority Lenders (as applicable)
have determined that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">adequate and reasonable means do not exist for ascertaining LIBOR, including because the &#8220;LIBOR01
Page&#8221; of the Reuters Money Rates Service (or any successor source from time to time for such rate) (the &#8220;<B>LIBOR Screen
Rate</B>&#8221;) is not available or published on a current basis for an Advance in the applicable currency or for the applicable
Interest Period and such circumstances are unlikely to be temporary;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over
the administrator of the LIBOR Screen Rate has made a public statement identifying a specific date after which the LIBOR Screen
Rate will permanently or indefinitely cease to be made available or permitted to be used for determining the interest rate of loans;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">a Governmental Authority having jurisdiction over the Administration Agent has made a public statement
identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be permitted to be used for determining
the interest rate of loans (each such specific date in clause (ii) above and in this clause (iii) a &#8220;<B>LIBOR Scheduled Unavailability
Date</B>&#8221;); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">syndicated loans currently being executed, or that include language similar to that contained in
this Section 4.14, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace
LIBOR,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">then reasonably
promptly after such determination by the Administration Agent or receipt by the Administration Agent of such notice, as applicable,
the Administration Agent and the Borrowers may mutually agree upon a successor rate to LIBOR, and the Administration Agent and
the Borrowers may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments
to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar
Canadian Dollars or United States Dollars denominated syndicated credit facilities for such alternative benchmarks (any such proposed
rate, a &#8220;<B>LIBO Successor Rate</B>&#8221;), together with any proposed LIBO Successor Rate conforming changes and any such
amendment shall become effective at 5:00 p.m. (Toronto time) on the fifth (5<SUP>th</SUP>) Business Day after the Administration
Agent shall have posted such proposed amendment to all Lenders and the Borrowers unless, prior to such time, Lenders comprising
the Majority Lenders have delivered to the Administration Agent written notice that such Majority Lenders do not accept such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">If no LIBO Successor Rate has been determined and the circumstances under clause 4.14(a)(i) above
exist or a LIBOR Scheduled Unavailability Date has occurred (as applicable), the Administration Agent will promptly so notify the
Borrowers and each Lender. Thereafter, the obligation of the Lenders to make or maintain Libor Loans shall be suspended (to the
extent of the affected Libor Loans or Interest Periods). Upon receipt of such notice, a Borrower may revoke any pending request
for an Advance of, conversion to or rollover of Libor Loans (to the extent of the affected Libor Loans or Interest Periods) or,
failing that, will be deemed to have converted such request into a request for an Advance of U.S. Base Rate Loans (subject to the
foregoing clause (ii)) in the amount specified therein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Notwithstanding anything else herein, any definition of the LIBO Successor Rate (exclusive of any
margin) shall provide that in no event shall such LIBO Successor Rate be less than zero for the purposes of this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
effect as of the Amendment Effective Date, Section 10 of Schedule &#8220;G&#8221; of the Existing Credit Agreement is hereby amended
by deleting the phrase &#8220;a Total Debt/Consolidated EBITDA Ratio of _________&#8221; in its entirety and substituting &#8220;the
Pricing Ratio&#8221; therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
3</FONT> &#8211; FEES AND COSTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In consideration of the Administration Agent and each of the Lenders party hereto (each, a <B>Consenting Lender</B>) entering
into this Fourth Amendment, the Borrowers hereby agree to pay to the Administration Agent, for the account of each Consenting Lender
(in each case pro rata according to the respective Commitment of such Consenting Lender), an amendment fee (the <B>Amendment Fee</B>)
equal to [REDACTED] basis points on such Consenting Lender&#8217;s existing Commitment, which Amendment Fee shall be non-refundable
and fully earned and paid upon the execution of this Fourth Amendment and which Amendment Fee may be charged as a Borrowing and
be added to and form part of the Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All costs incurred by the Agent in preparing this Fourth Amendment (including all legal fees incurred by the Administration
Agent) shall be on the account of the Borrowers, and shall form part of the Obligations. The Borrowers hereby authorize the Administration
Agent to debit any accounts it may have with the Administration Agent in an amount equal to such costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
4</FONT> &#8211; CONDITIONS TO EFFECTIVENESS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Fourth Amendment shall become effective upon the satisfaction of the following conditions precedent in form and substance
satisfactory to the Administration Agent (the date and fulfillment of such conditions being herein referred to as the <B>Amendment
Effective Date</B>):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">delivery to the Administration Agent of a fully executed copy of this Fourth Amendment, dated the
Amendment Effective Date, as executed by the Borrowers, the Guarantors, the Agents and the Lenders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Administration Agent being satisfied that all representations and warranties contained in Article
8 of the Credit Agreement shall remain true and correct in all material respects (except such representations and warranties that
are qualified as to materiality, which shall be true and correct in all respects) following this Fourth Amendment; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">receipt by the Administration Agent of the Amendment Fee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
5</FONT> &#8211; REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower and each Guarantor warrants and represents to the Agents and the Lenders that the following statements are
true, correct and complete:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify"><U>Authorization, Validity, and Enforceability of this Fourth Amendment.</U> Each Borrower and
each Guarantor has the corporate power and authority to execute and deliver this Fourth Amendment and to perform its obligations
under the Credit Agreement, as amended by this Fourth Amendment. Each Borrower and each Guarantor has taken all necessary corporate
action (including, without limitation, obtaining approval of its shareholders if necessary) to authorize its execution and delivery
of this Fourth Amendment and the performance of the Credit Agreement. This Fourth Amendment has been duly executed and delivered
by each Borrower and each Guarantor and this Fourth Amendment and the Credit Agreement constitute the legal, valid and binding
obligations of each Borrower and each Guarantor, enforceable against each of them in accordance with their respective terms without
defence, compensation, setoff or counterclaim. Each Borrower&#8217;s and each Guarantor&#8217;s execution and delivery of this
Fourth Amendment and the performance by each Borrower and each Guarantor of the Credit Agreement do not and will not conflict with,
or constitute a violation or breach of, or constitute a default under, or result in the creation or imposition of any Lien upon
the property of any Borrower or any Guarantor by reason of the terms of (a) any contract, mortgage, hypothec, Lien, lease, agreement,
indenture, or instrument to which any Borrower or any Guarantor is a party or which is binding on any of them, (b) any requirement
of law applicable to any Borrower or any Guarantor, or (c) the certificate or articles of incorporation or amalgamation or association
or bylaws or memorandum of association of any Borrower or any Guarantor.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><U>Governmental Authorization.</U> No approval, consent, exemption, authorization, or other action
by, or notice to, or filing with, any governmental authority or other person is necessary or required in connection with the execution,
delivery or performance by, or enforcement against each Borrower and each Guarantor of this Fourth Amendment or the Credit Agreement
except for such as have been obtained or made and filings required in order to perfect and render enforceable the Collateral Agent&#8217;s
Liens.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><U>Incorporation of Representations and Warranties from Credit Agreement.</U> The representations
and warranties contained in Article 8 of the Credit Agreement and the other Loan Documents are and will be true, correct and complete
in all material respects on and as of the Amendment Effective Date to the same extent as though made on and as of that date, except
to the extent such representations and warranties specifically relate to an earlier date, in which case they were true, correct
and complete in all material respects on and as of such earlier date.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><U>Absence of Default.</U> No event has occurred and is continuing or will result from the consummation
of the transactions contemplated by this Fourth Amendment that would constitute a Default or an Event of Default.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><U>No Other Amendment.</U> Except to the extent set forth herein no additional amendment, consent
or waiver of any other term, condition, covenant, agreement or any other aspect of the Credit Agreement is intended or implied
and except as covered by this Fourth Amendment, no other aspect of the covenants referred to herein is amended or waived, including
without limitation for any other period or circumstance, and no such amendment, waiver or consent is intended or implied.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
6</FONT> &#8211; MISCELLANEOUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Borrower and each Guarantor (i) reaffirms its Obligations under the Credit Agreement and the other Loan Documents to
which it is a party, and (ii) agrees that the Credit Agreement and the other Loan Documents to which it is a party remain in full
force and effect, except as amended hereby, and are hereby ratified and confirmed. The Guarantors (i) consent to and approve the
execution and delivery of this Fourth Amendment by the parties hereto, (ii) agree that this Fourth Amendment does not and shall
not limit or diminish in any manner the obligations of the Guarantors under their guarantees (collectively, the <B>Guarantees</B>)
and that such obligations would not be limited or diminished in any manner even if such Guarantors had not executed this Fourth
Amendment, (iii) agree that this Fourth Amendment shall not be construed as requiring the consent of such Guarantors in any other
circumstance, (iv) reaffirm each of their obligations under the Guarantees and the other Loan Documents to which they are a party,
and (v) agree that the Guarantees and the other Loan Documents to which they are a party remain in full force and effect and are
hereby ratified and confirmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except to the extent specifically set forth in this Fourth Amendment, nothing contained in this Fourth Amendment or any
other communication between the Collateral Agent and/or the Lenders and the Borrowers (or any Guarantor) shall be a waiver of any
other present or future violation, Default or Event of Default under the Credit Agreement or any other Loan Document (collectively,
<B>Other Violations</B>). Similarly, nothing contained in this Fourth Amendment shall directly or indirectly in any way whatsoever
either (i) impair, prejudice or otherwise adversely affect the Collateral Agent&#8217;s or the Lenders&#8217; right at any time
to exercise any right, privilege or remedy in connection with the Credit Agreement or any other Loan Document with respect to any
Other Violations (including, without limiting the generality of the foregoing, in respect of the non-conformity to any representation,
warranty or covenant contained in any Loan Document), (ii) except as specifically provided in Article 2 hereof, amend or alter
any provision of the Credit Agreement or any other Loan Document or any other contract or instrument, or (iii) constitute any course
of dealing or other basis for altering any obligation of any Borrower or any Guarantor under the Loan Documents or any right, privilege
or remedy of the Agents or the Lenders under the Credit Agreement or any other Loan Document or any other contract or instrument
with respect to Other Violations. Nothing in this Fourth Amendment shall be construed to be a consent by any Agent or the Lenders
to any Other Violations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Fourth Amendment will not discharge or constitute novation of any debt, obligation, covenant or agreement contained
in the Credit Agreement or any of the documents or security delivered pursuant thereto but same shall remain in full force and
effect save to the extent same are amended by the provisions of this Fourth Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All reasonable expenses of the Administration Agent in connection with this Fourth Amendment and the related documentation,
including all reasonable legal fees and disbursements incurred by the Administration Agent, shall be for the account of the Borrowers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Fourth Amendment enures to the benefit of and binds the parties and their respective successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party shall from time to time promptly execute and deliver all further documents and take all further action necessary
to give effect to the provisions and intent of this Fourth Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Fourth Amendment may be executed and delivered in one or more counterparts, including by way of facsimile, or electronically,
each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">6.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Fourth Amendment shall be interpreted and the rights and liabilities of the parties hereto shall be determined in accordance
with the laws of the Province of Ontario and the federal laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Signature pages commence on the following
page] </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IN WITNESS WHEREOF</B>, the parties
hereto have caused this Fourth Amendment to Credit Agreement to be executed as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL GROUP INC., as Canadian Borrower</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: VP, Legal Counsel &amp; Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Corporation</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL HOLDINGS (USA), INC., as U.S. Borrower</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Secretary&#9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Corporation</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>GLOBESTAR LIMITED, as a UK Borrower</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Davoud Amel-Azizpour</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Director&#9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL EMEA HOLDINGS LIMITED, as a UK Borrower</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Davoud Amel-Azizpour</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Director&#9;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: left">Executed by <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase"><B>Colliers International Holdings (Australia) Limited</B></FONT> ACN 008 178 238 as Australian Borrower in accordance with section&nbsp;127 of the <I>Corporations Act 2001:</I></TD>
    <TD STYLE="width: 10%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><I>&lt;Signed&gt; Robert Wall</I></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><I>&lt;Signed&gt; John Kenny</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt dotted; text-align: left"><STRIKE>Director</STRIKE>/company secretary</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">ROBERT WALL</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">JOHN KENNY</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">Name of director/company secretary <BR>
(BLOCK LETTERS)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">Name of director <BR>
(BLOCK LETTERS)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS MACAULAY NICOLLS INC., as a Guarantor</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Corporation</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL USA, LLC, as a Guarantor</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>CIVAS HOLDINGS, LLC, as a Guarantor</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL WA, LLC, as a Guarantor</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL REAL ESTATE MANAGEMENT SERVICES (AZ), LLC, as a Guarantor</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL CA, LLC, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL GREATER LOS ANGELES, LLC as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL VALUATION &amp; ADVISORY SERVICES, LLC, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>FS WILLIAMS ACQUISITIONCO LLC, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS PARRISH INTERNATIONAL, INC., as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Corporation</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: left">Executed by <B>COLLIERS INTERNATIONAL (NSW) PTY LIMITED </B>ACN 001 401 681 as a Guarantor in accordance with section&nbsp;127 of the <I>Corporations Act 2001:</I></TD>
    <TD STYLE="width: 10%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><I>&lt;Signed&gt; Robert Wall</I></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><I>&lt;Signed&gt; John Kenney</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt dotted; text-align: left"><STRIKE>Director</STRIKE>/company secretary</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">ROBERT WALL</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">JOHN KENNEY</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">Name of director/company secretary <BR>
(BLOCK LETTERS)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">Name of director <BR>
(BLOCK LETTERS)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: left">Executed by <B>COLLIERS INTERNATIONAL (VICTORIA) PTY LTD </B>ACN 005 032 940 as a Guarantor in accordance with section&nbsp;127 of the <I>Corporations Act 2001:</I></TD>
    <TD STYLE="width: 10%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><I>&lt;Signed&gt; Robert Wall</I></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><I>&lt;Signed&gt; John Marasco</I></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">Director/company secretary</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">Director</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">ROBERT WALL</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">JOHN MARASCO</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">Name of director/company secretary <BR>
(BLOCK LETTERS)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt dotted; text-align: left">Name of director <BR>
(BLOCK LETTERS)</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL NEW ZEALAND LIMITED, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL GERMANY HOLDING GMBH, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Davoud Amel-Azizpour</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS MACAULAY NICOLLS (CYPRUS) LIMITED, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL HOLDINGS LIMITED, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL CONSULTANTS LIMITED, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL (HONG KONG) LIMITED, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><B>Signed by a director of GLOBESTAR LIMITED for and on behalf of, and as corporate member of, COLLIERS INTERNATIONAL PROPERTY ADVISERS UK LLP, as a Guarantor</B> &nbsp; <FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT> &nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Davoud Amel-Azizpour</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL PROPERTY CONSULTANTS LIMITED, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Anthony Horrell</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Anthony Horrell</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL FINLAND GROUP OY, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Davoud Amel-Azizpour</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL FINLAND OY, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Davoud Amel-Azizpour</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL FINLAND HOLDINGS OY, as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Davoud Amel-Azizpour</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL PROPERTY CONSULTANTS (SHANGHAI) CO. LTD., as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INTERNATIONAL FINCO (CANADA) INC., as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Corporation</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>COLLIERS INVESTMENT MANAGEMENT HOLDINGS, Inc., as a Guarantor</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:&#9;Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title:&#9;Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Corporation</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>Colliers International EMEA FINCO PLC </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Davoud Amel-Azizpour</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>Colliers International REMS US, LLC </B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Secretary</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">I have the authority to bind the Company</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid">&nbsp;<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"> <TR STYLE="vertical-align: top; text-align: left"> <TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>THE TORONTO-DOMINION BANK, </B></FONT><B>as Administration Agent, Collateral Agent and Canadian Administration Agent</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed Neda Heidapour</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Neda Heidapour</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Loan Syndication - Agency</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2"><B>Draw Requests, Conversion Requests, Repayment Notices</B><BR>
[REDACTED]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2"><B>All Other Notices</B><BR>
[REDACTED]</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>TORONTO DOMINION (TEXAS) LLC, as U.S. Administration Agent</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Hughroy Enniss</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Hughroy Enniss</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Authorized Signatory</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>THE TORONTO-DOMINION BANK, </B></FONT><B>London Branch<FONT STYLE="text-transform: uppercase">, </FONT>as European Agent</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Philip Bates</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Philip Bates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: MD &amp; Head European Corporate Banking</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>HSBC BANK AUSTRALIA LIMITED, </B></FONT><B>as Australian Agent</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Craig Greenwood</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Craig Greenwood</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: State Manager, NSW</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>THE TORONTO-DOMINION BANK</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Tim Thomas</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Tim Thomas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Andrew Rytel</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Andrew Rytel</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>JPMORGAN CHASE BANK, N.A., </B></FONT><B>Toronto Branch</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Jeffrey Coleman</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Jeffrey Coleman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Executive Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>BANK OF MONTREAL</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Sean P. Gallaway</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sean P. Gallaway</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>HSBC BANK CANADA</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Jesse Macmasters</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Jesse Macmasters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Head of Large Corporate - Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Simon Tobin</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Simon Tobin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Director, Large Corporate Banking</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 31.5pt"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>THE BANK OF NOVA SCOTIA</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Steve Holyman</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Steve Holyman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Katherine Hogg</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Katherine Hogg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Associate Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>BANK OF AMERICA, N.A., Canada Branch<BR>
<BR>
</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Sanaa Khatri-Ahmed</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sanaa Khatri-Ahmed&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Senior Vice-President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>CANADIAN IMPERIAL BANK OF COMMERCE</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Sophia Soofi</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Executive Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Stephen Redding</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Stephen Redding</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Managing Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>NATIONAL BANK OF CANADA</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Gavin Virgo</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; David Torrey</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: David Torrey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>U.S. BANK NATIONAL ASSOCIATION, Canada Branch</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; James F. Cooper</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: James F. Cooper</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Sr. V/President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>WELLS FARGO BANK, N.A., Canadian Branch</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Marc-Philippe Piche</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Marc-Philippe Piche</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>CANADIAN LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>MIZUHO BANK, LTD.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Deborah Cullen</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.8pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.8pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>the TORONTO-DOMINION BANK, NEW YORK Branch</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Hughroy Enniss</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Hughroy Enniss</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.6pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.6pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>JPMORGAN CHASE BANK, N.A.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Lisa Whatley</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Lisa Whatley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Managing Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>BANK OF MONTREAL, C</B></FONT><B>hicago Branch</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Andrew Berryman</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Andrew Berryman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Vice President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>HSBC BANK CANADA</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Jesse Macmasters</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Jesse Macmasters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Head of Large Corporate &#8211; Ontario</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Simon Tobin</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Simon Tobin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Director, Large Corporate Banking</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>THE BANK OF NOVA SCOTIA</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Steve Holyman</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Steve Holyman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Katherine Hogg</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Katherine Hogg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Associate Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>BANK OF AMERICA, N.A., Canada Branch<BR>
<BR>
</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Sanaa Khatri-Ahmed</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sanaa Khatri-Ahmed&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Senior Vice-President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>CANADIAN IMPERIAL BANK OF COMMERCE</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Sophia Soofi</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Executive Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Stephen Redding</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Stephen Redding</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>NATIONAL BANK OF CANADA</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Gavin Virgo</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; David Torrey</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: David Torrey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>U.S. BANK NATIONAL ASSOCIATION</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; James F. Cooper</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: James F. Cooper </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Sr. V/President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>U.S. LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>WELLS FARGO BANK, N.A., Canadian Branch</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Marc-Philippe Piche</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Marc-Philippe Piche</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.8pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.8pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>US LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>MIZUHO BANK, LTD.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Deborah Cullen</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>THE toronto-dominion BANK, </B></FONT><B>London Branch</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Philip Bates</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Philip Bates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: MD &amp; Head European Corporate Banking</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.6pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.6pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>JPMORGAN CHASE BANK, N.A.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Lisa Whatley</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Lisa Whatley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Managing Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>BANK OF MONTREAL, </B></FONT><B>London Branch</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Tom Woolgar</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Tom Woolgar</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: MD</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Per: </TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>&lt;Signed&gt; Scott Matthews</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>Name: Scott Matthews </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>Title: MD </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>HSBC BANK plc</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Adam Mahmoud</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Adam Mahmoud</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 26.1pt; text-indent: -26.1pt; text-align: left">Title: Relationship Director, International&nbsp;&nbsp;Subsidiary Banking</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 26.1pt; text-indent: -26.1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Simon Addis</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Director, International
        Subsidiary Banking</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>THE BANK OF NOVA SCOTIA</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Steve Holyman</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Steve Holyman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Katherine Hogg</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Katherine Hogg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Associate Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>BANK OF AMERICA, N.A., Canada Branch<BR>
<BR>
</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Sanaa Khatri-Ahmed</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sanaa Khatri-Ahmed&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Senior Vice-President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>NATIONAL BANK OF CANADA</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Gavin Vigo</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; David Torrey</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: David Torrey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>WELLS FARGO BANK, N.A., Canadian Branch</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Marc-Philippe Piche</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Marc-Philippe Piche</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.8pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.8pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>MIZUHO BANK, LTD.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Deborah Cullen</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>UK LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>CANADIAN IMPERIAL BANK OF COMMERCE</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Sophia Soofi</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Executive Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Stephen Redding</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Stephen Redding</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Managing Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>THE toronto-dominion BANK, </B></FONT><B>London Branch</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Philip Bates</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Philip Bated</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: MD &amp; Head European Corporate Banking</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.6pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.6pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>JPMORGAN CHASE BANK, N.A.</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Lisa Whatley</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Lisa Whatley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Managing Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>BANK OF MONTREAL, </B></FONT><B>London Branch</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Tom Woolgar</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Tom Woolgar</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: MD</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>&lt;Signed&gt; Scott Matthews</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>Name: Scott Matthews</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>Title: MD </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="text-transform: uppercase"><B>HSBC BANK plc</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Adam Mahmoud</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Adam Mahmoud</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 26.1pt; text-indent: -26.1pt; text-align: left">Title: Relationship Director, International Subsidiary Banking</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-left: 26.1pt; text-indent: -26.1pt; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>THE BANK OF NOVA SCOTIA</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Steve Holyman</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Steve Holyman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Katherine Hogg</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Katherine Hogg</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Associate Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>BANK OF AMERICA, N.A., Canada Branch<BR>
<BR>
</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Sanaa Khatri-Ahmed</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sanaa Khatri-Ahmed&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Senior Vice-President</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>NATIONAL BANK OF CANADA</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Gavin Virgo</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Gavin Virgo</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; David Torrey</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: David Torrey</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>WELLS FARGO BANK, N.A., Canadian Branch</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Marc-Philip Piche</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Marc-Philip Piche</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.8pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 30.8pt">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>CANADIAN IMPERIAL BANK OF COMMERCE</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Sophia Soofi</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Sophia Soofi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Executive Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left"><I>&lt;Signed&gt; Stephen Redding</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Stephen Redding</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Title: Managing Director</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">Signature page to Fourth Amendment to</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center">Second Amended and Restated Credit Agreement - Colliers</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>COLLIERS EMEA LENDERS CONT&#8217;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left"><B>MIZUHO BANK, LTD.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">Per:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 45%"><I>&lt;Signed&gt; Deborah Cullen</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Deborah Cullen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">Per:</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>AUSTRALIAN LENDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Signed</B>
        for </FONT><FONT STYLE="text-transform: uppercase"><B>HSBC BANK AUSTRALIA LIMITED </B>(ABN 48 006 434 162) </FONT>by its duly appointed
        attorney under power of attorney in the presence of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;<BR></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>____&lt;Signed&gt; Rohan Mahajan__________</I><U><BR>
        </U>Witness Signature</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">___Rohan Mahajan___________________<BR>
        Print Name</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 9%; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 52%"><B>HSBC BANK AUSTRALIA LIMITED</B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>__&lt;Signed&gt; Craig Greenwood_________________</I><BR>
        Attorney Signature</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><BR>
        <BR>
        </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">__Craig Greenwood________________________<BR>
        Print Name</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Address for Notice:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[REDACTED]</P>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P></TD></TR>
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<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exh_994.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right">EXECUTION VERSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL
EMEA FINCO PLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL GROUP INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">__________________________________________________</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SECOND AMENDMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Dated as of March 27,
2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">NOTE PURCHASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Dated as of May 17, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">__________________________________________________</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&euro;210,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2.23% Guaranteed Senior
Notes due May 30, 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.4pt; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.4pt; text-align: center"><B>SECOND AMENDMENT TO
NOTE PURCHASE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.7pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">THIS
SECOND AMENDMENT dated as of March 27, 2020 (this <I>&ldquo;<B>Second Amendment</B>&rdquo;</I>), to the Note Purchase Agreement
dated as of May 17, 2018, (as amended pursuant to the First Amendment dated April 4, 2019) is by and among COLLIERS INTERNATIONAL
EMEA FINCO PLC (the <I>&ldquo;<B>Company</B>&rdquo;</I>), COLLIERS INTERNATIONAL GROUP INC. (the &ldquo;<B><I>Parent Guarantor</I></B>&rdquo;,
and together with the Company, the &ldquo;<B><I>Obligors</I></B>&rdquo;) and each of the institutions that is a signatory to this
Second Amendment (collectively, the <I>&ldquo;<B>Noteholders</B>&rdquo;</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.1pt 0pt 98.4pt; text-align: center"><B>R E C I T A L S:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">A.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Company, the Parent Guarantor and each of the Noteholders have heretofore entered into the Note Purchase Agreement dated
as of May 17, 2018 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the <I>&ldquo;<B>Note
Agreement</B>&rdquo;</I>), pursuant to which the Company issued &euro;210,000,000 aggregate principal amount of its 2.23% Guaranteed
Senior Notes due May 30, 2028 (as the same may be amended, restated, supplemented, replaced or exchanged or otherwise modified
from time to time, the &ldquo;<B><I>Notes</I></B>&rdquo;). Capitalized terms used herein but not defined herein shall have the
meanings ascribed thereto in the Note Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">B.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The obligations of the Company under the Note Agreement and the Notes have been guaranteed by the Parent Guarantor pursuant
to the Guarantee in Section 24 of the Note Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">C.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>The Company has requested that the Note Agreement be amended as provided herein and the Required Holders are willing to
so agree, subject to the terms and conditions of this Second Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">N<FONT STYLE="font-size: 10pt">OW</FONT>,
<FONT STYLE="font-size: 10pt">THEREFORE</FONT>, upon the full and complete satisfaction of the conditions precedent to the effectiveness
of this Second Amendment set forth in Section 3.1 hereof, and in consideration of good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the Obligors and the Noteholders party hereto hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">SECTION 1.&#9;AMENDMENTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 35.95pt"><I>Section
1.1.</I> Effective as of the date of satisfaction or waiver of each condition precedent set forth in Section 3.1 below, the Note
Agreement is hereby amended as set forth in Exhibit 1 to this Second Amendment, with text marked in <FONT STYLE="font-size: 10pt; text-underline-style: double; color: blue"><B><U>bold
double underline</U></B></FONT> indicating additions to the Note Agreement, text marked in <FONT STYLE="font-size: 10pt; color: red"><B><STRIKE>bold
strikethrough</STRIKE></B></FONT> indicating deletions to the Note Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">SECTION 2.&#9;REPRESENTATIONS AND WARRANTIES OF THE
OBLIGORS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 28.65pt"><I>Section 2.1.&#9;</I>To
induce the Noteholders to execute and deliver this Second Amendment, each Obligor hereby represents and warrants to the Noteholders
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.65pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of incorporation,
and is duly qualified as a foreign corporation and, where applicable, is in good standing in each jurisdiction in which such qualification
is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.65pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>this Second Amendment has been duly
authorized, executed and delivered by it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.65pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Note Agreement, as amended by this Second Amendment, constitutes the legal, valid and binding obligation, contract and
agreement of such Obligor enforceable against it in accordance with its terms, except as enforcement may be limited by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 41pt; text-align: justify">(i) applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&rsquo; rights generally and
(ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.65pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the execution, delivery and performance by such Obligor of this Second Amendment will not (i) contravene, result in any
breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company, the
Parent Guarantor or any Significant Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement,
lease, corporate charter, memorandum of association, articles of association, regulations or by-laws, shareholders agreement or
any other agreement or instrument to which the Company, the Parent Guarantor or any Significant Subsidiary is bound or by which
the Company, the Parent Guarantor or any Significant Subsidiary or any of their respective properties may be bound or affected,
(ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling
of any court, arbitrator or Governmental Authority applicable to the Company, the Parent Guarantor or any Significant Subsidiary
or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company,
the Parent Guarantor or any Significant Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.65pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required
in connection with the execution, delivery or performance by the Company or the Parent Guarantor of this Second Amendment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.65pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>as of the date hereof, both before and after giving effect to this Second Amendment, no Default or Event of Default has
occurred and is continuing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify; text-indent: 39.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.65pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no lender under any agreement or other evidence of Indebtedness of the Obligors, including but not limited to any Material
Credit Facility, has received any collateral or consideration in connection with any amendments that are substantially similar
to the amendments set forth in Section 1 of this Second Amendment in excess of the consideration paid to the Noteholders under
Section 3.1(d) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">SECTION 3.&#9;CONDITIONS PRECEDENT TO EFFECTIVENESS
OF THIS SECOND AMENDMENT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 28.65pt"><I>Section
3.1. </I>This Second Amendment shall not become effective until, and shall become effective as of the first date written above
when, each and every one of the following conditions shall have been satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>executed counterparts of this Second Amendment, duly executed by the Obligors and the Required Holders, shall have been
delivered to the Noteholders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the representations and warranties of the Obligors set forth in Section 2.1 hereof shall be true and correct on and with
respect to the date hereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the Company shall have paid all reasonable fees and expenses of Greenberg Traurig LLP, special counsel to the Noteholders,
in connection with the negotiation, preparation, approval, execution and delivery of this Second Amendment to the extent reflected
in a statement of such counsel rendered to the Company at least one Business Day prior to the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>the Obligors shall have paid, or caused to be paid, to each Noteholder, an amendment fee equal to [REDACTED] of the aggregate
principal amount of Notes held by such Noteholder as of the date of this Second Amendment and set forth in the attached Schedule
3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 85.35pt 0pt 5pt; text-align: justify">Upon satisfaction of all
of the foregoing, this Second Amendment shall become effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 85.35pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 85.35pt 0pt 5pt; text-align: justify">S<FONT STYLE="font-size: 10pt">ECTION</FONT> 4.&#9;M<FONT STYLE="font-size: 10pt">ISCELLANEOUS</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 28.65pt"><I>Section
4.1. </I>This Second Amendment shall be construed in connection with and as part of the Note Agreement, and, except as modified
and expressly amended by this Second Amendment, all terms, conditions and covenants contained in the Note Agreement and the Notes
are hereby ratified and shall be and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 28.65pt"><I>Section
4.2.</I> This Second Amendment shall be binding on and shall inure to the benefit of the Company, the Parent Guarantor and the
Noteholders and their respective successors and assigns, except as otherwise provided herein. Neither the Company nor the Parent
Guarantor may assign, transfer, hypothecate or otherwise convey its rights, benefits, obligations or duties hereunder without the
prior written consent of the Noteholders. The terms and provisions of this Second Amendment are for the purpose of defining the
relative rights and obligations of the Company, the Parent Guarantor and the Noteholders with respect to the transactions contemplated</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">hereby and there shall be no third-party beneficiaries
of any of the terms and provisions of this Second Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 28.65pt"><I>Section
4.3. </I>This Second Amendment, including all schedules and other documents attached hereto or incorporated by reference herein
or delivered in connection herewith, constitutes the entire agreement of the parties with respect to the subject matter hereof
and supersedes all other understandings, oral or written, with respect to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 31.65pt"><I>Section
4.4</I> Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery
of this Second Amendment may refer to the Note Agreement without making specific reference to this Second Amendment but nevertheless
all such references shall include this Second Amendment unless the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 5pt; text-align: justify; text-indent: 28.65pt"><I>Section
4.5. </I>Wherever possible, each provision of this Second Amendment shall be interpreted in such a manner as to be effective and
valid under applicable law, but if any provision of this Second Amendment shall be prohibited by or invalid under applicable law,
such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Second Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 28.65pt"><I>Section
4.6. </I>The descriptive headings of the various Sections or parts of this Second Amendment are for convenience only and shall
not affect the meaning or construction of any of the provisions hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 28.65pt"><I>Section
4.7.</I> This Second Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed
by, the law of the State of New York excluding choice-of-law principles of the law of such State that would require or permit the
application of the laws of a jurisdiction other than such State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 28.65pt"><I>Section
4.8. </I>This Second Amendment may be executed in any number of counterparts, each of which shall be an original but all of which
together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all,
but together signed by all, of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 28.65pt"><I>Section
4.9. </I>All representations and warranties contained herein shall survive the execution and delivery of this Second Amendment,
and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of
such Noteholder or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or
on behalf of the Company or the Parent Guarantor pursuant to this Second Amendment shall be deemed representations and warranties
of the Company or the Parent Guarantor, as applicable, under this Second Amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 22.65pt"><I>Section
4.10.</I> THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS SECOND AMENDMENT OR ANY
OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signatures on Following Page]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 35.95pt">The
execution hereof by you shall constitute a contract between us for the uses and purposes hereinabove set forth, and this Second
Amendment may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only
one agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">COLLIERS INTERNATIONAL EMEA FINCO PLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic"> &lt;Signed&gt; Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title:Director</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic">&lt;Signed&gt; Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Vice President, Legal Counsel and Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">Accepted and agreed to as of the first date written
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt">AMERICAN GENERAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt">THE VARIABLE ANNUITY LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">By: </TD>
    <TD>AIG Asset Management (U.S.) LLC, as Investment Adviser</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic">&lt;Signed&gt; Jason Young</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Jason Young</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Managing Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">Accepted and agreed to as of the first date written
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD>Barings LLC, as Investment Adviser</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic">&lt;Signed&gt; Patrick M. Manseau</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Patrick M. Manseau</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Its:Managing Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">COLLIERS INTERNATIONAL GROUP INC.</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">SECOND AMENDMENT TO 2018 NOTE AGREEMENT</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">Accepted and agreed to as of the first date written
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt">THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">By: </TD>
    <TD>Northwestern Mutual Investment Management Company, LLC,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Its Investment Advisor</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic">&lt;Signed&gt; Michael H. Leske</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Michael H. Leske</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Managing Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">COLLIERS INTERNATIONAL GROUP INC.</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">SECOND AMENDMENT TO 2018 NOTE AGREEMENT</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">Accepted and agreed to as of the first date written
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt">UNITED OF OMAHA LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic">&lt;Signed&gt; Justin P. Kavan</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Justin P. Kavan</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Senior Vice President</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt">MUTUAL OF OMAHA INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic">&lt;Signed&gt; Justin P. Kavan</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Justin P. Kavan</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Senior Vice President</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">COLLIERS INTERNATIONAL GROUP INC.</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">SECOND AMENDMENT TO 2018 NOTE AGREEMENT</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 313.05pt 0pt 5pt">Accepted and agreed to as of the first date written
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt">CONNECTICUT GENERAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">By: </TD>
    <TD>Cigna Investments, Inc. (authorized agent)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic">&lt;Signed&gt; Lori Hopkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Lori Hopkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Managing Director</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt">CIGNA HEALTH AND LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">By: </TD>
    <TD>Cigna Investments, Inc. (authorized agent)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-style: italic">&lt;Signed&gt; Lori Hopkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Lori Hopkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Managing Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 0; text-align: right"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">COLLIERS INTERNATIONAL GROUP INC.</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">SECOND AMENDMENT TO 2018 NOTE AGREEMENT</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 0; text-align: right">SCHEDULE 3.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; color: #2C2C2C">[REDACTED]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.1pt 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">COLLIERS INTERNATIONAL GROUP INC.</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">SECOND AMENDMENT TO 2018 NOTE AGREEMENT</FONT></P></TD></TR></TABLE><P STYLE="margin: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">EXHIBIT
1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58.7pt 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">AMENDMENT
NO. <FONT STYLE="color: Red"><B><STRIKE>1</STRIKE></B></FONT><B> <FONT STYLE="color: blue">2</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">COLLIERS INTERNATIONAL
EMEA FINCO PLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">COLLIERS INTERNATIONAL GROUP INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&euro;210,000,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2.23% Guaranteed Senior
Notes due May 30, 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">______________________</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">NOTE PURCHASE AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">______________________</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Dated May 17, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="color: red"><B><STRIKE>a
nd </STRIKE></B></FONT>as amended as of April 4, 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: blue; text-align: center"><FONT STYLE="text-underline-style: double"><U>and
as amended as of March 27, 2020</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">SECTION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; white-space: nowrap">HEADING</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">PAGE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: left">SECTION 1.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 68%">AUTHORIZATION OF NOTES</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">SALE AND PURCHASE OF NOTES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 3.</TD><TD>&nbsp;</TD>
    <TD>CLOSING</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 4.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">CONDITIONS TO CLOSING</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.1.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Representations and Warranties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Performance; No Default</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.3.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Compliance Certificates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.4.</TD><TD>&nbsp;</TD>
    <TD>Opinions of Counsel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.5.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Purchase Permitted By Applicable Law, Etc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.6.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Sale of Other Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.7.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Payment of Special Counsel Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.8.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Private Placement Number</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.9.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Changes in Corporate Structure</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.10.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Funding Instructions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.11.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Acceptance of Appointment to Receive Service of Process</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.12.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Proceedings and Documents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 4.13.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Subsidiary Guarantees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 5.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.1.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Organization; Power and Authority</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Authorization, Etc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.3.</TD><TD>&nbsp;</TD>
    <TD>Disclosure</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.4.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Organization and Ownership of Shares of Subsidiaries; Affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.5.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Financial Statements; Material Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">6</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.6.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Compliance with Laws, Other Instruments, Etc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.7.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Governmental Authorizations, Etc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.8.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Litigation; Observance of Agreements, Statutes and Orders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.9.</TD><TD>&nbsp;</TD>
    <TD>Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">7</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.10.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title to Property; Leases</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.11.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Licenses, Permits, Etc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.12.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Compliance with ERISA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.13.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Private Offering by the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.14.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Use of Proceeds; Margin Regulations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.15.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Existing Indebtedness; Future Liens</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9</TD></TR>
</TABLE>


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<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: left">Section 5.16.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 68%; text-align: left">Foreign Assets Control Regulations, Etc</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">10</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.17.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Status under Certain Statutes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.18.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Environmental Matters</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.19.</TD><TD>&nbsp;</TD>
    <TD>Ranking of Obligations.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 5.20.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Representations of Subsidiary Guarantors.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 6.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">REPRESENTATIONS OF THE PURCHASERS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 6.1.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Purchase for Investment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 6.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Status of Certain Purchasers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>SECTION 7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">INFORMATION AS TO OBLIGORS.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 7.1.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Financial and Business Information</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 7.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Officer&rsquo;s Certificate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">15</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 7.3.</TD><TD>&nbsp;</TD>
    <TD>Visitation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 7.4.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Electronic Delivery</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 7.5.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Limitation on Disclosure Obligation.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">17</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 8.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PAYMENT AND PREPAYMENT OF THE NOTES</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.1.</TD><TD>&nbsp;</TD>
    <TD>Maturity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Optional Prepayments with Make-Whole Amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.3.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Prepayment for Tax Reasons</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">19</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.4.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Prepayment in Connection with a Noteholder Sanctions Event</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">20</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.5.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Allocation of Partial Prepayments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.6.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Maturity; Surrender, Etc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.7.</TD><TD>&nbsp;</TD>
    <TD>Purchase of Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.8.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Make-Whole Amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">22</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.9.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Swap Breakage</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">28</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.10.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Payments Due on Non-Business Days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">29</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 8.11.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Change of Control Prepayment Offer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 9.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">AFFIRMATIVE COVENANTS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">30</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 9.1.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Compliance with Laws</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 9.2.</TD><TD>&nbsp;</TD>
    <TD>Insurance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 9.3.</TD><TD>&nbsp;</TD>
    <TD>Maintenance of Properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 9.4.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Payment of Taxes and Claims</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">31</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 9.5.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Corporate Existence, Etc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 9.6.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Books and Records</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 9.7.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Subsidiary Guarantors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">32</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 9.8.</TD><TD>&nbsp;</TD>
    <TD>Priority of Obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">33</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>SECTION 10</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">NEGATIVE COVENANTS.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">33</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 10.1.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Transactions with Affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">33</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 10.2.</TD><TD STYLE="color: Red">&nbsp;</TD>
    <TD STYLE="text-align: left">Merger, Consolidation, Etc</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>33</STRIKE></B></FONT><B><FONT STYLE="color: blue">34</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="color: blue; font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: left">Section 10.3.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 68%">Line of Business</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 10.4.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Economic Sanctions, Etc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 10.5.</TD><TD>&nbsp;</TD>
    <TD>Liens</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 10.6.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Financial Covenants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">35</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 10.7.</TD><TD>&nbsp;</TD>
    <TD>Sale of Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">36</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 10.8.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Restricted Payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 10.9.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Investments in Unrestricted Entities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">37</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 10.10.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Most Favored Lender Provision</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>37</STRIKE></B></FONT><B><FONT STYLE="color: blue">38</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 11.</TD><TD>&nbsp;</TD>
    <TD>EVENTS OF DEFAULT</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">39</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 11.1.</TD><TD>&nbsp;</TD>
    <TD>Events of Default</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">39</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 11.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Bankruptcy Exception</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 12.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">REMEDIES ON DEFAULT, ETC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 12.1.</TD><TD>&nbsp;</TD>
    <TD>Acceleration</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">42</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 12.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Other Remedies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">43</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 12.3.</TD><TD>&nbsp;</TD>
    <TD>Rescission</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">43</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 12.4.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">No Waivers or Election of Remedies, Expenses, Etc</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>43</STRIKE></B></FONT><B><FONT STYLE="color: blue">44</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 13.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">TAX INDEMNIFICATION; FATCA INFORMATION</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 13.1.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Tax Gross-up</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">44</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 13.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Tax Cooperation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">46</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 13.3.</TD><TD STYLE="color: Red">&nbsp;</TD>
    <TD STYLE="text-align: left">Tax Credits Etc.</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>47</STRIKE></B></FONT><B><FONT STYLE="color: blue">48</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 13.4.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">FATCA Information</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>48</STRIKE></B></FONT><B><FONT STYLE="color: blue">49</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 13.5.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Qualifying Private Placement Certificate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">49</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 14.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>49</STRIKE></B></FONT><B><FONT STYLE="color: blue">50</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 14.1.</TD><TD>&nbsp;</TD>
    <TD>Registration of Notes</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>49</STRIKE></B></FONT><B><FONT STYLE="color: blue">50</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 14.2.</TD><TD STYLE="color: blue">&nbsp;</TD>
    <TD STYLE="text-align: left">Transfer and Exchange of Notes</TD><TD STYLE="color: blue">&nbsp;</TD>
    <TD STYLE="color: blue; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 14.3.</TD><TD>&nbsp;</TD>
    <TD>Replacement of Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 15.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">PAYMENTS ON NOTES</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>50</STRIKE></B></FONT><B><FONT STYLE="color: blue">51</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 15.1.</TD><TD STYLE="color: Red">&nbsp;</TD>
    <TD>Place of Payment</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>50</STRIKE></B></FONT><B><FONT STYLE="color: blue">51</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 15.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Payment by Wire Transfer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 16.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">EXPENSES, ETC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 16.1.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Transaction Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 16.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Certain Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 16.3.</TD><TD>&nbsp;</TD>
    <TD>Survival</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 17.</TD><TD STYLE="color: Red">&nbsp;</TD>
    <TD STYLE="text-align: left">SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Red"><B><STRIKE>52</STRIKE></B></FONT><B><FONT STYLE="font-size: 10pt; color: blue">53</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 18.</TD><TD STYLE="color: Red">&nbsp;</TD>
    <TD STYLE="text-align: left">AMENDMENT AND WAIVER</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="font-size: 10pt; color: Red"><B><STRIKE>52</STRIKE></B></FONT><B><FONT STYLE="font-size: 10pt; color: blue">53</FONT></B></TD></TR>
</TABLE>


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    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">Section 18.1.</TD><TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Requirements</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>52</STRIKE></B></FONT><B><FONT STYLE="color: blue">53</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: left">Section 18.2.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 68%">Solicitation of Holders of Notes</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 18.3.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Binding Effect, Etc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 18.4.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Notes Held by Company, Etc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 19.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">NOTICES; ENGLISH LANGUAGE</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>54</STRIKE></B></FONT><B><FONT STYLE="color: blue">55</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 20.</TD><TD>&nbsp;</TD>
    <TD>REPRODUCTION OF DOCUMENTS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">55</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 21.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">CONFIDENTIAL INFORMATION</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>55</STRIKE></B></FONT><B><FONT STYLE="color: blue">56</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 22.</TD><TD>&nbsp;</TD>
    <TD>SUBSTITUTION OF PURCHASER</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>56</STRIKE></B></FONT><B><FONT STYLE="color: blue">57</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION 23.</TD><TD>&nbsp;</TD>
    <TD>MISCELLANEOUS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">57</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 23.1.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Successors and Assigns</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">57</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 23.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Accounting Terms</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">57</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 23.3.</TD><TD>&nbsp;</TD>
    <TD>Severability</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">58</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 23.4.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Construction, Etc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">58</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 23.5.</TD><TD STYLE="color: Red">&nbsp;</TD>
    <TD>Counterparts</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>58</STRIKE></B></FONT><B><FONT STYLE="color: blue">59</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 23.6.</TD><TD STYLE="color: blue">&nbsp;</TD>
    <TD STYLE="text-align: left">Governing Law</TD><TD STYLE="color: blue">&nbsp;</TD>
    <TD STYLE="text-align: right">59</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 23.7.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Jurisdiction and Process; Waiver of Jury Trial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">59</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 23.8.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Obligation to Make Payments in Applicable Currency; Currency Indemnity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">60</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">SECTION <FONT STYLE="color: Red"><B><STRIKE>23.</STRIKE></B></FONT><B><FONT STYLE="color: blue">24.</FONT></B></TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">PARENT GUARANTEE, ETC</TD><TD STYLE="color: blue">&nbsp;</TD>
    <TD STYLE="text-align: right">61</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 24.1.</TD><TD>&nbsp;</TD>
    <TD>Guarantee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">61</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Section 24.2.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Obligations Unconditional</TD><TD STYLE="color: blue; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; color: blue; font-weight: bold"><FONT STYLE="color: Red"><B><STRIKE>61</STRIKE></B></FONT><B><FONT STYLE="color: blue">62</FONT></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">1</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 140.9pt 0pt 98.4pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 10%; text-align: left">SCHEDULE A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&mdash;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 84%; text-align: left">Information Relating to Purchasers</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">SCHEDULE B</TD><TD>&nbsp;</TD>
    <TD>&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Defined Terms</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">EXHIBIT 1</TD><TD>&nbsp;</TD>
    <TD>&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Form of 2.23% Guaranteed Senior Note due May 30, 2028</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">EXHIBIT 2</TD><TD>&nbsp;</TD>
    <TD>&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Form of Subsidiary Guarantee</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">EXHIBIT 3</TD><TD>&nbsp;</TD>
    <TD>&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Form of QPP Certificate</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">SCHEDULE 5.3</TD><TD>&nbsp;</TD>
    <TD>&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Disclosure Materials</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">SCHEDULE 5.4</TD><TD>&nbsp;</TD>
    <TD>&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Significant Subsidiaries of the Parent Guarantor and Ownership of Subsidiary Stock</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">SCHEDULE 5.5</TD><TD>&nbsp;</TD>
    <TD>&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Financial Statements</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">SCHEDULE 5.15</TD><TD>&nbsp;</TD>
    <TD>&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Existing Indebtedness of the Parent Guarantor and its Significant Subsidiaries</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">SCHEDULE 8.8</TD><TD>&nbsp;</TD>
    <TD>&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Description of Initial Swap Agreements</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.3pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.3pt; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 97.85pt; text-align: center">COLLIERS INTERNATIONAL
EMEA FINCO PLC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 97.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 97.85pt; text-align: center">COLLIERS INTERNATIONAL GROUP INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 213.7pt 0pt 170.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 213.7pt 0pt 170.5pt; text-align: center">1140 Bay Street, Suite
4000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 213.7pt 0pt 170.5pt; text-align: center">Toronto, Ontario, Canada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 213.7pt 0pt 170.5pt; text-align: center">M5S 2B4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 97.75pt; text-align: center">2.23% Guaranteed Senior
Notes due May 30, 2028</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">TO EACH OF THE PURCHASERS LISTED IN</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">SCHEDULE A HERETO:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 0; text-align: right">May 17, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 0; text-align: right"><FONT STYLE="color: red"><B><STRIKE>a
nd </STRIKE></B></FONT>as amended as of April 4, 2019</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 0; color: blue; text-align: right"><FONT STYLE="text-underline-style: double"><U>and
as amended as of March 27, 2020</U></FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">COLLIERS
INTERNATIONAL EMEA FINCO PLC, a company registered under the laws of England and Wales with company number 1131832 (the <B>&ldquo;Company&rdquo;</B>),
and COLLIERS INTERNATIONAL GROUP INC., a company registered under the laws of the Province of Ontario, Canada (the &ldquo;<B>Parent
Guarantor</B>&rdquo; and, the Parent Guarantor together with the Company, the &ldquo;<B>Obligors</B>&rdquo; and each an &ldquo;<B>Obligor</B>&rdquo;),
agree with each of the Purchasers as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 1.&#9;AUTHORIZATION OF NOTES</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">The Company
will authorize the issue and sale of &euro;210,000,000 aggregate principal amount of its 2.23% Guaranteed Senior Notes due May
30, 2028 (the <B>&ldquo;Notes&rdquo;</B>). The Notes shall be substantially in the form set out in Schedule 1. Certain capitalized
and other terms used in this Agreement are defined in Schedule A and, for purposes of this Agreement, the rules of construction
set forth in Section 23.4 shall govern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Payment
of the principal of, Make-Whole Amount (if any), Net Loss (if any) and interest on the Notes and other amounts owing under this
Agreement shall be unconditionally guaranteed by (i) the Parent Guarantor pursuant to the terms of Section 24 hereof and (ii) the
Subsidiary Guarantors on a joint and several basis as provided in their respective Subsidiary Guarantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 2.&#9;SALE AND PURCHASE OF NOTES</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Subject
to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase
from the Company, at the Closing provided for in Section 3, Notes in the principal amount specified opposite such Purchaser&rsquo;s
name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers&rsquo; obligations hereunder are
several and not joint obligations and no Purchaser shall have any liability to any</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify">Person for the performance
or non-performance of any obligation by any other Purchaser hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify"><B>SECTION 3. CLOSING</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">The sale
and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Greenberg Traurig, LLP, 77 West Wacker
Drive, Suite 3100, Chicago Illinois 60601, at 8:00A.M., Chicago time, at a closing (the <B>&ldquo;Closing&rdquo;</B>) on May 30,
2018 or on such other Business Day thereafter as may be agreed upon by the Company and the Purchasers. At the Closing the Company
will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater number
of Notes in denominations of at least</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify">&euro;100,000 as such Purchaser
may request) dated the date of the Closing and registered in such Purchaser&rsquo;s name against delivery by such Purchaser to
the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately
available funds for the account of the Company as set forth in the funding instructions delivered pursuant to Section 4.10 herein.
If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the
conditions specified in Section 4 shall not have been fulfilled to such Purchaser&rsquo;s satisfaction, such Purchaser shall, at
its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may
have by reason of such failure by the Company to tender such Notes or any of the conditions specified in Section 4 not having been
fulfilled to such Purchaser&rsquo;s satisfaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify"><B>SECTION 4. CONDITIONS TO CLOSING</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Each
Purchaser&rsquo;s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment
to such Purchaser&rsquo;s satisfaction, prior to or at the Closing, of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
4.1. Representations and Warranties</B>. The representations and warranties of the Obligors in this Agreement and of the Subsidiary
Guarantors in their respective Subsidiary Guarantees shall be correct when made and at the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
4.2. Performance; No Default</B>. Each Obligor and each Subsidiary Guarantor shall have each performed and complied with all agreements
and conditions contained in this Agreement or the Subsidiary Guarantee, as applicable, required to be performed or complied with
by it prior to or at the Closing and from the date of this Agreement to the Closing assuming that Sections 9 and 10 are applicable
from the date of this Agreement. From the date of this Agreement until the Closing, before and after giving effect to the issue
and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default
shall have occurred and be continuing. No Obligor nor any Significant Subsidiary shall have entered into any transaction since
the date of the Memorandum that would have been prohibited by Section 10 had such Section applied since such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.6pt">Section 4.3.&#9;Compliance Certificates<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.65pt"></TD><TD STYLE="width: 28.25pt">(a)</TD><TD STYLE="text-align: left"><I>Officer&rsquo;s Certificate</I>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 42.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Obligor shall have delivered to such Purchaser an Officer&rsquo;s Certificate, dated the date of the Closing, certifying
that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Subsidiary Guarantor shall have delivered to such Purchaser an Officer&rsquo;s Certificate, dated the date of Closing,
certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Secretary&rsquo;s or Director&rsquo;s Certificate</I>. Each Obligor and each Subsidiary Guarantor shall have delivered
to such Purchaser a certificate of its Secretary, an Assistant Secretary, a Director or another appropriate person, dated the date
of the Closing, certifying as to the resolutions attached thereto and other corporate or other organizational proceedings relating
to the authorization, execution and delivery of (i) the Notes and this Agreement, in the case of the Company, (ii) this Agreement,
in the case of the Parent Guarantor and (iii) the Subsidiary Guarantee, in the case of each Subsidiary Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
4.4. Opinions of Counsel</B>. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser,
dated the date of the Closing (a) from (i) Torys LLP, U.S. special counsel for the Obligors, (ii) Torys LLP, Canadian special counsel
for the Parent Guarantor and for the Subsidiary Guarantors formed in the Province of Ontario, (iii) Sidley Austin LLP, U.K. special
counsel for the Company, (iv) Fox Rothschild LLP, special counsel for the Subsidiary Guarantors formed in the State of California
and Subsidiary Guarantors formed in the State of Delaware, (v) Norton Rose Fulbright Australia LLP, special counsel for the Subsidiary
Guarantors formed in Australia, (vi) Sidley Austin LLP, U.K. special counsel for the Subsidiary Guarantors formed in England and
Wales, (viii) Norton Rose Fulbright (Asia) LLP, special counsel for the Subsidiary Guarantors formed in Hong Kong, (ix) Bell Gully,
special counsel for the Subsidiary Guarantors formed in New Zealand, (x) CMS Hasche Sigle, special counsel for the Subsidiary Guarantors
formed in Germany, (xi) Montanios &amp; Montanios LLC, special counsel for the Subsidiary Guarantors formed in Cyprus, (xii) Ogier,
special counsel for the Subsidiary Guarantors formed in the British Virgin Islands and (xiii) Castren &amp; Snellman, special counsel
for the Subsidiary Guarantors formed in Finland, and covering the matters of and incident to the transactions contemplated hereby
as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinions
to the Purchasers) and (b) from Greenberg Traurig, LLP, the Purchasers&rsquo; special counsel in connection with such transactions,
covering the matters of and incident to such transactions as such Purchaser may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
4.5. Purchase Permitted By Applicable Law, Etc</B>. On the date of the Closing such Purchaser&rsquo;s purchase of Notes shall (a)
be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions
(such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction
as to the character of the particular investment, (b) not violate any applicable law or regulation (including Regulation T, U or
X of the Board of Governors of the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify">Federal Reserve System) and
(c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any applicable law or regulation, which law
or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer&rsquo;s
Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine
whether such purchase is so permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
4.6. Sale of Other Notes</B>. Contemporaneously with the Closing, the Company shall sell to each other Purchaser and each other
Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in Schedule A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
4.7. Payment of Special Counsel Fees</B>. Without limiting Section 16.1, the Company shall have paid on or before the Closing the
fees, charges and disbursements of the Purchasers&rsquo; special counsel referred to in Section 4.4 to the extent reflected in
a statement of such counsel rendered to the Company at least one Business Day prior to the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
4.8. Private Placement Number</B>. A Private Placement Number issued by Standard &amp; Poor&rsquo;s CUSIP Service Bureau (in cooperation
with the SVO) shall have been obtained for the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
4.9. Changes in Corporate Structure</B>. No Obligor nor any Significant Subsidiary shall have changed its jurisdiction of incorporation
or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the
liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule
5.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
4.10. Funding Instructions</B>. At least three Business Days prior to the date of the Closing, each Purchaser shall have received
written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section
3 including (i) the name and address of the transferee bank, (ii) such transferee bank&rsquo;s ABA number/Swift Code/IBAN and (iii)
the account name and number into which the purchase price for the Notes is to be deposited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
4.11. Acceptance of Appointment to Receive Service of Process</B>. Such Purchaser shall have received evidence of the acceptance
by Corporation Service Company of the appointment and designation provided for by Section 23.7(e) for the period from the date
of the Closing to May 30, 2029 (and the payment in full of all fees in respect thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
4.12. Proceedings and Documents</B>. All corporate and other proceedings in connection with the transactions contemplated by this
Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special
counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies
of such documents as such Purchaser or such special counsel may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
4.13. Subsidiary Guarantees</B>. As to each Subsidiary which on or before the date hereof had delivered a Guarantee pursuant to
or is otherwise obligated under any Material Credit</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">Facility, the Obligors shall cause each such Subsidiary
to, on the date hereof, enter into and deliver a Subsidiary Guarantee to each Purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 5.&#9;REPRESENTATIONS AND WARRANTIES OF THE
OBLIGORS</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">The Company and the Parent
Guarantor jointly and severally represent and warrant to each Purchaser as of the date of this Agreement and as of the date of
Closing that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
5.1. Organization; Power and Authority</B>. Such Obligor is a corporation duly organized, validly existing and, where applicable,
in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and, where
applicable, is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions
as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. Each Obligor has the corporate power and authority to own or hold under lease the properties
it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver
this Agreement and the Notes, in the case of the Company, and this Agreement, in the case of the Parent Guarantor, and to perform
the provisions hereof and thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
5.2. Authorization, Etc</B>. This Agreement and the Notes have been duly authorized by all necessary corporate action on the part
of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid
and binding obligation of the Company enforceable against the Company in accordance with its terms; and this Agreement has been
duly authorized by all necessary corporate action on the part of the Parent Guarantor, and this Agreement constitutes and, upon
execution and delivery thereof, will constitute a legal, valid and binding obligation of the Parent Guarantor enforceable against
the Parent Guarantor in accordance with its terms; except, in each case, as such enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&rsquo; rights generally
and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at
law).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
5.3. Disclosure</B>. The Company, through its agent, JP Morgan, has delivered to each Purchaser a copy of a Private Placement Memorandum,
dated April 2018 (the <B>&ldquo;Memorandum&rdquo;</B>), relating to the transactions contemplated hereby. The Memorandum fairly
describes, in all material respects, the general nature of the business and principal properties of the Parent Guarantor and its
Significant Subsidiaries. This Agreement, the Memorandum, the financial statements listed in Schedule 5.5 and the documents, certificates
or other writings delivered to the Purchasers by or on behalf of the Obligors prior to May 2, 2018 in connection with the transactions
contemplated hereby and identified in Schedule 5.3 (this Agreement, the Memorandum and such documents, certificates or other writings
and such financial statements delivered to each Purchaser being referred to, collectively, as the <B>&ldquo;Disclosure Documents&rdquo;</B>),
taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure
Documents,</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify">since December 31, 2017,
there has been no change in the financial condition, operations, business, properties or prospects of any Obligor or any Significant
Subsidiary except changes that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
There is no fact known to any Obligor that could reasonably be expected to have a Material Adverse Effect that has not been set
forth herein or in the Disclosure Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
5.4. Organization and Ownership of Shares of Subsidiaries; Affiliates</B>. (a) Schedule 5.4 contains (except as noted therein)
complete and correct lists of (i) the Parent Guarantor&rsquo;s Significant Subsidiaries, showing, as to each Significant Subsidiary,
the name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock or similar
equity interests outstanding owned by the Parent Guarantor and each other Subsidiary and whether such Subsidiary is a Subsidiary
Guarantor, and (ii) each of the Obligor&rsquo;s directors and senior officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All of the outstanding shares of capital stock or similar equity interests of each Significant Subsidiary shown in Schedule
5.4 as being directly or indirectly owned by the Parent Guarantor and its Significant Subsidiaries have been validly issued, are
fully paid and non-assessable and are owned by the Parent Guarantor or another Significant Subsidiary free and clear of any Lien
that is prohibited by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Significant Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable,
in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal
entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by law, other than
those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Each such Significant Subsidiary has the corporate or other power and
authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts
and proposes to transact except where failure to do so, individually or in the aggregate, could not reasonably be expected to have
a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Significant Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements
listed on Schedule 5.4 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such
Significant Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Parent Guarantor
or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Significant Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 32.85pt"> (e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>There are no Unrestricted Entities.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
5.5. Financial Statements; Material Liabilities</B>. The Obligors have delivered to each Purchaser copies of the consolidated financial
statements of the Parent Guarantor and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in
each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Parent
Guarantor and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their operations
and cash flows for the respective</P>

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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify">periods so specified and
have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes
thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Parent Guarantor and its
Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.65pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
5.6. Compliance with Laws, Other Instruments, Etc</B>. The execution, delivery and performance by the Obligors of this
Agreement and, in the case of the Company only, the Notes, will not (i) contravene, result in any breach of, or constitute a
default under, or result in the creation of any Lien in respect of any property of any Obligor or any Significant Subsidiary
under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, memorandum of
association, articles of association, regulations or by-laws, shareholders agreement or any other agreement or instrument to
which any Obligor or any Significant Subsidiary is bound or by which any Obligor or any Significant Subsidiary or any of
their respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms,
conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority
applicable to any Obligor or any Significant Subsidiary or (iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>violate
any provision of any statute or other rule or regulation of any Governmental Authority applicable to any Obligor or any
Significant Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
5.7. Governmental Authorizations, Etc</B>. No consent, approval or authorization of, or registration, filing or declaration with,
any Governmental Authority is required in connection with the execution, delivery or performance by the Obligors of this Agreement
or, in the case of the Company only, the Notes, including, without any limitation, any thereof required in connection with the
obtaining of Euros or Dollars, as applicable, to make payments under this Agreement or, in the case of the Company only, the Notes,
and the payment of such Euros or Dollars, as applicable, to Persons resident in the United States of America. It is not necessary
to ensure the legality, validity, enforceability or admissibility into evidence in the United Kingdom or Canada of this Agreement
or the Notes that any thereof or any other document be filed, recorded or enrolled with any Governmental Authority, or that any
such agreement or document be stamped with any stamp, registration or similar transaction tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
5.8. Litigation; Observance of Agreements, Statutes and Orders</B>. (a) There are no actions, suits, investigations or proceedings
pending or, to the best knowledge of any Obligor, threatened against or affecting any Obligor or any Significant Subsidiary or
any property of any Obligor or any Significant Subsidiary in any court or before any arbitrator of any kind or before or by any
Governmental Authority that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)
No Obligor nor any Significant Subsidiary is (i) in default under any agreement or instrument to which it is a party or by which
it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental
Authority or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including Environmental
Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation
could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
5.9. Taxes</B>. (a) The Obligors and each Significant Subsidiary have filed all material tax returns that are required to have
been filed in any Taxing Jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other material
taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments
have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which,
individually or in the aggregate, is not Material or (ii) the amount, applicability or validity of which is currently being contested
in good faith by appropriate proceedings and with respect to which such Obligor or a Significant Subsidiary, as the case may be,
has established adequate reserves in accordance with GAAP. No Obligor knows of any basis for any other tax or assessment that could,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves
on the books of the Obligors and each Significant Subsidiary in respect of federal, national, state or other taxes for all fiscal
periods are adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)
No liability for any Tax, directly or indirectly, imposed, assessed, levied or collected by or for the account of any Governmental
Authority of the United Kingdom, Canada or any political subdivision thereof will be incurred by the Obligors or any holder of
a Note as a result of the execution or delivery of this Agreement or the Notes and no deduction or withholding in respect of Taxes
imposed by or for the account of the United Kingdom, Canada or, to the knowledge of the Obligors, any other Taxing Jurisdiction,
is required to be made from any payment by the Obligors under this Agreement or the Notes except for any such liability, withholding
or deduction imposed, assessed, levied or collected by or for the account of any such Governmental Authority of the United Kingdom
or Canada arising out of circumstances described in Section 13.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.10. Title to Property; Leases</B>. The Obligors and each Significant Subsidiary have good and sufficient title to their respective
properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited
balance sheet referred to in Section 5.5 or purported to have been acquired by the Obligors or any Significant Subsidiary after
such date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited
by this Agreement. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force
and effect in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.11. Licenses, Permits, Etc</B>. (a) The Obligors and each Significant Subsidiary own or possess all licenses, permits, franchises,
authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually
or in the aggregate are Material, without known conflict with the rights of others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the best knowledge of the Obligors, no product or service of any Obligor or any Significant Subsidiary infringes in any
material respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark,
trade name or other right owned by any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the best knowledge of the Obligors, there is no Material violation by any Person of any right of any Obligor or any Significant
Subsidiary with respect to any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark,
trademark, trade name or other right owned or used by any Obligor or any Significant Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.12. Compliance with ERISA</B>. (a) Neither Obligor nor any ERISA Affiliate maintains, contributes to or is obligated to maintain
or contribute to, or has, at any time within the past six years, maintained, contributed to or been obligated to maintain or contribute
to, any employee benefit plan which is subject to Title I or Title IV of ERISA or section 4975 of the Code (a &ldquo;U.S. Plan&rdquo;).
Neither the Company nor any ERISA Affiliate is, or has ever been at any time within the past six years, a &ldquo;party in interest&rdquo;
(as defined in section 3(14) of ERISA) or a &ldquo;disqualified person&rdquo; (as defined in section 4975 of the Code) with respect
to any U.S. Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Obligors and their ERISA Affiliates have not incurred (i) withdrawal liabilities (and are not subject to contingent
withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate
are Material or (ii) any obligation in connection with the termination of or withdrawal from any Non-U.S. Plan that individually
or in the aggregate are Material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Non-U.S. Plans have been established, operated, administered and maintained in compliance with all laws, regulations
and orders applicable thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect.
All premiums, contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid
or accrued by the Obligors and their Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue
could not be reasonably expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.13. Private Offering by the Company</B>. Neither the Obligors nor anyone acting on their behalf has offered the Notes or any
similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached
or negotiated in respect thereof with, any Person other than the Purchasers and not more than 30 other Institutional Investors,
each of which has been offered the Notes at a private sale for investment. Neither the Obligors nor anyone acting on their behalf
has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of section
5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction,
including the jurisdiction of organization of each Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.14. Use of Proceeds; Margin Regulations</B>. The Company will apply the proceeds of the sale of the Notes hereunder as set forth
in Section 1 of the Memorandum. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly,
for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal
Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as
to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation
of Regulation T of said Board (12 CFR 220). The Parent Guarantor and its Subsidiaries</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify">have no margin stock and do
not have any present intention to acquire margin stock. As used in this Section, the terms <B>&ldquo;margin stock&rdquo; </B>and
<B>&ldquo;purpose of buying or carrying&rdquo; </B>shall have the meanings assigned to them in said Regulation U.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.15. Existing Indebtedness; Future Liens</B>. (a) Except as described therein, Schedule 5.15 sets forth a complete and correct
list of all outstanding Indebtedness of the Parent Guarantor and its Significant Subsidiaries as of March 31, 2018 (including descriptions
of the obligors and obligees, principal amounts outstanding, any collateral therefor and any Guarantees thereof, but excluding
any intercompany Indebtedness), since which date there has been no Material change in the amounts, interest rates, sinking funds,
installment payments or maturities of the Indebtedness of the Parent Guarantor or its Significant Subsidiaries. No Obligor nor
any Significant Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest
on any Indebtedness of such Obligor or such Significant Subsidiary and no event or condition exists with respect to any Indebtedness
of any Obligor or any Significant Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit)
one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled
dates of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as disclosed in Schedule 5.15, no Obligor nor any Significant Subsidiary has agreed or consented to cause or permit
any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or
permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired,
to be subject to a Lien not permitted by Section 10.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Obligor nor any Significant Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument
evidencing Indebtedness of such Obligor or such Significant Subsidiary, any agreement relating thereto or any other agreement (including
its charter or any other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring
of, Indebtedness of such Obligor, except as disclosed in Schedule 5.15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.16. Foreign Assets Control Regulations, Etc</B>. (a) Neither Obligor nor any Controlled Entity (i) is a Blocked Person, (ii)
has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions
that have been imposed by the United Nations or the European Union.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither Obligor nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under,
any applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Obligors&rsquo;
knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money
Laundering Laws or Anti-Corruption Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 32.85pt"> (c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No part of the proceeds from the sale of the Notes hereunder:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: left; text-indent: 42.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by either Obligor
or any Controlled Entity, directly or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify">indirectly, (A) in connection
with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any Purchaser
to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money
Laundering Laws; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental
Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case
which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Parent Guarantor has established procedures and controls which it reasonably believes are adequate (and otherwise comply
with applicable law) to ensure that the Obligors and each Controlled Entity is and will continue to be in compliance with all applicable
U.S. Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.17. Status under Certain Statutes</B>. No Obligors nor any Significant Subsidiary is subject to regulation under the Investment
Company Act of 1940, the Public Utility Holding Company Act of 2005, the ICC Termination Act of 1995, or the Federal Power Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.18. Environmental Matters</B>. (a) No Obligor nor any Significant Subsidiary has knowledge of any claim or has received any notice
of any claim and no proceeding has been instituted asserting any claim against any Obligor or any Significant Subsidiary or any
of their respective real properties or other assets now or formerly owned, leased or operated by any of them, alleging any damage
to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result
in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Obligor nor any Significant Subsidiary has knowledge of any facts which would give rise to any claim, public or private,
of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties
now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as could not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Obligor nor any Significant Subsidiary has stored any Hazardous Materials on real properties now owned, leased or operated
by any of them in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Obligor nor any Significant Subsidiary has disposed of any Hazardous Materials in a manner which is contrary to any Environmental
Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the knowledge of the Obligors, all buildings on all real properties now owned, leased or operated by any Obligor or any
Significant Subsidiary are in compliance with applicable Environmental Laws, except where failure to comply could not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.19. Ranking of Obligations</B>. The Company&rsquo;s payment obligations under this Agreement and the Notes and of the Parent
Guarantor under this Agreement will, upon issuance of the Notes, rank at least <I>pari passu</I>, without preference or priority,
with all other unsecured and unsubordinated Indebtedness of such Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.65pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
5.20. Representations of Subsidiary Guarantors</B>. The representations and warranties of each Subsidiary Guarantor contained in
its Subsidiary Guarantee are true and correct as of the date they are made and at the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 6.&#9;REPRESENTATIONS OF THE PURCHASERS</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
6.1. Purchase for Investment</B>. Each Purchaser severally represents that it is purchasing the Notes for its own account or for
one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with
a view to the distribution thereof, <I>provided </I>that the disposition of such Purchaser&rsquo;s or their property shall at all
times be within such Purchaser&rsquo;s or their control. Each Purchaser understands that the Notes have not been registered under
the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from
registration is available, except under circumstances where neither such registration nor such an exemption is required by law,
and that the Company is not required to register the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
6.2. Status of Certain Purchasers</B>. Each applicable Purchaser represents, undertakes and covenants that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if such Purchaser is established in a member state of the European Economic Area (&ldquo;EEA&rdquo;), (i) it is not a retail
investor as defined herein; and (ii) it has not offered, sold, transferred or otherwise made available and will not offer, sell,
transfer or otherwise make available any Notes it purchases hereunder to any retail investor (as defined herein) in the EEA; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if such Purchaser is established in the United Kingdom, (i) it is a person who falls within Article 19(5) or Article 49(2)(a)
to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended or to whom the offering or promotion
of the Notes can be otherwise lawfully distributed or communicated; (ii) it has not communicated or caused to be communicated and
will not communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning
of Section 21 of the Financial Services and Markets Act 2000 as amended) received by it in connection with the issue, sale or purchase
of the Notes to any person other than those referred to in this Section 6.2(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>For
the purposes this Section 6.2, the expression &ldquo;retail investor&rdquo; means a person who is one (or more) of the
following: (i) a retail client as defined in point (11) of Article 4(1) of EU Directive 2014/65/EU as amended (&ldquo;MiFID
II&rdquo;); or (ii) a customer within the meaning of EU Directive 2002/92/EC as amended, where that customer would not
qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as
defined in EU Directive 2003/71/EC as amended..</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 7.&#9;INFORMATION AS TO OBLIGORS</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
7.1. Financial and Business Information</B>. The Obligors shall deliver to each Purchaser and each holder of a Note that is an
Institutional Investor (and for purposes of this Agreement the information required by this Section 7.1 shall be deemed delivered
on the date of delivery of such information in the English language or the date of delivery of an English translation thereof):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Interim Statements </I>&mdash; promptly after the same are available and in any event within 45 days (or, if earlier,
the date on which such financial statements are delivered under any Material Credit Facility) after the end of each Quarter of
each Fiscal Year of the Parent Guarantor (other than the last Quarter fiscal period of each such Fiscal Year), duplicate copies
of,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 77pt; text-align: justify; text-indent: 39.35pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such fiscal period, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 77pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>consolidated statements of income, changes in shareholders&rsquo; equity and cash flows of the Parent Guarantor and its
Subsidiaries, for such fiscal period and (in the case of the second and third quarters) for the portion of the fiscal year ending
with such quarter,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify">setting forth in each case
in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in
accordance with GAAP applicable to interim financial statements generally, and certified by a Senior Financial Officer as fairly
presenting, in all material respects, the financial position of the companies being reported on and their results of operations
and cash flows, subject to changes resulting from year-end adjustments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Annual Statements </I>&mdash; promptly after the same are available and in any event within 90 days (or, if earlier,
the date on which such financial statements are delivered under any Material Credit Facility) after the end of each Fiscal Year
of the Parent Guarantor, duplicate copies of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 77pt; text-align: justify; text-indent: 39.35pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such year, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 77pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>consolidated statements of income, changes in shareholders&rsquo; equity and cash flows of the Parent Guarantor and its
Subsidiaries for such year,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt; text-align: justify">setting forth in each case
in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied
by an opinion thereon (without a &ldquo;going concern&rdquo; or similar qualification or exception and without any qualification
or exception as to the scope of the audit on which such opinion is based) of independent public accountants of recognized international
standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position
of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP,
and that the examination of such accountants in connection with such financial statements has been made in accordance with generally
accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>SEC and Other Reports </I>&mdash; promptly upon their becoming available, one copy of (i) each financial statement, report,
circular, notice, proxy statement or similar document (not otherwise delivered to the holders pursuant to the terms of this Agreement)
sent by any Obligor or any Subsidiary (x) to its creditors under any Material Credit Facility (excluding information sent to such
creditors in the ordinary course of administration of a credit facility, such as information relating to pricing and borrowing
availability) or (y) to its public securities holders generally, and (ii) each regular or periodic report, each registration statement
(without exhibits except as expressly requested by such Purchaser or holder), and each prospectus and all amendments thereto filed
by the Parent Guarantor or any Subsidiary with the SEC or any similar Governmental Authority or securities exchange and of all
press releases and other statements made available generally by the Parent Guarantor or any Subsidiary to the public concerning
developments that are Material;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Notice of Default or Event of Default </I>&mdash; promptly, and in any event within 5 days after a Responsible Officer
becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action
with respect to a claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed
default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what
action the Obligors are taking or proposes to take with respect thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Employee Benefits Matters </I>&mdash; promptly, and in any event within 5 days after a Responsible Officer becoming aware
of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Obligors or an ERISA
Affiliate proposes to take with respect thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 77pt; text-align: justify; text-indent: 42.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for
which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 77pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section
4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by any Obligor or
any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer
Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 77pt; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any event, transaction or condition that could result in the incurrence of any liability by any Obligor or any ERISA Affiliate
pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in
the imposition of any Lien on any of the rights, properties or assets of any Obligor or any ERISA Affiliate pursuant to Title I
or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities
or Liens then existing, could reasonably be expected to have a Material Adverse Effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 77pt; text-align: justify; text-indent: 36.7pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>receipt of notice of the imposition of a Material financial penalty (which for this purpose shall mean any tax, penalty
or other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 42.1pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Notices from Governmental Authority </I>&mdash; promptly, and in any event within 30 days of receipt thereof, copies
of any notice to any Obligor or any Subsidiary from any Governmental Authority relating to any order, ruling, statute or other
law or regulation that could reasonably be expected to have a Material Adverse Effect; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 41pt; text-align: justify; text-indent: 40.2pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Requested Information </I>&mdash; with reasonable promptness, such other data and information relating to the business,
operations, affairs, financial condition, assets or properties of any Obligor or any of its Subsidiaries or relating to the ability
of the Obligors to perform their respective obligations hereunder and under the Notes, as from time to time may be reasonably requested
by any such Purchaser or holder of a Note, including information readily available to the Obligors explaining the Obligors&rsquo;
financial statements if such information has been requested by the SVO in order to assign or maintain a designation of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
7.2. Officer&rsquo;s Certificate</B>. Each set of financial statements delivered to a Purchaser or a holder of a Note pursuant
to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Covenant Compliance </I>&mdash; setting forth the information from such financial statements that is required in order
to establish whether the Obligors were in compliance with the requirements of Section 10 during the interim or annual period covered
by the financial statements then being furnished (including with respect to each such provision that involves mathematical calculations,
the information from such financial statements that is required to perform such calculations and, in particular, including the
details of any adjustments to Consolidated EBITDA as of the result of Normalizing Adjustments), and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify">detailed calculations of
the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation
of the amount, ratio or percentage then in existence. In the event that any Obligor or any Subsidiary (excluding any Unrestricted
Entity) has made an election to measure any financial liability using fair value (which election is being disregarded for purposes
of determining compliance with this Agreement pursuant to Section 23.2) as to the period covered by any such financial statement,
such Senior Financial Officer&rsquo;s certificate as to such period shall include a reconciliation from GAAP with respect to such
election;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Event of Default </I>&mdash; certifying that such Senior Financial Officer has reviewed the relevant terms hereof and
has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Obligors and their
Subsidiaries (other than Unrestricted Entities) from the beginning of the interim or annual period covered by the statements then
being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of
any condition or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including
any such event or condition resulting from the failure of any Obligor or any Subsidiary (other than any Unrestricted Entity) to
comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Obligors shall have
taken or proposes to take with respect thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Subsidiary Guarantors </I>&ndash; setting forth a list of all Subsidiaries that are Subsidiary Guarantors and certifying
that each Subsidiary that is required to be a Subsidiary Guarantor pursuant to Section 9.7 is a Subsidiary Guarantor, in each case,
as of the date of such certificate of Senior Financial Officer, <I>provided that </I>such list shall only be required to be delivered
at the end of each Fiscal Year; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Investments in Unrestricted Entities </I>&ndash; setting forth a report on the aggregate initial investment value of
all Unrestricted Entities which continue to qualify as Unrestricted Entities as at the end of such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 26.6pt"><B>Section 7.3.&#9;Visitation</B>.
The Obligors shall permit the representatives of each Purchaser and each holder of a Note that is an Institutional Investor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>No Default </I>&mdash; if no Default or Event of Default then exists, at the expense of such Purchaser or such holder
and upon reasonable prior notice to the Obligors, to visit the principal executive office of the Parent Guarantor or the Company,
to discuss the affairs, finances and accounts of the Parent Guarantor, the Company and their Subsidiaries with the Parent Guarantor&rsquo;s
or the Company&rsquo;s officers, as the case may be, and (with the consent of the Parent Guarantor or the Company, as the case
may be, which consent will not be unreasonably withheld) its independent public accountants, and (with the consent of the Parent
Guarantor or the Company, as the case may be, which consent will not be unreasonably withheld) to visit the other offices and properties
of the Parent Guarantor, the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably requested
in writing; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Default </I>&mdash; if a Default or Event of Default then exists, at the expense of the Obligors to visit and inspect
any of the offices or properties of any Obligor or any Subsidiary, to examine all their respective books of account, records, reports
and other papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their
respective officers and independent public accountants (and by this provision the Parent Guarantor or the Company each authorizes
said accountants to discuss the affairs, finances and accounts of the Parent Guarantor, the Company and its respective Subsidiaries),
all at such times and as often as may be requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
7.4. Electronic Delivery</B>. Financial statements, opinions of independent certified public accountants, other information and
Officer&rsquo;s Certificates that are required to be delivered by such Obligors pursuant to Sections 7.1(a), (b) or (c) and Section
7.2 shall be deemed to have been delivered if such Obligor satisfies any of the following requirements with respect thereto:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>such financial
statements satisfying the requirements of Section 7.1(a) or( b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>and
related Officer&rsquo;s Certificate satisfying the requirements of Section 7.2 and any other information required under
Section 7.1(c) are delivered to each Purchaser or holder of a Note by e-mail at the e-mail address set forth in such
holder&rsquo;s Schedule A information or as communicated from time to time in a separate writing delivered to the Company;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>such
financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer&rsquo;s
Certificate(s) satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely
posted by or on behalf of the Obligors on IntraLinks or on any other similar website to which each holder of Notes has free
access or are made available on its home page on the internet, which is located at <FONT>http://www2.colliers.com</FONT>
as of the date of this Agreement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Parent Guarantor shall have timely filed any of the items referred to in Section 7.1(c)(ii) on, as the case may be,
SEDAR or EDGAR and shall have made such items available on its home page on the internet or on IntraLinks or on any other similar
website to which each holder of Notes has free access;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify"><I>provided however, </I>that
in no case shall access to such financial statements, other information and Officer&rsquo;s Certificates be conditioned upon any
waiver or other agreement or consent (other than confidentiality provisions consistent with Section 21 of this Agreement); <I>provided
further</I>, that in the case of clause (b), the Obligors shall have given each holder of a Note prior written notice, which may
be by e-mail or in accordance with Section 19, of such posting or availability in connection with each delivery; and <I>provided
further, </I>that upon request of any holder to receive paper copies of such forms, financial statements, other information and
Officer&rsquo;s Certificates or to receive them by e-mail, the Obligors will promptly e-mail them or deliver such paper copies,
as the case may be, to such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
7.5. Limitation on Disclosure Obligation</B>. Neither the Obligors nor their Subsidiaries shall be required to disclose the following
information pursuant to Section 7.1(c)(i)(x), 7.1(h) or 7.3:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>information that the Obligors determine after consultation with counsel qualified to advise on such matters that, notwithstanding
the confidentiality requirements of Section 21, it would be prohibited from disclosing by applicable law or regulations without
making public disclosure thereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>information that, notwithstanding the confidentiality requirements of Section 21, any of the Obligors and their Subsidiaries
are prohibited from disclosing by the terms of an obligation of confidentiality contained in any agreement with any non-Affiliate
binding upon any Obligor or Subsidiary and not entered into in contemplation of this clause (b), <I>provided </I>that the Obligors
and their Subsidiaries shall use commercially reasonable efforts to obtain consent from the party in whose favor the obligation
of confidentiality was made to permit the disclosure of the relevant information and <I>provided further </I>that the Obligors
and their Subsidiaries have received a written opinion of counsel confirming that disclosure of such information without consent
from such other contractual party would constitute a breach of such agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify">Promptly after determining
that any Obligor or Subsidiary is not permitted to disclose any information as a result of the limitations described in this Section
7.5, the Obligors will provide each of the holders with an Officer&rsquo;s Certificate describing generally the requested information
that any of the Obligors or their Subsidiaries is prohibited from disclosing pursuant to this Section 7.5 and the circumstances
under which the Obligor or Subsidiary is not permitted to disclose such information. Promptly after a request therefor from any
holder of Notes that is an Institutional Investor, the Obligors will provide such holder with a written opinion of counsel (which
may be addressed to the Obligors) relied upon as to any requested information that the Obligors or any of their Subsidiaries are
prohibited from disclosing to such holder under circumstances described in this Section 7.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify"><B>SECTION 8. PAYMENT AND PREPAYMENT
OF THE NOTES</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
8.1. Maturity</B>. As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity
Date thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
8.2. Optional Prepayments with Make-Whole Amount</B>. The Company may, at its option, upon notice as provided below, prepay at
any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the
Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount,
plus the Net Loss, if any, and less the Net Gain, if any, with respect to any Swapped Note determined for the prepayment date with
respect to such principal amount. The Company will give each holder of Notes written notice of each optional prepayment under this
Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed for such</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify">prepayment unless the Company
and the Required Holders agree to another time period pursuant to Section 18. Each such notice shall specify such date (which shall
be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held
by such holder to be prepaid (determined in accordance with Section 8.5), and the interest to be paid on the prepayment date with
respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the
estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the
prepayment), setting forth the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver
to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of
the specified prepayment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
8.3. Prepayment for Tax Reasons</B>. (a) If at any time as a result of a Change in Tax Law (as defined below) the Company or Parent
Guarantor (assuming that the Parent Guarantor is obligated to make a payment) is or becomes obligated to make any Additional Payments
(as defined below) in respect of any payment of interest (including, for the avoidance of doubt, any payment on account of interest
made in respect of a Guaranteed Obligation) on account of any of the Notes in an aggregate amount for all affected Notes equal
to 5% or more of the aggregate amount of such interest payment on account of all of the Notes, the Company may give the holders
of all affected Notes irrevocable written notice (each, a &ldquo;<B>Tax Prepayment Notice</B>&rdquo;) of the prepayment of such
affected Notes on a specified prepayment date (which shall be a Business Day not less than 30 days nor more than 60 days after
the date of such notice) and the circumstances giving rise to the obligation of the Company or the Parent Guarantor, as the case
may be, to make any Additional Payments and the amount thereof and stating that all of the affected Notes shall be prepaid on the
date of such prepayment at 100% of the principal amount so prepaid together with interest accrued thereon to the date of such prepayment
for each such Note, but without any Make-Whole Amount, but plus the Net Loss, if any, and less the Net Gain, if any, with respect
to any Swapped Note, except in the case of an affected Note if the holder of such Note shall, by written notice given to the Company
no more than 20 days after receipt of the Tax Prepayment Notice, reject such prepayment of such Note (each, a &ldquo;<B>Rejection
Notice</B>&rdquo;). The form of Rejection Notice shall also accompany the Tax Prepayment Notice and shall state with respect to
each Note covered thereby that execution and delivery thereof by the holder of such Note shall operate as a permanent waiver of
such holder&rsquo;s right to receive the Additional Payments arising as a result of the circumstances described in the Tax Prepayment
Notice in respect of all future payments of interest on such Note (but not of such holder&rsquo;s right to receive any Additional
Payments that arise out of circumstances not described in the Tax Prepayment Notice or which exceed the amount of the Additional
Payment described in the Tax Prepayment Notice), which waiver shall be binding upon all subsequent transferees of such Note. The
Tax Prepayment Notice having been given as aforesaid to each holder of the affected Notes, the principal amount of such Notes together
with interest accrued thereon to the date of such prepayment, but without any Make-Whole Amount, but plus the Net Loss, if any,
and less the Net Gain, if any, with respect to any Swapped Note shall become due and payable on such prepayment date, except in
the case of Notes the holders of which shall timely give a Rejection Notice as aforesaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No prepayment of the Notes pursuant to this Section 8.3 shall affect the obligation of the Obligors to pay Additional Payments
in respect of any payment made on or prior to the date of such prepayment. For purposes of this Section 8.3, any holder of more
than one affected Note may act separately with respect to each affected Note so held (with the effect that a holder of more than
one affected Note may accept such offer with respect to one or more affected Notes so held and reject such offer with respect to
one or more other affected Notes so held).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Obligors may not offer to prepay Notes pursuant to this Section 8.3 (i) if a Default or Event of Default then exists,
(ii) until the Obligors shall have taken reasonable efforts to mitigate the requirement to make the related Additional Payments
or (iii) if the obligation to make such Additional Payments directly results or resulted from actions taken by any Obligor or any
Subsidiary (other than actions required to be taken under applicable law), and any Tax Prepayment Notice given pursuant to this
Section 8.3 shall certify to the foregoing and describe such mitigation steps, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Section 8.3: &ldquo;<B>Additional Payments</B>&rdquo; means additional amounts required to be paid
to a holder of any Note pursuant to Section 13 by reason of a Change in Tax Law; and a &ldquo;<B>Change in Tax Law</B>&rdquo; means
(individually or collectively with one or more prior changes) (i) an amendment to, or change in, any law, treaty, rule, published
practice, published concession or regulation of a Taxing Jurisdiction after the date of the Closing, or an amendment to, or change
in, an official interpretation or application of such law, treaty, rule, published practice, published concession or regulation
after the date of the Closing, which amendment or change is in force and continuing and meets the opinion and certification requirements
described below or (ii) in the case of any other jurisdiction that becomes a Taxing Jurisdiction after the date of the Closing,
an amendment to, or change in, any law, treaty, rule or regulation of such jurisdiction, or an amendment to, or change in, an official
interpretation or application of such law, treaty, rule or regulation, in any case after such jurisdiction shall have become a
Taxing Jurisdiction, which amendment or change is in force and continuing and meets the opinion and certification requirements
described below. No such amendment or change shall constitute a Change in Tax Law unless the same would in the opinion of the Company
(which shall be evidenced by an Officer&rsquo;s Certificate of the Company and supported by a written opinion of counsel having
recognized expertise in the field of taxation in the relevant Taxing Jurisdiction, both of which shall be delivered to all holders
of the Notes prior to or concurrently with the Tax Prepayment Notice in respect of such Change in Tax Law) affect the deduction
or require the withholding of any Tax imposed by such Taxing Jurisdiction on any payment payable on the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.6pt">Section 8.4.&#9;Prepayment in Connection with
a Noteholder Sanctions Event<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the Company&rsquo;s receipt of notice from any Affected Noteholder that a Noteholder Sanctions Event has occurred (which
notice shall refer specifically to this Section 8.4(a) and describe in reasonable detail such Noteholder Sanctions Event), the
Company shall promptly, and in any event within 10 Business Days, make an offer (the <B>&ldquo;Sanctions Prepayment Offer&rdquo;</B>)
to prepay the entire unpaid principal amount of Notes held by such Affected Noteholder (the <B>&ldquo;Affected Notes&rdquo;</B>),
together with interest thereon to the prepayment date selected by the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify">Company with respect to each
Affected Note, plus the Net Loss, if any, and less the Net Gain, if any, with respect to any Swapped Note, (but without payment
of any Make-Whole Amount with respect thereto), which prepayment shall be on a Business Day not less than 30 days and not more
than 60 days after the date of the Sanctions Prepayment Offer (the <B>&ldquo;Sanctions Prepayment Date&rdquo;</B>). Such Sanctions
Prepayment Offer shall provide that such Affected Noteholder notify the Company in writing by a stated date (the <B>&ldquo;Sanctions
Prepayment Response Date&rdquo;</B>), which date is not later than 10 Business Days prior to the stated Sanctions Prepayment Date,
of its acceptance or rejection of such prepayment offer. If such Affected Noteholder does not notify the Company as provided above,
then the holder shall be deemed to have accepted such offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of subparagraphs (c) and (d) of this Section 8.4, the Company shall prepay on the Sanctions Prepayment
Date the entire unpaid principal amount of the Affected Notes held by such Affected Noteholder who has accepted (or has been deemed
to have accepted) such prepayment offer (in accordance with subparagraph (a)), together with interest thereon to the Sanctions
Prepayment Date with respect to each such Affected Note, plus the Net Loss, if any, and less the Net Gain, if any, with respect
to any Swapped Note, (but without payment of any Make-Whole Amount with respect thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If a Noteholder Sanctions Event has occurred but the Obligors and/or their Controlled Entities have taken such action(s)
in relation to their activities so as to remedy such Noteholder Sanctions Event (with the effect that a Noteholder Sanctions Event
no longer exists, as reasonably determined by such Affected Noteholder) prior to the Sanctions Prepayment Date, then the Company
shall no longer be obliged or permitted to prepay such Affected Notes in relation to such Noteholder Sanctions Event. If the Obligors
and/or its Controlled Entities shall undertake any actions to remedy any such Noteholder Sanctions Event, the Company shall keep
the holders reasonably and timely informed of such actions and the results thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Affected Noteholder that has given written notice to the Company of its acceptance of (or has been deemed to have
accepted) the Company&rsquo;s prepayment offer in accordance with subparagraph (a) also gives notice to the Company prior to the
relevant Sanctions Prepayment Date that it has determined (in its sole discretion) that it requires clearance from any Governmental
Authority in order to receive a prepayment pursuant to this Section 8.4, the principal amount of each Note held by such Affected
Noteholder, together with interest accrued thereon to the date of prepayment, plus the Net Loss, if any, and less the Net Gain,
if any, with respect to any Swapped Note, shall become due and payable on the later to occur of (but in no event later than the
Maturity Date of the relevant Note) (i) such Sanctions Prepayment Date and (ii) the date that is 10 Business Days after such Affected
Noteholder gives notice to the Company that it is entitled to receive a prepayment pursuant to this Section 8.4 (which may include
payment to an escrow account designated by such Affected Noteholder to be held in escrow for the benefit of such Affected Noteholder
until such Affected Noteholder obtains such clearance from such Governmental Authority), and in any event, any such delay in accordance
with the foregoing clause (ii) shall not be deemed to give rise to any Default or Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly, and in any event within 5 Business Days, after the Company&rsquo;s receipt of notice from any Affected Noteholder
that a Noteholder Sanctions Event shall have occurred with</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">respect to such Affected Noteholder, the Company
shall forward a copy of such notice to each other Purchaser or holder of Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 34.9pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall promptly, and in any event within 10 Business Days, give written notice to the Purchasers or holders after
the Company or any Controlled Entity having been notified that (i) its name appears or may in the future appear on a State Sanctions
List or (ii) it is in violation of, or is subject to the imposition of sanctions under, any U.S. Economic Sanctions Laws, in each
case which notice shall describe the facts and circumstances thereof and set forth the action, if any, that the Company or a Controlled
Entity proposes to take with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 33pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The foregoing provisions of this Section 8.4 shall be in addition to any rights or remedies available to any Purchaser or
holder of Notes that may arise under this Agreement as a result of the occurrence of a Noteholder Sanctions Event; <I>provided</I>,
that, if the Notes shall have been declared due and payable pursuant to Section 12.1 as a result of the events, conditions or actions
of the Company or its Controlled Entities that gave rise to a Noteholder Sanctions Event, the remedies set forth in Section 12
shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
8.5. Allocation of Partial Prepayments</B>. In the case of each partial prepayment of the Notes pursuant to Section 8.2 and in
the case of each offer of partial prepayment or purchase of the Notes pursuant to Section 8.7, the principal amount of the Notes
to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the
respective unpaid principal amounts thereof not theretofore called for prepayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
8.6. Maturity; Surrender, Etc</B>. In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of
each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with unpaid interest
on such principal amount accrued to such date and the applicable Make-Whole Amount and Net Loss, if any. From and after such date,
unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount
and Net Loss, if any, as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall
be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal
amount of any Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
8.7. Purchase of Notes</B>. Neither Obligor will, nor will either Obligor permit any Affiliate to purchase, redeem, prepay or otherwise
acquire, directly or indirectly, any of the outstanding Notes except (i) upon the payment or prepayment of the Notes in accordance
with this Agreement and the Notes or (ii) pursuant to an offer to purchase made by either Obligor or an Affiliate pro rata to the
holders of the relevant series of Notes at the time outstanding and upon the same terms and conditions <I>provided </I>that if
a Default or an Event of Default exists at such time, such offer shall be made pro rata to all holders of Notes then outstanding.
Any such offer shall provide each relevant holder with sufficient information to enable it to make an informed decision with respect
to such offer, and shall remain open for at least 15 Business Days. If the holders of more than 50% of the principal amount of
the applicable series of Notes then outstanding accept such offer, the Company shall promptly notify the remaining holders of such</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify">fact and the expiration date
for the acceptance by holders of Notes of such offer shall be extended by the number of days necessary to give each such remaining
holder at least 10 Business Days from its receipt of such notice to accept such offer. The Company will promptly cancel all Notes
acquired by either Obligor or any Affiliate pursuant to any payment or prepayment of Notes pursuant to this Agreement and no Notes
may be issued in substitution or exchange for any such Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.6pt">Section 8.8.&#9;Make-Whole Amount<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.6pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Make-Whole
Amount with respect to Non-Swapped Notes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 0.5in">The
term &ldquo;<B>Make-Whole Amount</B>&rdquo; means, with respect to any Non-Swapped Note, an amount equal to the excess, if any,
of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Non-Swapped Note over
the amount of such Called Principal, provided that the Make-Whole Amount may not in any event be less than zero. Payments of Make-Whole
Amount in respect of any Non-Swapped Note shall be made in Euros. For the purposes of determining the Make-Whole Amount with respect
to any Non-Swapped Note, the following terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77pt; text-align: justify">&ldquo;<B>Applicable Percentage</B>&rdquo;
means 0.50% (fifty basis points);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Called
Principal</B>&rdquo; means the principal of such Non-Swapped Note that is to be prepaid pursuant to Section 8.2 or has become or
is declared to be immediately due and payable pursuant to Section 12.1, as the context requires;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Discounted
Value</B>&rdquo; means, with respect to the Called Principal of such Non-Swapped Note, the amount obtained by discounting all Remaining
Scheduled Payments with respect to such Called Principal from its scheduled due date to the Settlement Date with respect to such
Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as
that on which interest on the Non-Swapped Note is payable) equal to the Reinvestment Yield with respect to such Called Principal;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 77pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 77pt; text-align: justify">&ldquo;<B>Non-Swapped Note</B>&rdquo;
means any Note other than a Swapped Note;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 77pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Reinvestment
Yield</B>&rdquo; means, with respect to the Called Principal of any Non-Swapped Note, the sum of (x) the Applicable
Percentage plus (y) the yield to maturity implied by (A) the ask-side yields reported as of 10:00 A.M. (New York time) on the
second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as
&ldquo;Page PXGE&rdquo; (or such other display as may replace Page PXGE on Bloomberg Financial Markets) for the benchmark
German Bund having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date or (B)
if (i) Page PXGE on Bloomberg Financial Markets (or such other display as may replace Page PXGE) is not published on that
day, or (ii) the yields reported as of such time are not ascertainable (including by way of interpolation), by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify">reference to the
arithmetic mean of the yields to maturity quoted for actively trade German Bund having a maturity equal to the remaining term
of such Note as of such Settlement Date by three market makers selected by the Parent Guarantor and acceptable to the holders
of a majority of the unpaid principal amount of the Notes subject to any Called Principal. If there is no German Bund having
a maturity equal to the remaining term of such Note, then such yield will be determined, by interpolating linearly between
(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>the actively traded German Bund with the
maturity closest to and greater than the remaining term of such Note and (b) the actively traded German Bund with the
maturity closest to and less than the remaining term of such Note. The Reinvestment Yield shall be rounded to the number of
decimal places as appears in the interest rate of the applicable Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify; text-indent: 0.5in"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Remaining
Average Life</B>&rdquo; means, with respect to the Called Principal of any Non-Swapped Note, the number of years (calculated to
the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying
(a) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years
(calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal
and the scheduled due date of such Remaining Scheduled Payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Remaining
Scheduled Payments</B>&rdquo; means, with respect to the Called Principal of any Non-Swapped Note, all payments of such Called
Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment
of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which
an interest payment is due to be made under the terms of such Non-Swapped Note, then the amount of the next succeeding scheduled
interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement
Date pursuant to Section 8.2 or Section 12.1;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Settlement
Date</B>&rdquo; means, with respect to the Called Principal of any Non-Swapped Note, the date on which such Called Principal is
to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1,
as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.6pt"> (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Make-Whole Amount with respect to Swapped Notes</U>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 0.5in">The
term &ldquo;<B>Make-Whole Amount</B>&rdquo; means, with respect to any Swapped Note, an amount equal to the excess, if any, of
the Swapped Note Discounted Value with respect to the Swapped Note Called Notional Amount related to such Swapped Note over such
Swapped Note Called Notional Amount, <I>provided </I>that the Make-Whole Amount may not in any event be less than zero. Payments
of Make-Whole Amount in respect of any Swapped Note shall be made in Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 0.5in">For
the purposes of determining the Make-Whole Amount with respect to any Swapped Note, the following terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>New
Swap Agreement</B>&rdquo; means any cross-currency swap agreement pursuant to which the holder of a Swapped Note is to receive
payment in Dollars and which is entered into in full or partial replacement of an Original Swap Agreement as a result of such Original
Swap Agreement having terminated for any reason other than a non-scheduled prepayment or a repayment of such Swapped Note prior
to its scheduled maturity. The terms of a New Swap Agreement with respect to any Swapped Note do not have to be identical to those
of the Original Swap Agreement with respect to such Swapped Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Original Swap Agreement</B>&rdquo;
means, with respect to any Swapped Note:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 77pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a cross-currency swap agreement and annexes and schedules thereto (an &ldquo;<B>Initial Swap Agreement</B>&rdquo;) that
is entered into on an arm&rsquo;s length basis by the original purchaser of such Swapped Note (or any affiliate thereof) in connection
with the execution of this Agreement and the purchase of such Swapped Note and relates to the scheduled payments by the Company
of interest and principal on such Swapped Note, under which the holder of such Swapped Note is to receive payments from the counterparty
thereunder in Dollars and which is more particularly described in Schedule 8.8 or has been separately delivered to the Company
on or before the date of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 77pt; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Initial Swap Agreement that has been assumed (without any waiver, amendment, deletion or replacement of any material
economic term or provision thereof) by a holder of a Swapped Note in connection with a transfer of such Swapped Note; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 77pt; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Replacement Swap Agreement; and a &ldquo;<B>Replacement Swap Agreement</B>&rdquo; means, with respect to any Swapped
Note, a cross-currency swap agreement and annexes and schedules thereto with payment terms and provisions (other than a reduction
in notional amount, if applicable) identical to those of the Initial Swap Agreement with respect to such Swapped Note that is entered
into on an arm&rsquo;s length basis by the holder of such Swapped Note in full or partial replacement (by amendment, modification
or otherwise) of such Initial Swap Agreement (or any subsequent Replacement Swap Agreement) in a notional amount not exceeding
the outstanding principal amount of such Swapped Note following a non-scheduled prepayment or a repayment of such Swapped Note
prior to its scheduled maturity. Any holder of a Swapped Note that enters into, assumes or terminates an Initial Swap Agreement
or Replacement Swap Agreement shall within a reasonable period of time thereafter deliver to the Company an updated Schedule 8.8
or separately deliver the full Replacement Swap Agreement to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swap
Agreement</B>&rdquo; means, with respect to any Swapped Note, an Original Swap Agreement or a New Swap Agreement, as the case may
be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swapped
Note</B>&rdquo; means any Note that as of the date of the Closing is subject to a Swap Agreement. A &ldquo;<B>Swapped Note</B>&rdquo;
shall no longer be deemed a &ldquo;<B>Swapped Note</B>&rdquo; at such time as the related Swap Agreement ceases to be in force
in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 77pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 77pt; text-align: justify">&ldquo;<B>Swapped Note Applicable
Percentage</B>&rdquo; means 0.50% (50 basis points).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 77pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 77pt; text-align: justify">&ldquo;<B>Swapped Note Called Notional Amount</B>&rdquo; means, with respect
to any Swapped</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify">Note Called Principal of any
Swapped Note, the payment in Dollars due to the holder of such Swapped Note under the terms of the Swap Agreement to which such
holder is a party, attributable to and in exchange for such Swapped Note Called Principal and assuming that such Swapped Note Called
Principal is paid on its scheduled maturity date, <I>provided </I>that if such Swap Agreement is not an Original Swap Agreement,
then the &ldquo;Swapped Note Called Notional Amount&rdquo; in respect of such Swapped Note shall not exceed the amount in Dollars
which would have been due to the holder of such Swapped Note under the terms of the Original Swap Agreement to which such holder
was a party (or if such holder was never party to an Original Swap Agreement, then the last Original Swap Agreement to which the
most recent predecessor in interest to such holder as a holder of such Swapped Note was a party), attributable to and in exchange
for such Swapped Note Called Principal and assuming that such Swapped Note Called Principal is paid on its scheduled Maturity Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swapped
Note Called Principal</B>&rdquo; means, with respect to any Swapped Note, the principal of such Swapped Note that is to be prepaid
pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context
requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swapped
Note Discounted Value</B>&rdquo; means, with respect to the Swapped Note Called Notional Amount of any Swapped Note that is to
be prepaid pursuant to Section</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify">8.2 or has become or is
declared to be immediately due and payable pursuant to Section 12.1, as the context requires, the amount obtained by discounting
all Swapped Note Remaining Scheduled Swap Payments corresponding to the Swapped Note Called Notional Amount of such Swapped Note
from their respective scheduled due dates to the Swapped Note Settlement Date with respect to such Swapped Note Called Notional
Amount, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on
which interest on such Swapped Note is payable) equal to the Swapped Note Reinvestment Yield with respect to such Swapped Note
Called Notional Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swapped
Note Reinvestment Yield</B>&rdquo; means, with respect to the Swapped Note Called Notional Amount of any Swapped Note, the sum
of the (x) Swapped Note Applicable Percentage plus (y) the yield to maturity implied by the ask yield(s) reported as of 10:00 a.m.
(New York City time) on the second Business Day preceding the Swapped Note Settlement Date with respect to such Swapped Note Called
Notional Amount, on the display designated as &ldquo;Page PX1&rdquo; (or such other display as may replace Page PX1) on the Bloomberg
Financial Markets for the most recently issued actively</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify">traded on the run U.S. Treasury
securities (&ldquo;<B>Reported</B>&rdquo;) having a maturity equal to the Swapped Note Remaining Average Life of such Swapped Note
Called Notional Amount as of such Swapped Note Settlement Date. If there are no such U.S. Treasury securities Reported having a
maturity equal to such Swapped Note Remaining Average Life, then such implied yield to maturity will be determined by (a) converting
U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify">(b) interpolating linearly
between the ask yields Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with
the maturities (1) closest to and greater than such Swapped Note Remaining Average Life and (2) closest to and less than such Swapped
Note Remaining Average Life. The Swapped Note Reinvestment Yield shall be rounded to the number of decimal places as appears in
the interest rate of the applicable Swapped Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 0.5in">If such
yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then
&ldquo;<B>Swapped Note Reinvestment Yield</B>&rdquo; means, with respect to the Swapped Note Called Notional Amount of any Swapped
Note, the sum of (x) the Swapped Note Applicable Percentage plus (y) the yield to maturity implied by the U.S. Treasury constant
maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding
the Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount, in Federal Reserve Statistical Release
H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Swapped Note
Remaining Average Life of such Swapped Note Called Notional Amount as of such Swapped Note Settlement Date. If there is no such
U.S. Treasury constant maturity having a term equal to such Swapped Note Remaining Average Life, such implied yield to maturity
will be determined, by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term closest
to and greater than such Swapped Note Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term
closest to and less than such Swapped Note Remaining Average Life. The Swapped Note Reinvestment Yield shall be rounded to the
number of decimal places as appears in the interest rate of the applicable Swapped Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swapped
Note Remaining Average Life</B>&rdquo; means, with respect to any Swapped Note Called Notional Amount, the number of years (calculated
to the nearest one-twelfth year) obtained by dividing (x) such Swapped Note Called Notional Amount into (y) the sum of the products
obtained by multiplying (1) the principal component of each Swapped Note Remaining Scheduled Swap Payments with respect to such
Swapped Note Called Notional Amount by (2) the number of years (calculated to the nearest one-twelfth year) that will elapse between
the Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount and the scheduled due date of such Swapped
Note Remaining Scheduled Swap Payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swapped
Note Remaining Scheduled Swap Payments</B>&rdquo; means, with respect to the Swapped Note Called Notional Amount relating to any
Swapped Note, the payments due to the holder of such Swapped Note in Dollars under the terms of the Swap Agreement to which such
holder is a party which correspond to all payments of the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify">Swapped Note Called Principal
of such Swapped Note corresponding to such Swapped Note Called Notional Amount and interest on such Swapped Note Called Principal
(other than that portion of the payment due under such Swap Agreement corresponding to the interest accrued on the Swapped Note
Called Principal to the Swapped Note Settlement Date) that would be due after the Swapped Note Settlement Date in respect of such
Swapped Note Called Notional Amount assuming that no payment of such Swapped Note Called Principal is made prior to its originally
scheduled payment date, <I>provided </I>that if such Swapped Note Settlement Date is not a date on which an interest payment is
due to be made under the terms of such Swapped Note, then the amount of the next succeeding scheduled interest payment will be
reduced by the amount of interest accrued to such Swapped Note Settlement Date and required to be paid on such Swapped Note Settlement
Date pursuant to Section 8.2 or Section 12.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swapped
Note Settlement Date</B>&rdquo; means, with respect to the Swapped Note Called Notional Amount of any Swapped Note Called Principal
of any Swapped Note, the date on which such Swapped Note Called Principal is to be prepaid pursuant to Section 8.2 or has become
or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.6pt">Section 8.9.&#9;Swap Breakage<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">If any Swapped Note is
prepaid or purchased pursuant to Sections 8.2, 8.3, 8.4, 8.7 or 8.11<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>or
has become or is declared to be immediately due and payable pursuant to Section 12.1, then (i) any resulting Net Loss in
connection therewith shall be reimbursed to the holder of such Swapped Note by the Company in Dollars upon any such
prepayment or repayment of such Swapped Note and (ii) any resulting Net Gain in connection therewith shall be deducted (a)
from the Make-Whole Amount, if any, or any principal or interest to be paid to the holder of such Swapped Note by the Company
upon any such prepayment or repayment of such Swapped Note pursuant to Sections 8.2, 8.3, 8.4, 8.7 or 8.11 or (b) from the
Make-Whole Amount, if any, to be paid to the holder of such Swapped Note by the Company upon any such repayment of such
Swapped Note pursuant to Section 12.1, <I>provided </I>that, in either case the Make-Whole Amount in respect of such Swapped
Note may never be less than zero. Each holder of a Swapped Note shall be responsible for calculating its own Net Loss or Net
Gain, as the case may be, and Swap Breakage Amount in Dollars upon the prepayment or repayment of all or any portion of such
Swapped Note, and such calculations as reported to the Company in reasonable detail shall be binding on the Company absent
demonstrable error. The Swap Breakage Amount, Net Gain and Net Loss shall be payable in Dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">As used
in this Section 8.9 with respect to any Swapped Note that is prepaid or accelerated, &ldquo;<B>Net Loss</B>&rdquo; means the amount,
if any, by which the total of the Swapped Note Called Notional Amount and the Swapped Note Accrued Interest Amount exceeds the
sum of (x) the total of the Converted Swapped Note Called Principal and the Converted Swapped Note Called Interest, plus (or minus
in the case of an amount paid) (y) the Swap Breakage Amount received (or paid) by the holder of such Swapped Note; and &ldquo;<B>Net
Gain</B>&rdquo; means the amount, if any, by which the total of the Swapped Note Called Notional Amount and the Swapped Note Accrued
Interest Amount is exceeded by the sum of (x) the total of the Converted Swapped Note Called</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify">Principal and the Converted
Swapped Note Called Interest, plus (or minus in the case of an amount paid) (y) the Swap Breakage Amount received (or paid) by
such holder. For purposes of any determination of any &ldquo;Net Loss&rdquo; or &ldquo;Net Gain,&rdquo; the &ldquo;<B>Converted
Swapped Note Called Principal</B>&rdquo; and the &ldquo;<B>Converted Swapped Note Called Interest</B>&rdquo; shall be determined
by the holder of the affected Swapped Note by converting the Swapped Note Called Principal or Swapped Note Called Interest, as
applicable, of such Swapped Note from Euros into Dollars at the current Euros/Dollar exchange rate, as determined as of as of 10:00
a.m. (New York City time) on the day such Swapped Note is prepaid or accelerated as indicated on the applicable screen of Bloomberg
Financial Markets and any such calculation shall be reported to the Company in reasonable detail and shall be binding on the Company
absent demonstrable error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">As used
in this Section 8.9, &ldquo;<B>Swap Breakage Amount</B>&rdquo; means, with respect to the Swap Agreement associated with any Swapped
Note, in determining the Net Loss or Net Gain, the amount that would be received (in which case the Swap Breakage Amount shall
be positive) or paid (in which case the Swap Breakage Amount shall be negative) by the holder of such Swapped Note as if such Swap
Agreement had terminated due to the occurrence of an event of default or an early termination under the ISDA 1992 Multi-Currency
Cross Border Master Agreement or ISDA 2002 Master Agreement, as applicable (the &ldquo;<B>ISDA Master Agreement</B>&rdquo;); provided,
however, that if such holder (or its predecessor in interest with respect to such Swapped Note) was, but is not at the time, a
party to an Original Swap Agreement but is a party to a New Swap Agreement, then the Swap Breakage Amount shall mean the lesser
of (x) the gain or loss (if any) which would have been received or incurred (by payment, through off-set or netting or otherwise)
by the holder of such Swapped Note under the terms of the Original Swap Agreement (if any) in respect of such Swapped Note to which
such holder (or any affiliate thereof) was a party (or if such holder was never a party to an Original Swap Agreement, then the
last Original Swap Agreement to which the most recent predecessor in interest to such holder as a holder of a Swapped Note was
a party) and which would have arisen as a result of the payment of the Swapped Note Called Principal on the Swapped Note Settlement
Date and (y) the gain or loss (if any) actually received or incurred by the holder of such Swapped Note, in connection with the
payment of such Swapped Note Called Principal on the Swapped Note Settlement Date, under the terms of the New Swap Agreement to
which such holder (or any affiliate thereof) is a party. The holder of such Swapped Note will make all calculations related to
the Swap Breakage Amount in good faith and in accordance with its customary practices for calculating such amounts under the ISDA
Master Agreement pursuant to which such Swap Agreement shall have been entered into and assuming for the purpose of such calculation
that there are no other transactions entered into pursuant to such ISDA Master Agreement (other than such Swap Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swapped
Note Accrued Interest Amount</B>&rdquo; means, with respect to any Swapped Note, the payment in Dollars due to the holder of such
Swapped Note under the terms of the Swap Agreement to which such holder is a party, attributable to and in exchange for the amount
of interest accrued on the Swapped Note Called Principal with respect to such Swapped Note to the Swapped Note Settlement Date
and assuming that such interest is paid on its scheduled interest payment date; provided that if such Swap Agreement is not an
Original Swap Agreement, then the &ldquo;Swapped Note Accrued Interest Amount&rdquo; in respect of such Swapped Note shall not
exceed the amount in Dollars that would have been due with respect to such Swapped Note under the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify">terms of the Original Swap
Agreement related to such Swapped Note, attributable to and in exchange for such amount of interest accrued on the Swapped Note
Called Principal to the Swapped Note Settlement Date and assuming that such interest is paid on its scheduled interest payment
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swapped
Note Called Interest</B>&rdquo; means, with respect to any Swapped Note, the accrued and unpaid interest on such Swapped Note that
is prepaid or purchased pursuant to Sections 8.2, 8.3, 8.4, 8.7 or 8.11 or has become or is declared to be immediately due and
payable pursuant to Section 12.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
8.10. Payments Due on Non-Business Days</B><I>. </I>Anything in this Agreement or the Notes to the contrary notwithstanding, (x)
except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be
made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable
on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note or Net Loss on any Swapped
Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made
on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such
next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt">Section 8.11.&#9;Change of Control Prepayment
Offer<FONT STYLE="font-weight: normal"><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Promptly upon becoming aware that a Change of Control has occurred (and in any event not later than ten (10) Business Days
thereafter), the Company shall give written notice (the &ldquo;<B>Change of Control Notice</B>&rdquo;) of such fact to all holders
of the Notes. The Change of Control Notice shall (i) describe the facts and circumstances of such Change of Control in reasonable
detail, (ii) refer to this Section 8.11 and the rights of the holders hereunder and (iii) contain an offer by the Company to prepay
the entire unpaid principal amount of Notes held by each holder at 100% of the principal amount of such Notes at par (without Make-Whole
Amount), together with interest accrued thereon plus the Net Loss, if any, and less the Net Gain, if any, on any Swapped Note,
to the prepayment date selected by the Company, which prepayment shall be on a date specified in the Change of Control Notice,
which date shall be a Business Day not less than 30 nor more than 60 days after such Change of Control Notice is given should any
agreement to the contrary with respect to such payment date not be reached among the Company and each of the holders of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A holder of Notes may accept the offer to prepay made pursuant to this Section 8.11 by causing a notice of such acceptance
to be delivered to the Company not more than 25 days after the date of the written offer notice referred to in subsection (a) of
this Section 8.11. A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.11 shall be
deemed to constitute rejection of such offer by such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On the prepayment date specified in the Change of Control Notice, the entire unpaid principal amount of the Notes held by
each holder of Notes which has accepted such prepayment offer, together with interest accrued thereon plus the Net Loss, if any,
and less the Net Gain, if any, on any Swapped Note (but without Make-Whole Amount), shall become due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of this Section 8.11, &ldquo;<B>Change of Control</B>&rdquo; means any change in ownership of shares of the
Parent Guarantor which results in any shareholder or group of related or affiliated shareholders (other than (i) Jay S. Hennick,
(ii) the Hennick Family, (iii) a trust, the sole beneficiaries of which are any of the Hennick Family and (iv) any and all corporations
or entities which are directly or indirectly controlled by any of the Hennick Family) owning shares of the Parent Guarantor having
voting rights that carry greater than 30% of the voting rights attached to all outstanding shares of the Parent Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 9.&#9;AFFIRMATIVE COVENANTS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">From the date of this Agreement
until the Closing and thereafter, so long as any of the Notes are outstanding, the Obligors covenant that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
9.1. Compliance with Laws</B>. Without limiting Section 10.4, the Obligors will, and will cause each of its Subsidiaries (other
than Unrestricted Entities) to, comply with all laws, ordinances or governmental rules or regulations to which each of them is
subject (including ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section
5.16), and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations
necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to the
extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain
or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
9.2. Insurance</B>. Each Obligor will, and will cause each of its Subsidiaries (other than Unrestricted Entities) to, maintain,
with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such
casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance,
if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged
in the same or a similar business and similarly situated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
9.3. Maintenance of Properties</B>. Each Obligor will, and will cause each of its Subsidiaries (other than Unrestricted Entities)
to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition
(other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times,
<I>provided </I>that this Section 9.3 shall not prevent any Obligor or any Subsidiary from discontinuing the operation and the
maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Parent Guarantor
has concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
9.4. Payment of Taxes and Claims</B>. (a) Each Obligor will, and will cause each of its Subsidiaries (other than Unrestricted Entities)
to, file all material tax returns required to be filed in any Taxing Jurisdiction and to pay and discharge all taxes shown to be
due and payable on such returns and all other material taxes, assessments, governmental charges, or levies imposed on them or any
of their properties, assets, income or franchises, to the extent the same have become due and payable and before they have become
delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of
any Obligor or any Subsidiary, <I>provided </I>that no Obligor nor any Subsidiary need pay any such tax, assessment, charge, levy
or claim if (i) the amount, applicability or validity thereof is contested by such Obligor or such Subsidiary on a timely basis
in good faith and in appropriate proceedings, and such Obligor or such Subsidiary has established adequate reserves therefor in
accordance with GAAP on the books of such Obligor or such Subsidiary or (ii) the nonpayment of all such taxes, assessments, charges,
levies and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
9.5. Corporate Existence, Etc</B>. Subject to Section 10.2, each Obligor will at all times preserve and keep its corporate existence
in full force and effect. Subject to Section 10.2, each Obligor will at all times preserve and keep in full force and effect the
corporate existence of each of its Significant Subsidiaries (other than Unrestricted Entities) (unless merged into an Obligor or
a Wholly-Owned Subsidiary) and all rights and franchises of such Obligor and its Subsidiaries unless, in the good faith judgment
of the Parent Guarantor, the termination of or failure to preserve and keep in full force and effect such corporate existence,
right or franchise could not, individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
9.6. Books and Records</B>. Each Obligor will, and will cause each of its Subsidiaries (other than Unrestricted Entities) to, maintain
proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having
legal or regulatory jurisdiction over each Obligor or such Subsidiary, as the case may be. Each Obligor will, and will cause each
of its Subsidiaries to, keep books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions
of assets. Each Obligor and its Subsidiary Guarantors have devised a system of internal accounting controls sufficient to provide
reasonable assurances that their respective books, records, and accounts accurately reflect all transactions and dispositions of
assets and such Obligor will, and will cause each of its Subsidiary Guarantors to, continue to maintain such system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.6pt">Section 9.7.&#9;Subsidiary Guarantors<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company or the Parent Guarantor may, at its election (but subject to Section 9.7(c)), at any time or from time to time,
cause any Subsidiary which is not then a Subsidiary Guarantor to become a Subsidiary Guarantor if the following conditions are
satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: left; text-indent: 42.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each holder of a Note shall have received an executed Subsidiary Guarantee from such new Subsidiary Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each holder of a Note shall have received an opinion or opinions of counsel in all applicable jurisdictions to the combined
effect that such Subsidiary Guarantee of such new Subsidiary Guarantor has been duly authorised, executed and delivered by such
new Subsidiary Guarantor and constitutes a legal, valid and binding obligation enforceable against such new Subsidiary Guarantor
in accordance with its terms, all as subject to any exceptions and assumptions of the type set forth in the opinions referenced
in Section 4.4 and as are reasonable under the circumstances;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each holder of a Note shall have received a certificate of the Secretary or a Director (or other appropriate officer or
person) of the new Subsidiary Guarantor as to due authorization, charter or constitutional documents, board resolutions and the
incumbency of officers; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 36.7pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each holder of a Note shall have received a certificate of a Responsible Officer of the Company certifying that at such
time and immediately after giving effect to such Subsidiary Guarantee no Default or Event of Default shall have occurred and be
continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 9.7(c), at the election of the Parent Guarantor or the Company and by written notice to each holder of
Notes, any Subsidiary Guarantor may be discharged from all of its obligations and liabilities under its Subsidiary Guarantee and
shall be automatically released from its obligations thereunder without the need for the execution or delivery of any other document
by the holders or any other Person, <I>provided </I>in each case, that (i) after giving effect to such release no Default or Event
of Default shall have occurred and be continuing, (ii) no amount is then due and payable under such Subsidiary Guarantee, and (iii)
each holder of Notes shall have received a certificate of a Responsible Officer to the foregoing effect and setting forth the information
(including reasonably detailed computations) reasonably required to establish compliance with the foregoing requirements, and <I>provided
further </I>in each case that the highest consideration paid or provided (if any) to any creditor under any Material Credit Facility
for the release of such Subsidiary Guarantor from its obligations under such Material Credit Facility is paid pro rata to each
holder of Notes at substantially the same time and on equivalent terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Obligors agree that so long as any Subsidiary is liable at any time, whether as a borrower, additional borrower, guarantor
or otherwise under or with respect to any Material Credit Facility such Subsidiary shall at all such times be a Subsidiary Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 32.9pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No Receivables Entity shall be required to be a Subsidiary Guarantor unless it becomes liable as a borrower, additional
borrower, guarantor or otherwise under or with respect to any Material Credit Facility, in which case it will be required to become
a Subsidiary Guarantor as required in accordance with Section 9.7(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 26.6pt"><B>Section
9.8. Priority of Obligations</B>. Each Obligor will ensure that the payment obligations of the Company under this Agreement and
the Notes and of the Parent Guarantor under this Agreement, and the payment obligations of any Subsidiary Guarantor under its</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify">Subsidiary Guarantee, will
at all times rank at least <I>pari passu</I>, without preference or priority, with all other unsecured and unsubordinated Indebtedness
of such Obligor and such Subsidiary Guarantor, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify"><B>SECTION 10. NEGATIVE COVENANTS</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">From the date of this Agreement
until the Closing and thereafter, so long as any of the Notes are outstanding, the Obligors covenant that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
10.1. Transactions with Affiliates</B>. No Obligor will, and the Obligors will not permit any Subsidiary (other than any Unrestricted
Entity) to, enter into directly or indirectly any transaction or group of related transactions (including the purchase, lease,
sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than any Obligor or another
Subsidiary), except in the ordinary course and pursuant to the reasonable requirements of such Obligor&rsquo;s or such Subsidiary&rsquo;s
business and upon fair and reasonable terms no less favorable to such Obligor or such Subsidiary than would be obtainable in a
comparable arm&rsquo;s-length transaction with a Person not an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
10.2. Merger, Consolidation, Etc</B>. No Obligor will, and the Obligors will not permit any Subsidiary (other than Unrestricted
Entities) to, consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its assets
in a single transaction or series of transactions to any Person, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 42.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>so long as no Default or Event of Default would result therefrom, any Subsidiary of Obligors may be merged or consolidated
with or into the Company or the Parent Guarantor, <I>provided </I>that (A) the Company or the Parent Guarantor shall be the continuing
or surviving entity or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not the Company
or the Parent Guarantor (such Person, the &ldquo;Successor Subsidiary&rdquo;), (1)(a) in the case of a merger, amalgamation or
consolidation by a Person organized or existing under the laws of the United States, any state thereof or the District of Columbia,
the Successor Subsidiary shall be an entity organized or existing under the laws of the United States, any state thereof or the
District of Columbia, (b) in the case of a merger, amalgamation or consolidation by a Person organized or existing under the laws
of Canada or any province thereof, the Successor Subsidiary shall be an entity organized or existing under the laws of Canada or
any province thereof, and (c) in the case of a merger, amalgamation or consolidation by a Person not organized or existing under
the laws of the United States, any state thereof, the District of Columbia, Canada or any province thereof, the Successor Subsidiary
shall be an entity organized or existing under the laws of a Permitted Jurisdiction, (2) the Successor Subsidiary shall expressly
assume all the obligations of the Company or the Parent Guarantor, as applicable, under this Agreement and the Notes pursuant to
a supplement hereto or thereto in form reasonably satisfactory to the holders, (3) each applicable Subsidiary Guarantor, unless
it is the other party to such merger, amalgamation or consolidation, shall have by a supplement hereto confirmed that its Guarantee
(including any guarantee thereunder) shall apply to the Successor Subsidiary&rsquo;s obligations</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify">under this Agreement, and
(4) if reasonably requested by the holders of the Notes, an opinion of counsel to the effect that such merger, amalgamation or
consolidation does not violate this Agreement, and provided further that if the foregoing are satisfied, the Successor Subsidiary
will succeed to, and be substituted for, the Company or the Parent Guarantor, as applicable, under this Agreement and the Notes
and <I>provided further </I>that all agreements or instruments effecting such merger, amalgamation or consolidation are enforceable
in accordance with their terms; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Subsidiary of the Obligors or any other Person may be merged, amalgamated or consolidated with or into any one or more
Subsidiaries of the Obligors, provided that (A) in the case of any merger, amalgamation or consolidation involving one or more
Subsidiaries (other than Unrestricted Entities), (1) a Subsidiary shall be the continuing or surviving entity or (2) the Obligors
shall take all steps necessary to cause the Person formed by or surviving any such merger, amalgamation or consolidation (if other
than an Unrestricted Entity) to become a Subsidiary Guarantor (if such Subsidiary meets the criteria thereof), (B) in the case
of any merger, amalgamation or consolidation involving one or more Subsidiary Guarantors, a Subsidiary Guarantor shall be the continuing
or surviving entity or the Person formed by or surviving any such merger, amalgamation or consolidation (if other than a Subsidiary
Guarantor) shall execute a supplement or joinder to this Agreement and a Guarantee (as required), in order to become a Subsidiary
Guarantor to the extent required under Section 9.7(b), (C) no Default or Event of Default would result from the consummation of
such merger, amalgamation or consolidation, and (D) if such merger, amalgamation or consolidation is with respect to any Subsidiary
Guarantor, the Obligors shall have delivered to the Holders an opinion of counsel to the effect that all agreements or instruments
effecting such merger, amalgamation or consolidation are enforceable in accordance with their terms and such Guarantee remains
enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
10.3. Line of Business</B>. The Obligors will not, and will not permit any Subsidiary to, fail to carry on diligently and conduct
its business in a proper and efficient manner so as to preserve and protect its properties, assets and income in a prudent manner
consistent with usual industry practice and the preservation of its business and assets, and it will not fail to cause its Subsidiaries
(other than Unrestricted Entities) to do the same in respect of their respective businesses and assets and, in particular, without
limiting the foregoing, it will not alter its business plan so as to change materially the nature or scope of business, operations
or activities currently carried on by it or its Subsidiaries (other than Unrestricted Entities), without obtaining the prior written
consent of the Required Holders (which consent shall not be unreasonably withheld).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
10.4. Economic Sanctions, Etc</B>. The Obligors will not, and will not permit any Controlled Entity to (a) become (including by
virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any
investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds
of the Notes) with any Person if such investment, dealing or transaction would be in violation of, or could result in the imposition
of sanctions under, any U.S. Economic Sanctions Laws applicable to such Obligor or such Controlled Entity, except, in the case
of this clause (b),</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">to the extent that such violation or sanctions,
if imposed, could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
10.5. Liens</B>. The Obligors will not, and will not permit any Subsidiary (other than Unrestricted Entities) to, without the Required
Holders&rsquo; prior written consent, incur, create or assume or permit to exist any Lien on any of its or any of its Subsidiaries&rsquo;
property or assets, whether owned at the date hereof or hereafter acquired other than Permitted Encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt"><B>Section 10.6.&#9;Financial Covenants</B>. The
Parent Guarantor will, at all times:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>maintain a Total Debt/Consolidated
EBITDA Ratio of not more than 3.5t o 1.0;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>maintain on a consolidated and rolling 4 Quarters basis, an Interest Coverage Ratio of greater than 2.0 to 1.0; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ensure that Priority Debt does not at any time exceed 7.5% of Consolidated Total Assets. For the avoidance of doubt, the
Obligors shall not at any time use the capacity to incur, assume or permit to exist any Priority Debt to grant a Lien securing
Indebtedness outstanding under or pursuant to any Material Credit Facility unless and until all obligations of the Obligors under
this Agreement and the Notes shall concurrently be secured equally and ratably with such Indebtedness pursuant to documentation
in form and substance reasonably satisfactory to the Required Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
10.7. Sale of Assets</B>. The Obligors will not, without the Required Holders&rsquo; prior written consent (which consent shall
not be unreasonably withheld), sell, transfer or otherwise dispose of its control, direct or indirect, of any of its Subsidiaries
(other than Unrestricted Entities) and it will not, nor will it permit any of its Subsidiaries (other than Unrestricted Entities)
to, without the Required Holders&rsquo; prior written consent, sell, lease, assign, transfer, convey or otherwise dispose of any
of its business properties or assets whether now owned or hereafter acquired (including, without limitation, receivables and leasehold
interests, patents and intellectual property rights) (in each case a &ldquo;Disposition&rdquo;) but excluding:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify; text-indent: 39.35pt"> (i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>inventory disposed of in the ordinary course of business;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>dispositions or other transfers of assets, including shares in Subsidiaries, among the Obligors and Subsidiary Guarantors,
dispositions or other transfers of assets from Immaterial Subsidiaries and Unrestricted Entities to the Parent Guarantor, the Company
and to Subsidiary Guarantors, dispositions or other transfers of assets from Immaterial Subsidiaries and Unrestricted Entities
to other Immaterial Subsidiaries and Unrestricted Entities and dispositions or other transfers of assets (not exceeding an aggregate
collective amount of $10,000,000 tangible (per GAAP) assets during the term of this Agreement) from Obligors, Subsidiary Guarantors
or Material Subsidiaries (other than Unrestricted Entities) to Immaterial Subsidiaries and Unrestricted Entities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>dispositions of shares in a Subsidiary, to existing or new minority shareholders of such Subsidiary in the ordinary course
of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 36.7pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>provided no Event of Default has occurred and is continuing, Dispositions which would not after giving effect to such Disposition:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 77pt; text-align: justify; text-indent: 38.15pt"> (A)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>result in a Default or Event of Default occurring and continuing; or</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 77pt; text-align: justify; text-indent: 38.15pt">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(1) result in the aggregate book value of all assets that have been the subject of a Disposition during the period commencing
on the immediately preceding Fiscal Year end of the Parent Guarantor and ending on the date of the proposed Disposition, exceeding
15% of Consolidated Total Assets; or (2) result in the aggregate book value of all assets that have been the subject of a Disposition
for the period commencing as of September 30, 2016 until the date of the proposed Disposition to exceed 25% of Consolidated Total
Assets determined as of the Fiscal Year end of the Obligors immediately preceding the date of the proposed Disposition; <I>provided
</I>that proceeds of Dispositions which are reinvested within 365 days of the date of such Disposition shall be excluded from the
calculation of the foregoing percentages,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>property which is, substantially contemporaneously with the Disposition hereof, replaced by property of substantially the
same kind or nature and of at least equivalent value<FONT STYLE="color: red"><B>;</B></FONT><B><FONT STYLE="color: blue">,</FONT></B>
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 40.55pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>dispositions of Receivables Facility Assets in connection with any Permitted Receivables Transaction, provided that any
such disposition to a Receivables Entity or a Person that is not an Obligor or a Subsidiary shall be on an arm&rsquo;s length basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
10.8. Restricted Payments</B>. The Obligors will not, and will not permit any Subsidiary (other than Unrestricted Entities) to,
make or permit any withdrawals or any other payments of money or equivalents thereof whatsoever (including, without limitation,
royalties, management fees, etc.) by or to the shareholders of the Parent Guarantor or in respect of any Convertible Debentures
, except for the following, in each case provided no Event of Default has occurred and is continuing and no Event of Default will
occur as a consequence thereof (including after giving pro forma effect thereto and any related transaction in the calculation
of the financial covenants under Section 10.6):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 37.4pt">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(1) the payment of dividends, whether in cash or in specie; and (2) normal course distributions to minority shareholders
of Subsidiaries of the Obligors as contemplated in the Parent Guarantor&rsquo;s annual business plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 38.15pt">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>distributions and returns of capital (whether by retirement, redemption, repurchase, cancellation or otherwise) and normal
course issuer bids of the Parent Guarantor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify; text-indent: 38pt">(C)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>payments upon exercise of the put options under the Shareholders&rsquo; Agreements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 37.4pt">(D)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>payments upon exercise of the call options under the Shareholders&rsquo; Agreements;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 38.75pt">(E)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>payments on account of retirement, termination, death or disability redemptions;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 39.45pt">(F)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>payments in respect of Convertible Debentures on the scheduled maturity date thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 38.9pt">(G)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>dividends or other distributions by the Receivables Entity to the holders of equity interests therein (so long as such holders
are either an Obligor or a wholly owned Subsidiary of an Obligor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
10.9. Investments in Unrestricted Entities</B>. No Obligor will, nor will it permit any Subsidiary (other than Unrestricted Entities)
to, without obtaining the prior written consent of the Required Holders, make any investments in and/or provide financial assistance
to Unrestricted Entities exceeding an aggregate initial investment value of the greater of (x) 5.0% of Consolidated Total Assets
and (y) $100,000,000 at any time (for certainty, there shall be no restriction on investments in, or financial assistance to any
Subsidiary that is not an Unrestricted Entity). The Obligors shall be permitted to remove an entity from its qualification as an
Unrestricted Entity at any time by giving written notice to the holders and thereafter all provisions hereunder with respect to
the Subsidiaries of the Obligors (other than provisions specifically relating to Unrestricted Entities) shall apply to such entity
in the event such entity is a Subsidiary of an Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 19.6pt">Section 10.10.&#9;Most Favored Lender Provision<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If at any time any Material Credit Facility contains a financial covenant, covenant regarding restricted payments, or limitations
on investments in Unrestricted Entities, which is not contained in this Agreement or a covenant that is contained in this Agreement
in Sections 10.6,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify">10.8 and 10.9, which would
in any respect be more beneficial to the holders of Notes than the covenants set forth in this Agreement (any such provision, a
&ldquo;<B>More Favorable Covenant</B>&rdquo;), then the Obligors shall provide a Most Favored Lender Notice in respect of such
More Favorable Covenant. Thereupon, and regardless of whether the Company provides timely notice, such More Favorable Covenant
shall be deemed automatically incorporated by reference into Section 10 of this Agreement, <I>mutatis mutandis</I>, as if set forth
in full herein, effective as of the date when such More Favorable Covenant shall have become effective under any Material Credit
Facility. Thereafter, upon the request of any holder of a Note, the Obligors shall enter into any additional agreement or amendment
to this Agreement reasonably requested by such holder evidencing any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any More Favorable Covenant incorporated into this Agreement (herein referred to as an &ldquo;<B>Incorporated Covenant</B>&rdquo;)
pursuant to this Section 10.10:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 42.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>shall be deemed automatically amended herein to reflect any subsequent amendments made to such More Favorable Covenant under
such Material Credit Facility (<I>provided </I>that, if a Default or an Event of Default then exists and the amendment of such
More Favorable Covenant would make such covenant less restrictive on the Company, such Incorporated Covenant shall only be deemed
automatically amended at such time, if it should occur, when such Default or Event of Default no longer exists) and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>shall be deemed automatically deleted from this Agreement at such time as such More Favorable Covenant is deleted or otherwise
removed from such Material Credit Facility or such Material Credit Facility shall be terminated (<I>provided </I>that, if a Default
or an Event of Default then exists, such Incorporated Covenant shall only be deemed automatically deleted from this Agreement at
such time, if it should occur, when such Default or Event of Default no longer exists); <I>provided, however</I>, that if any fee
or other consideration shall be given to the lenders under such Material Credit Facility for such amendment or deletion, the equivalent
of such fee or other consideration shall be given to the holders of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Upon the
occurrence of any event described in sub-clause (i) of the preceding sentence, upon the request of the Company or any holder of
Notes, the holders of Notes (if applicable) and the Obligors shall enter into any additional agreement or amendment to this Agreement
reasonably requested by the Parent Guarantor or a holder of Notes, as the case may be, evidencing the amendment of any such Incorporated
Covenants. Upon the occurrence of any event described in sub-clause (ii) of the second preceding sentence, upon the request of
the Parent Guarantor, the holders of Notes shall enter into any additional agreement or amendment to this Agreement reasonably
requested by the Parent Guarantor evidencing the deletion and termination of any such Incorporated Covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For the avoidance of doubt, each of the financial covenants in Section 10.6, and the covenants included in Sections 10.8
and 10.9, as of the date of this Agreement shall remain in this Agreement regardless of whether any Incorporated Covenants are
incorporated into or deleted from this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Most Favored Lender Notice</B>&rdquo; means, in respect of any More Favorable Covenant, a written notice to each
of the holders of the Notes delivered promptly, and in any event with ten Business Days after the inclusion of such More Favorable
Covenant in a Material Credit Facility (including by way of amendment or other modification of any existing provision thereof)
from a Senior Financial Officer of the Parent Guarantor referring to the provisions of this Section 10.13 and setting forth a reasonably
detailed description of such More Favorable Covenant (including any defined terms used therein) and related explanatory calculations,
as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 11.&#9;EVENTS OF DEFAULT</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 20.6pt"><B>Section 11.1.&#9;Events
of Default</B>.&#9;An &ldquo;<B>Event of Default</B>&rdquo; shall exist if any of the following conditions or events shall occur
and be continuing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default shall be made in the payment of any principal or Make-Whole Amount or Net Loss, if any, on any Note when the same
becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default shall be made in the payment of any interest on any Note or any amount payable pursuant to Section 13 for more than
five Business Days after the same becomes due and payable; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default shall be made in the performance of or compliance with any term contained in Section 7.1(d) or Sections 10.2, 10.6,
10.7, and 10.8; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default shall be made by any Obligor or any Subsidiary Guarantor in the performance of or compliance with any term contained
herein (other than those referred to in Sections 11(a), (b) and (c)) or in any Subsidiary Guarantee and such default is not remedied
within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) an Obligor receiving
written notice of such default from any holder of a Note (any such written notice to be identified as a &ldquo;notice of default&rdquo;
and to refer specifically to this Section 11(d)); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) any material representation or warranty made in writing by or on behalf of any Obligor by any officer of any Obligor
in this Agreement or in any writing furnished in connection with the transactions contemplated hereby proves to have been false
or incorrect in any material respect on the date as of which made, or (ii) any material representation or warranty made in writing
by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in any Subsidiary Guarantee or any writing
furnished in connection with such Subsidiary Guarantee proves to have been false or incorrect in any material respect on the date
as of which made, save that if any such materially incorrect representation or warranty is capable of being corrected and none
of the holders of the Notes has been prejudiced by such materially incorrect representation or warranty, then the Obligors shall
have 30 days after written notice thereof to take such action to make the representation or warranty true and correct with such
notice, on which case such representation or warranty shall be deemed to have been true and correct when originally made or furnished;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 42.1pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) any Obligor or any Subsidiary (other than Unrestricted Entities) is in default (as principal or as guarantor or other
surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is outstanding
in an aggregate principal amount of at least the greater of (x) 3.0% of Consolidated Total Assets and (y) $50,000,000 (or its equivalent
in the relevant currency of payment) beyond</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify">any period of grace
provided with respect thereto, or (ii) any Obligor or any Subsidiary (other than Unrestricted Entities) is in default in the
performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount
of at least the greater of (x) 3.0% of Consolidated Total Assets and (y) $50,000,000 (or its equivalent in the relevant
currency of payment) or of any mortgage, indenture or other agreement relating thereto or any other condition exists, and as
a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more Persons are
entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled
dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the
passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), (x) any
Obligor or any Subsidiary (other than Unrestricted Entities) has become obligated to purchase or repay Indebtedness before
its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at
least the greater of (x) 3.0% of Consolidated Total Assets and (y) $50,000,000 (or its equivalent in the relevant currency of
payment), or (y) one or more Persons have the right to require any Obligor or any Subsidiary so to purchase or repay such
Indebtedness; <I>provided however </I>that the foregoing clauses (i)-(iii) exclude any default arising solely from the
occurrence of a Change of Control; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.2pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Obligor or any Subsidiary (other than any Unrestricted Entity and except as permitted in Section 11.2) (i) is generally
not paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise
to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation
or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii)
makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other
officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent
or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by any Obligor
or any of its Subsidiaries (other than Unrestricted Entities and except as permitted in Section 11.2), a custodian, receiver, trustee
or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting
an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation
or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation
of any Obligor or any such Subsidiary, or any such petition shall be filed against any Obligor or any such Subsidiary and such
petition shall not be dismissed within 30 days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 42.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any event occurs with respect to any Obligor or any Subsidiary (other than Unrestricted Entities and except as permitted
under Section 11.2) which under the laws of any jurisdiction is analogous to any of the events described in Section 11(g) or Section</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify">11(h), <I>provided </I>that
the applicable grace period, if any, which shall apply shall be the one applicable to the relevant proceeding which most closely
corresponds to the proceeding described in Section 11(g) or Section 11(h); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 42.7pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>one or more final judgments or orders for the payment of money aggregating in excess of $50,000,000 (or its equivalent in
the relevant currency of payment), including any such final order enforcing a binding arbitration decision, a writ, execution or
attachment or similar process is issued or levied against an Obligor or any Subsidiary (other than Unrestricted Entities) and which
is not, within 30 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 30 days after
the expiration of such stay; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>if
(i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a
waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a
notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall
have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC
shall have notified either Obligor or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii)
there is any &ldquo;amount of unfunded benefit liabilities&rdquo; (within the meaning of section 4001(a)(18) of ERISA) under
one or more Plans, determined in accordance with Title IV of ERISA, (iv) the aggregate present value of accrued benefit
liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such Non-U.S. Plans
allocable to such liabilities, (v) any Obligor or any ERISA Affiliate shall have incurred or is reasonably expected to incur
any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee
benefit plans, (vi) any Obligor or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii) any Obligor or any
Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner
that would increase the liability of any Obligor or any Subsidiary thereunder, (viii) any Obligor or any Subsidiary fails to
administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules,
regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix) any Obligor or any
Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or
other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any such event or
events described in clauses (i) through (ix) above, either individually or together with any other such event or events,
could reasonably be expected to have a Material Adverse Effect. As used in this Section 11(k), the terms <B>&ldquo;employee
benefit plan&rdquo; </B>and <B>&ldquo;employee welfare benefit plan&rdquo; </B>shall have the respective meanings assigned to
such terms in section 3 of ERISA; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 42.7pt">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Subsidiary Guarantee shall cease to be in full force and effect, any Subsidiary Guarantor or any Person acting on behalf
of any Subsidiary Guarantor shall contest in any manner the validity, binding nature or enforceability of any Subsidiary Guarantee,
or the obligations of any Subsidiary Guarantor under any Subsidiary</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt">Guarantee are not or cease to be legal, valid,
binding and enforceable in accordance with the terms of such Subsidiary Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
11.2. Bankruptcy Exception</B>. The Events of Default set out in clauses (g), (h) and (i) of Section 11.1 above shall not
apply to any case involving a Subsidiary that is not an Obligor or a Subsidiary Guarantor, where (a) the events which would
otherwise meet the requirements of clauses (g), (h) or (i) above have occurred solely as the result of a reasonable strategic
business decision, by the Obligors or other parent of the applicable Subsidiary, (b) the applicable Subsidiary has a trailing
12 month average EBITDA of less than two percent (2%) of Consolidated EBITDA prior to such strategic business decision, and
(c) no other Default or Event of Default has occurred and is continuing, or would result from taking any such course of
action; provided, however, that the foregoing exception to the Events of Default in clauses (g), (h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>and
(i) above will only be permitted with respect to any Subsidiary, or group of Subsidiaries, up to a maximum aggregate amount
of U.S.$10,000,000 (in EBITDA) during the term of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 12.&#9;REMEDIES ON DEFAULT, ETC</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
12.1. Acceleration</B>. (a) If an Event of Default with respect to any Obligor described in Section 11(g), (h) or (i) (other than
an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact
that such clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become
immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option,
by notice or notices to the Obligors, declare all the Notes then outstanding to be immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes
at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the
Obligors, declare all the Notes held by it or them to be immediately due and payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Upon
any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (i) all accrued and unpaid interest thereon (including interest
accrued thereon at the Default Rate), (ii) the Net Loss (if any) and less the Net Gain (if any) and (iii) the Make-Whole Amount
determined in respect of such principal amount, shall all be immediately due and payable, in each and every case without presentment,
demand, protest or further notice, all of which are hereby waived. The Obligors acknowledge, and the parties hereto agree, that
each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Obligors (except as herein
specifically provided for) and that the provision for payment of a Make-Whole Amount or, solely with respect to a prepayment, Net
Loss (if any) by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">Default, is intended to provide compensation for
the deprivation of such right under such circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
12.2. Other Remedies</B>. If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes
have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding
may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding,
whether for the specific performance of any agreement contained herein or in any Note or Subsidiary Guarantee, or for an injunction
against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or
by law or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
12.3. Rescission</B>. At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required
Holders, by written notice to the Obligors, may rescind and annul any such declaration and its consequences if (a) the Company
has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, or Net Loss, if any, on any Notes that
are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole
Amount or Net Loss, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the
Default Rate, (b) no Obligor nor any Subsidiary Guarantor nor any other Person shall have paid any amounts which have become due
solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become
due solely by reason of such declaration, have been cured or have been waived pursuant to Section 18, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;
</FONT>no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No rescission
and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent
thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
12.4. No Waivers or Election of Remedies, Expenses, Etc</B>. No course of dealing and no delay on the part of any holder of any
Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder&rsquo;s rights,
powers or remedies. No right, power or remedy conferred by this Agreement, any Subsidiary Guarantee or any Note upon any holder
thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law,
in equity, by statute or otherwise. Without limiting the obligations of the Obligors under Section 16, the Obligors will pay to
the holder of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred
in any enforcement or collection under this Section 12, including reasonable attorneys&rsquo; fees, expenses and disbursements
and any registration duty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 13.&#9;TAX INDEMNIFICATION; FATCA INFORMATION</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt">Section 13.1.&#9;Tax Gross-up<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.7pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All payments whatsoever under this Agreement and the Notes and any payments with respect to a Guaranteed Obligation (together
a &ldquo;<B>Relevant Tax Payment</B>&rdquo;) will be made by the Company or the Parent Guarantor, as applicable, in Euros or Dollars,
as applicable, free and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.7pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify">clear of, and without liability
for withholding or deduction for or on account of, any present or future Taxes of whatever nature imposed or levied on such payments
made to any holder of Notes by or on behalf of any jurisdiction (other than the jurisdiction in which such holder is resident for
tax purposes) (a) in which the Company or the Parent Guarantor, as applicable, is incorporated, organised, managed or controlled
or otherwise resides for tax purposes or (b) where a branch or office through which the Company or the Parent Guarantor, as applicable,
is acting for purposes of this Agreement is located or from or through which the Company or Parent Guarantor, as applicable, is
making any payment (or any political subdivision or taxing authority of or in such jurisdiction) ((a) and (b) together, a &ldquo;<B>Taxing
Jurisdiction</B>&rdquo;), unless the withholding or deduction of such Tax is required by law or by the interpretation or administration
of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If any deduction or withholding for any Tax of a Taxing Jurisdiction shall at any time be required in respect of a Relevant
Tax Payment, the Company or the Parent Guarantor, as applicable, will pay to the relevant Taxing Jurisdiction the full amount required
to be withheld, deducted or otherwise paid before penalties attach thereto or interest accrues thereon and pay to each holder of
a Note such additional amounts as may be necessary in order that the net amounts paid to such holder pursuant to the terms of this
Agreement or the Notes after such deduction, withholding or payment (including, without limitation, any required deduction or withholding
of Tax on or with respect to such additional amount), shall be not less than the amounts then due and payable to such holder under
the terms of this Agreement or the Notes before the assessment of such Tax, <I>provided </I>that no payment of any additional amounts
shall be required to be made:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify; text-indent: 42.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>for or on account of any Tax that would not have been imposed but for the existence of any present or former connection
between such holder (or a fiduciary, settlor, beneficiary, affiliate of, member of, shareholder of, or possessor of a power over,
such holder, if such holder is an estate, trust, partnership or corporation or any Person (other than the holder) to whom the Notes
or any amount payable thereon is attributable for the purposes of such Tax) and the Taxing Jurisdiction, other than the mere holding
of the relevant Note or the receipt of payments thereunder or in respect thereof or the exercise of remedies in respect thereof,
including, without limitation, such holder (or such other Person described in the above parenthetical) being or having been a citizen
or resident thereof, or being or having been present or engaged in trade or business therein or having or having had an establishment,
office, fixed base or branch therein, <I>provided </I>that this exclusion shall not apply with respect to a Tax that would not
have been imposed but for the Company or the Parent Guarantor, as applicable, after the date of the Closing, opening an office
in, moving an office to, reincorporating in, or changing the Taxing Jurisdiction from or through which payments on account of this
Agreement or the Notes are made to, the Taxing Jurisdiction imposing the relevant Tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>for or on account of any Tax that would not have been imposed but for the delay or failure by such holder (following a written
request by the Company, Parent Guarantor or their legal counsel) in the filing with the relevant Taxing Jurisdiction of Forms (as
defined below) that are required to be and may validly be filed by such holder to avoid or reduce such Taxes (including for such
purpose any extensions, refilings or renewals of filings that may from time to time be required by the relevant Taxing Jurisdiction)
and/or in the delay or failure by such holder to take such other reasonably</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify">requested actions in order
to mitigate the amount of any such Tax, <I>provided </I>that the filing of such Forms (as defined below) and/or the taking of such
other actions would not (in such holder&rsquo;s reasonable judgment) impose any unreasonable burden (in time, resources or otherwise)
on such holder or result in any confidential or proprietary income tax return information being revealed, either directly or indirectly,
to any Person and such delay or failure could have been lawfully avoided by such holder, and <I>provided further</I>, that the
submission of the HMRC Documents (as defined below) shall not constitute the imposition of any such unreasonable burden or constitute
the disclosure of any confidential or proprietary income tax return information for the purpose hereof, and <I>provided further</I>,
that such holder shall be deemed to have satisfied the requirements of this clause (b)(ii) upon the good faith completion and submission
of such Forms (as defined below) (including extensions, refilings or renewals of filings), or taking of such actions, as may be
specified in a written request of the Parent Guarantor or its legal counsel no later than 60 days after receipt by such holder
of such written request (accompanied by copies of such Forms (as defined below) and related instructions, if any, all in the English
language or with an English translation thereof) <I>provided, however, </I>that in the case of a written request from the Parent
Guarantor or its legal counsel that an application be made for an extension or renewal of a direction from Her Majesty&rsquo;s
Revenue &amp; Customs (&ldquo;<B>HMRC</B>&rdquo;) made pursuant to an HMRC Form US Company 2002 or similar form (&ldquo;<B>HMRC
Documents</B>&rdquo;) such holder shall be deemed to have satisfied the requirements of this clause (b)(ii) upon the good faith
submission of such application to HMRC not less than six (6) months prior to the date on which such direction is to expire (subject
to the Obligor&rsquo;s compliance with the requirement below to provide at least 9 months but no more than 12 months prior written
notice) <I>provided </I>further that such holder shall be deemed to have satisfied the requirements of this clause (b)(ii) upon
providing the Company with such holder&rsquo;s valid HMRC DT Treaty Passport Scheme reference number and Taxing Jurisdiction in
Schedule A of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>for or on account of any estate, inheritance, gift, sale, excise, transfer, personal property or similar tax assessment
or other governmental charge;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 36.7pt">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to any holder of a Note that is registered in the name of a nominee if under the law of the relevant Taxing Jurisdiction
(or the current regulatory interpretation of such law) securities held in the name of a nominee do not qualify for an exemption
from the relevant Tax which would otherwise have applied and an Obligor shall have given timely notice of such law or interpretation
to such holder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 36.7pt"> (v)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>for any Tax imposed under FATCA;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 36.7pt">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if on the date on which the payment falls due the payment could have been made to the relevant holder without such deduction
or withholding if the relevant holder had been a Qualifying Holder, but on that date such relevant holder is not or has ceased
to be a Qualifying Holder other than as a result of any change after the date it became a holder under this Agreement (or in the
case of a Purchaser, the date of this Agreement) in any law or tax treaty or any published practice or published concession of
any relevant taxing authority;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt; text-align: justify; text-indent: 33.35pt">(vii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the relevant holder is a Qualifying Holder solely by virtue of limb (c) of the definition of Qualifying Holder and (A) an
officer of HMRC has given (and not revoked) a direction (a &ldquo;<B>Direction</B>&rdquo;) under section 931 of the ITA which relates
to the payment and that holder has received from the Obligor making the payment a certified copy of that Direction, and (B) the
payment could have been made to the holder without any withholding or deduction if that Direction had not been made; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt; text-align: justify; text-indent: 33.35pt"> (viii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any combination of clauses (i), (ii), (iii), (iv), (v), (vi), and (vii) above.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify">and <I>provided further </I>that
in no event shall the Company or the Parent Guarantor, as applicable, be obligated to pay such additional amounts to any holder
of a Note not resident in the United States of America or any other jurisdiction in which an original Purchaser is resident for
tax purposes on the date of the Closing in excess of the amounts that the Company or the Parent Guarantor, as applicable, would
be obligated to pay if such holder had been a resident of the United States of America or such other jurisdiction, as applicable,
for the purposes of, and eligible for the benefits of, any double taxation treaty from time to time in effect between the United
States of America or such other Purchaser jurisdictions, as applicable, and the relevant Taxing Jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt">Section 13.2.&#9;Tax Cooperation<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010101">(a) </FONT>(i)
A Purchaser that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to the
Notes, shall confirm its scheme reference number and its jurisdiction of tax residence in Schedule A, and (ii) a Person that
becomes a holder of a Note pursuant to clause 14.2 and that holds a passport under the HMRC DT Treaty Passport scheme, and
which wishes that scheme to apply to such Note(s), shall confirm its scheme reference number and its jurisdiction of tax
residence in the information provided to the Company pursuant to Section 14.2,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 59pt">and, having done so, such holder of the Notes
shall be under no obligation pursuant to paragraph (e) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010101">(b)</FONT>
Where a holder of a Note has included its HMRC DT Treaty Passport Scheme reference number and its jurisdiction of tax
residence in Schedule A (or, in the case of any transferee of a Note, in the information provided to the Company pursuant to
Section 14.2), the Company shall file a duly completed form DTTP2 in respect of such holder with HMRC no later than 30 days
prior to the first interest payment date under the Notes (or, in the case of any transferee of a Note, within 30 days of
completion of the transfer thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010101">(c)</FONT>
If a holder of Notes has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with
paragraph (a) above and the Company has made a DTTP2 Filing in respect of such holder but (A) that DTTP2 Filing has been
rejected by HMRC, (B) the HMRC DT Treaty Passport has expired, or (C) HMRC has not given the Company authority to make
payments to such holder free of any withholding or deduction within 30 days of the date of the DTTP2 Filing, and in each
case, the Company has notified the relevant holder</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">of the Note in writing, paragraph (e) below shall
have effect in relation to such holder from such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010101">(d)</FONT>
If a holder of any Note has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with
paragraph (a) above, the Company shall not make a DTTP2 Filing or file any other form relating to the HMRC DT Treaty Passport
scheme in respect of that holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010101">(e) </FONT>Subject
to the limitations and provisos of Section 13.1(b)(ii) above, by acceptance of any Note, the holder of such Note agrees, that
it will from time to time with reasonable promptness (i) duly complete and deliver to or as reasonably directed by the
Company or the Parent Guarantor all such forms, certificates, documents and returns provided to such holder or its legal
counsel by the Company or the Parent Guarantor or their legal counsel (collectively, together with instructions for
completing the same, &ldquo;<B>Forms</B>&rdquo;) required to be filed by or on behalf of such holder in order to avoid or
reduce any such Tax pursuant to the provisions of an applicable statute, regulation or administrative practice of the
relevant Taxing Jurisdiction or of a tax treaty between the jurisdiction of the holder of such Note and such Taxing
Jurisdiction and (ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>provide the Company with
such information with respect to such holder as the Company may reasonably request in order to complete any such Forms, <I>provided </I>that
nothing in this Section 13.2(e) shall require any holder to provide information with respect to any such Form (other than
HMRC Documents) or otherwise if in the good faith opinion of such holder such Form (other than HMRC Documents) or disclosure
of information would involve the disclosure of tax return or other information that is confidential or proprietary to such
holder, and <I>provided further </I>that each such holder shall be deemed to have complied with its obligation under this
paragraph with respect to any Form (other than HMRC Documents) if such Form (other than HMRC Documents) shall have been duly
completed and delivered by such holder to the Company or mailed to the appropriate taxing authority, whichever is applicable,
within 60 days following a written request of the Company (which request shall be accompanied by copies of such Form and
English translations of any such Form not in the English language) and, in the case of a transfer of any Note, at least 90
days prior to the relevant interest payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt">Section 13.3.&#9;Tax Credits Etc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">If any
payment is made by the Company or the Parent Guarantor, as applicable, to or for the account of the holder of any Note after deduction
for or on account of any Taxes, and increased payments are made by the Obligors pursuant to this Section 13, then, if such holder
in its sole discretion determines that it has received or been granted a refund of such Taxes, such holder shall, to the extent
that it can do so without prejudice to the retention of the amount of such refund, reimburse to the Company or the Parent Guarantor,
as applicable, the amount of such refund, as such holder shall, in its sole discretion, determine to be attributable to the relevant
Taxes or deduction or withholding. Nothing herein contained shall interfere with the right of the holder of any Note to arrange
its tax affairs in whatever manner it thinks fit and, in particular, no holder of any Note shall be under any obligation to claim
relief from its corporate profits or similar tax liability in respect of such Tax in priority to any other claims, reliefs, credits
or deductions available to it or (other than as set forth in Section 13.1(b) above) oblige any</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">holder of any Note to disclose any information
relating to its tax affairs or any computations in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">The Company
or the Parent Guarantor, as applicable, will furnish the holders of Notes, promptly and in any event within 60 days after the date
of any payment by the Company or the Parent Guarantor, as applicable, of any Tax in respect of any amounts paid under this Agreement
or the Notes, the original tax receipt (or a certificate of Tax deducted) issued by the relevant taxation or other authorities
involved for all amounts paid as aforesaid (or if such original tax receipt (or a certificate of Tax deducted) is not available
or must legally be kept in the possession of the Company or the Parent Guarantor, as applicable, a duly certified copy of the original
tax receipt or any other reasonably satisfactory evidence of payment), together with such other documentary evidence with respect
to such payments as may be reasonably requested from time to time by any holder of a Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">If the
Company or the Parent Guarantor, as applicable, is required by any applicable law, as modified by the practice of the taxation
or other authority of any relevant Taxing Jurisdiction, to make any deduction or withholding of any Tax in respect of which the
Company or the Parent Guarantor, as applicable, would be required to pay any additional amount under this Section 13, but for any
reason does not make such deduction or withholding with the result that a liability in respect of such Tax is assessed directly
against the holder of any Note, and such holder pays such liability, then the Company or the Parent Guarantor, as applicable, will
promptly reimburse such holder for such payment (including any related interest or penalties to the extent such interest or penalties
arise by virtue of a default or delay by the Company or the Parent Guarantor, as applicable,) upon demand by such holder accompanied
by an official receipt (or a duly certified copy thereof) issued by the taxation or other authority of the relevant Taxing Jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary in this Agreement, if the Company or the Parent Guarantor, as applicable, makes payment to or for the
account of any holder of a Note after deduction for or on account of any Taxes, and such holder is entitled to a refund of the
Tax to which such payment is attributable upon the making of a filing (other than a Form described above), then such holder shall,
as soon as practicable after receiving written request from the Company or the Parent Guarantor, as applicable, (which shall specify
in reasonable detail and supply the refund forms to be filed) use reasonable efforts to complete and deliver such refund forms
to or as directed by the Company or the Parent Guarantor, as applicable, subject, however, to the same limitations and provisos
with respect to Forms as are set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt">Section 13.4.&#9;FATCA Information<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">By acceptance
of any Note, the holder of such Note agrees that such holder will from time to time with reasonable promptness duly complete and
deliver to or as reasonably directed by the Company, the Parent Guarantor or its agent from time to time (i) in the case of any
such holder that is a United States Person, such holder&rsquo;s United States tax identification number or other Forms reasonably
requested by the Company or the Parent Guarantor necessary to establish such holder&rsquo;s status as a United States Person under
FATCA and as may otherwise be necessary for the Company or the Parent Guarantor, as applicable, to comply with its obligations
under FATCA and (ii) in the case of any such holder that is not a United States Person, such</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify">documentation prescribed by
applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary
for the Company or the Parent Guarantor, as applicable to comply with its obligations under FATCA and to determine that such holder
has complied with such holder&rsquo;s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any
such payment made to such holder. Nothing in this Section 13.4 shall require any holder of Notes to provide information that is
confidential or proprietary to such holder unless such information is prescribed by applicable law for the Company to comply with
its obligations under FATCA and, in such event, the Obligors shall treat such information as confidential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt">Section 13.5.&#9;Qualifying Private Placement
Certificate<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Any Purchaser
or holder of a Note may deliver a QPP Certificate to the Company and provided that such QPP Certificate has not been withdrawn
by the holder of the Note or cancelled by HMRC (unless such withdrawal or cancellation is as a consequence of the failure of the
Company to comply with its obligations under regulation 7 of the Income Tax (Qualifying Private Placement Regulations) 2015 (SI
2015/2002)), none of Section 13.1(b)(ii) above, the further proviso to Section 13.1(b) above or Section 13.2 above shall apply
in relation to such holder (or such holder&rsquo;s Notes), unless and until (a) such holder has withdrawn such QPP Certificate
or (b) the Company has given such holder 30 days&rsquo; notice that such QPP Certificate has been withdrawn or cancelled by HMRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">The obligations
of the Obligors under this Section 13 shall survive the payment or transfer of any Note and the provisions of this Section 13 shall
also apply to successive transferees of the Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify"><B>SECTION 14. REGISTRATION; EXCHANGE;
SUBSTITUTION OF NOTES</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
14.1. Registration of Notes</B>. The Company shall keep at its principal executive office a register for the registration and registration
of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address
of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee,
then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner
and holder thereof and (b) at any such beneficial owner&rsquo;s option, either such beneficial owner or its nominee may execute
any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person
in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof,
and no Obligor shall be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that
is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered
holders of Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
14.2. Transfer and Exchange of Notes</B>. Upon surrender of any Note to the Company at the address and to the attention of the
designated officer (all as specified in Section 19(a)(iii)), for registration of transfer or exchange (and in the case of a surrender
for registration</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify">of transfer accompanied by a
written instrument of transfer duly executed by the registered holder of such Note or such holder&rsquo;s attorney duly authorized
in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part
thereof), within 10 Business Days thereafter, the Company shall execute and deliver, at the Company&rsquo;s expense (except as
provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount
equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder
may request and shall be substantially in the form of Schedule 1. Each such new Note shall be dated and bear interest from the
date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall
have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed
in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than &euro;100,000, <I>provided
</I>that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination
of less than &euro;100,000. Any applicable transferee, by its acceptance of a Note registered in its name (or the name of its nominee),
shall be deemed to have made the representation set forth in Section 6.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
14.3. Replacement of Notes</B>. Upon receipt by the Company at the address and to the attention of the designated officer (all
as specified in Section 19(a)(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction
or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor
of such ownership and such loss, theft, destruction or mutilation), and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>in
the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (<I>provided </I>that if the holder of
such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least
$100,000,000 or a Qualified Institutional Buyer, such Person&rsquo;s own unsecured agreement of indemnity shall be deemed to
be satisfactory), or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 41pt; text-align: justify; text-indent: 40.8pt"> (b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in the case of mutilation, upon surrender and cancellation thereof,</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify">within 10 Business Days thereafter,
the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date
to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen,
destroyed or mutilated Note if no interest shall have been paid thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify"><B>SECTION 15. PAYMENTS ON NOTES</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
15.1. Place of Payment</B>. Subject to Section 15.2, payments of principal, Make-Whole Amount, if any, Net Loss, if any, and interest
becoming due and payable on the Notes shall be made in London, England at the principal office of HSBC Bank Plc in such jurisdiction.
The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place
of payment shall be either the principal office of</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">the Company in such jurisdiction or the principal
office of a bank or trust company in such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
15.2. Payment by Wire Transfer</B>. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding
anything contained in Section 15.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for
principal, Make-Whole Amount, if any, or Net Loss, if any, interest and all other amounts becoming due hereunder by the method
and at the address specified for such purpose below such Purchaser&rsquo;s name in Schedule A, or by such other method or at such
other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the
presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made
concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note
for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place
of payment most recently designated by the Company pursuant to Section 15.1. Prior to any sale or other disposition of any Note
held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon
and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes
pursuant to Section 14.2. The Company will afford the benefits of this Section 15.2 to any Institutional Investor that is the direct
or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating
to such Note as the Purchasers have made in this Section 15.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 16.&#9;EXPENSES, ETC</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
16.1. Transaction Expenses</B><I>. </I>Whether or not the transactions contemplated hereby are consummated, the Company will pay
all costs and expenses (including reasonable attorneys&rsquo; fees of a special counsel and, if reasonably required by the Required
Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions
and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Subsidiary Guarantee or the
Notes (whether or not such amendment, waiver or consent becomes effective), including: (a) the costs and expenses incurred in enforcing
or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guarantee or
the Notes or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this
Agreement, any Subsidiary Guarantee or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses, including
financial advisors&rsquo; fees, incurred in connection with the insolvency or bankruptcy of any Obligor or any Subsidiary or in
connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and any Subsidiary Guarantee,
and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial
information with the SVO, <I>provided </I>that such costs and expenses under this clause (c) shall not exceed $1,500 for each Series
of Notes. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier
(LEI).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">The Company
will pay, and will save each Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any fees, costs
or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with
its purchase of the Notes), (ii) any and all wire transfer fees that any bank or other financial institution deducts from any payment
under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (iii) any
judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys&rsquo; fees and expenses)
or obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the
Notes by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
16.2. Certain Taxes</B><I>. </I>The Company agrees to pay all stamp, documentary or similar taxes or fees which may be required
to be paid in respect of the execution and delivery or the enforcement of this Agreement or any Subsidiary Guarantee or the execution
and delivery (but not the transfer) or the enforcement of any of the Notes in the United States, Canada, United Kingdom or any
other jurisdiction of organization in which an Obligor or any Subsidiary Guarantor is organized or any other jurisdiction where
any Obligor or any Subsidiary Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this
Agreement or any Subsidiary Guarantee or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement
of costs and expenses by such Obligor pursuant to this Section 16, and will save each holder of a Note to the extent permitted
by applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required
to be paid by such Obligor hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
16.3. Survival</B><I>. </I>The obligations of the Obligors under this Section 16 will survive the payment or transfer of any Note,
the enforcement, amendment or waiver of any provision of this Agreement, Guarantee, any Subsidiary Guarantee or the Notes, and
the termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 17.&#9;SURVIVAL
OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">All representations
and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer
by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any
subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder
of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of any Obligor pursuant to
this Agreement shall be deemed representations and warranties of such Obligor under this Agreement. Subject to the preceding sentence,
this Agreement, the Notes and any Subsidiary Guarantees embody the entire agreement and understanding between each Purchaser and
the Obligors and supersede all prior agreements and understandings relating to the subject matter hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 18.&#9;AMENDMENT AND WAIVER</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
18.1. Requirements</B><I>. </I>This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes
may be waived (either retroactively or prospectively), only with the written consent of the Obligors and the Required Holders,
except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 22 hereof, or any defined term (as it is used therein), will
be effective as to any Purchaser unless consented to by such Purchaser in writing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>no amendment or waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding,
(i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal
of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole
Amount, Net Loss or Net Gain, (ii) change the percentage of the principal amount of the Notes the holders of which are required
to consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section
2 upon the satisfaction of the conditions to Closing that appear in Section 4, or (iii) amend any of Sections 8 <B>(</B>except
as set forth in the second sentence of Section 8.2), 11(a), 11(b), 12, 13, 18, 21, 23.8 or 24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt">Section 18.2.&#9;Solicitation of Holders of
Notes<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Solicitation. </I>The Obligors will provide each Purchaser and holder of a Note with sufficient information, sufficiently
far in advance of the date a decision is required, to enable such Purchaser and holder to make an informed and considered decision
with respect to any proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or any Subsidiary
Guarantee. The Obligors will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant
to this Section 18 or any Subsidiary Guarantee to each Purchaser and holder of a Note promptly following the date on which it is
executed and delivered by, or receives the consent or approval of, the requisite Purchasers or holders of Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Payment. </I>The Obligors will not directly or indirectly pay or cause to be paid any remuneration, whether by way of
supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser
or holder of a Note as consideration for or as an inducement to the entering into by such Purchaser or holder of any waiver or
amendment of any of the terms and provisions hereof or of any Subsidiary Guarantee or any Note unless such remuneration is concurrently
paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each Purchaser
and each holder of a Note even if such Purchaser or holder did not consent to such waiver or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><I>Consent in Contemplation of Transfer</I>. Any consent given pursuant to this Section 18 or any Subsidiary Guarantee by
a holder of a Note that has transferred or has agreed to transfer its Note to (i) either Obligor, (ii) any Subsidiary or any other
Affiliate or (iii) any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer
for or merging with any Obligor and/or any of its Affiliates (either pursuant to a waiver under Section 18.1(c) or subsequent to
Section 8.7 having been amended pursuant to Section 18.1(c)), in each case in connection with such consent, shall be void and of
no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted
that would not have been or would not be so effected or granted but for such consent (and the consents of all other holders of
Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such
holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
18.3. Binding Effect, Etc</B><I>. </I>Any amendment or waiver consented to as provided in this Section 18 or any Subsidiary Guarantee
applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon
the Obligors without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver
will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair
any right consequent thereon. No course of dealing between the Obligors and any Purchaser or holder of a Note and no delay in exercising
any rights hereunder or under any Note or Subsidiary Guarantee shall operate as a waiver of any rights of any Purchaser or holder
of such Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
18.4. Notes Held by Company, Etc</B><I>. </I>Solely for the purpose of determining whether the holders of the requisite percentage
of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given
under this Agreement, any Subsidiary Guarantee or the Notes, or have directed the taking of any action provided herein or in any
Subsidiary Guarantee or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal
amount of Notes then outstanding, Notes directly or indirectly owned by any Obligor or any Affiliate of any Obligor shall be deemed
not to be outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 19.&#9;NOTICES; ENGLISH LANGUAGE</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except to the extent otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in
writing and sent (x) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized
commercial delivery service (charges prepaid) or (y) by an internationally recognized commercial delivery service (charges prepaid).
Any such notice must be sent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in Schedule
A, or at such other address as such Purchaser or nominee shall have specified to the Parent Guarantor in writing,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Parent
Guarantor in writing, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if to either of the Obligors or any Subsidiary Guarantor, to the Parent Guarantor at its address set forth at the beginning
hereof to the attention of Christian Mayer, Vice President Finance and Treasurer, or at such other address as the Parent Guarantor
shall have specified to the holder of each Note in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Notices under this Section 19 will be deemed given only
when actually received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each document, instrument, financial statement, report, notice or other communication delivered in connection with this
Agreement shall be in English or accompanied by an English translation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement and the Notes have been prepared and signed in English and the parties hereto agree that the English version
hereof and thereof (to the maximum extent permitted by applicable law) shall be the only version valid for the purpose of the interpretation
and construction hereof and thereof notwithstanding the preparation of any translation into another language hereof or thereof,
whether official or otherwise or whether prepared in relation to any proceedings which may be brought in the State of New York
or any other jurisdiction in respect hereof or thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 20.&#9;REPRODUCTION OF DOCUMENTS</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 0.5in">This
Agreement and all documents relating thereto, including (a) consents, waivers and modifications that may hereafter be executed,
(b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates
and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic,
photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced.
The Obligors agree and stipulate that, to the extent permitted by applicable law, any such reproduction shall be admissible in
evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether
or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence. This Section 20 shall not prohibit an Obligor or any
other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from introducing
evidence to demonstrate the inaccuracy of any such reproduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 21.&#9;CONFIDENTIAL INFORMATION</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 0.5in">For the
purposes of this Section 21, <B>&ldquo;Confidential Information&rdquo; </B>means information delivered to any Purchaser by or on
behalf of any Obligor or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement
that is proprietary in</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify">nature and that was
clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential
information of such Obligor or such Subsidiary, <I>provided </I>that such term does not include information that (a) was
publicly known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly
known through no act or omission by such Purchaser or any Person acting on such Purchaser&rsquo;s behalf, (c) otherwise
becomes known to such Purchaser other than through disclosure by an Obligor or any Subsidiary or (d) constitutes financial
statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain
the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to
protect confidential information of third parties delivered to such Purchaser, <I>provided </I>that such Purchaser may
deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys, trustees and
affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its
Notes), (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the Confidential
Information substantially in accordance with this Section 21, (iii) any other holder of any Note, (iv)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT>any
Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if
such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 21), (v)
any Person from which it offers to purchase any security of an Obligor (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by this Section 21), (vi) any federal or state regulatory authority
having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any
nationally recognized rating agency that requires access to information about such Purchaser&rsquo;s investment portfolio, or
(viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with
any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y)
in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has occurred and is
continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate
in the enforcement or for the protection of the rights and remedies under such Purchaser&rsquo;s Notes, this Agreement or any
Subsidiary Guarantee. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to
be entitled to the benefits of this Section 21 as though it were a party to this Agreement. On reasonable request by an
Obligor in connection with the delivery to any holder of a Note of information required to be delivered to such holder under
this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such
holder will enter into an agreement with the Obligors embodying this Section 21.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">In the
event that as a condition to receiving access to information relating to the Obligors or its Subsidiaries in connection with the
transactions contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to
a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which
is different from this Section 21, this Section 21 shall not be amended thereby and, as between such Purchaser or such holder and
the Obligors, this Section 21 shall supersede any such other confidentiality undertaking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 22.&#9;SUBSTITUTION OF PURCHASER</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Each
Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser&rsquo;s
Affiliates (a <B>&ldquo;Substitute Purchaser&rdquo;</B>) as the purchaser of the Notes that it has agreed to purchase hereunder,
by written notice to the Obligors, which notice shall be signed by both such Purchaser and such Substitute Purchaser, shall contain
such Substitute Purchaser&rsquo;s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser
of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to
such Purchaser in this Agreement (other than in this Section 22), shall be deemed to refer to such Substitute Purchaser in lieu
of such original Purchaser. In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute
Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt
by the Obligors of notice of such transfer, any reference to such Substitute Purchaser as a &ldquo;Purchaser&rdquo; in this Agreement
(other than in this Section 22), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original
Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 23.&#9;MISCELLANEOUS</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
23.1. Successors and Assigns</B><I>. </I>All covenants and other agreements contained in this Agreement by or on behalf of any
of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder
of a Note) whether so expressed or not, except that, subject to Section 10.2, the Obligors may not assign or otherwise transfer
any of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective
successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt">Section 23.2.&#9;Accounting Terms<FONT STYLE="font-weight: normal"><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of &ldquo;Indebtedness&rdquo;),
any election by either Obligor to measure any financial liability using fair value (as permitted by Financial Accounting Standards
Board Accounting Standards Codification Topic No. 825-10-25 &ndash; <I>Fair Value Option, </I>International Accounting Standard
39 &ndash; <I>Financial Instruments: Recognition and Measurement </I>or any similar accounting standard) shall be disregarded and
such determination shall be made as if such election had not been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All accounting terms (not otherwise defined in this Agreement) shall be interpreted, all accounting determinations shall
be made, and all financial statements shall be prepared, in accordance with GAAP as at December 31, 2017. In the event that any
&ldquo;Accounting Changes&rdquo; (as defined below) shall occur and such change results in a change in the method of calculation</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">of financial covenants, standards or terms in
this Agreement, then at the Parent Guarantor&rsquo;s request:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 41pt; text-align: justify; text-indent: 42.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the holders of the Notes shall enter into negotiations with the Parent Guarantor to be conducted reasonably and in good
faith by all parties, in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with
the desired result that the criteria for evaluating the financial condition of the Obligors and Subsidiary Guarantors shall be
the same after such Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall
have been executed and delivered by the Obligors and the holders of the Notes, all financial covenants, standards and terms in
this Agreement shall continue to be calculated or construed as if such Accounting Changes had not occurred; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting
Changes had not occurred, and the Parent Guarantor will continue to provide all financial information and calculations to enable
this to continue together with reconciliations to the public financial statements and information prepared in accordance with the
Accounting Changes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;Accounting Changes&rdquo; refers to changes in accounting principles (i) required by the promulgation of any rule,
regulation, pronouncement or opinion by the Financial Accounting Standards Board or the American Institute of Certified Public
Accountants or, if applicable, the SEC or (ii) otherwise proposed by the Parent Guarantor to, and approved by, Required Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
23.3. Severability</B><I>. </I>Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate
or render unenforceable such provision in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
23.4. Construction, Etc</B><I>. </I>Each covenant contained herein shall be construed (absent express provision to the contrary)
as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an
express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action
to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action
is taken directly or indirectly by such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Defined
terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words &ldquo;include,&rdquo; &ldquo;includes&rdquo; and
&ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without limitation.&rdquo; The word &ldquo;will&rdquo;
shall be construed to have the same meaning and effect as the word &ldquo;shall.&rdquo; Unless the context requires otherwise (a)
any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments,</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify">supplements or modifications
set forth herein) and, for purposes of the Notes, shall also include any such notes issued in substitution therefor pursuant to
Section 14, (b) subject to Section 23.1, any reference herein to any Person shall be construed to include such Person&rsquo;s successors
and assigns, (c) the words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder,&rdquo; and words of similar import,
shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein
to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to
any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
23.5. Counterparts</B><I>. </I>This Agreement may be executed in any number of counterparts, each of which shall be an original
but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed
by less than all, but together signed by all, of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
23.6. Governing Law</B><I>. </I>This Agreement shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit
the application of the laws of a jurisdiction other than such State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
23.7. Jurisdiction and Process; Waiver of Jury Trial</B><I>. </I>(a) Each Obligor irrevocably submits to the non-exclusive jurisdiction
of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding
arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, each Obligor irrevocably
waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction
of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Obligor agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding
of the nature referred to in Section 23.7(a) brought in any such court shall be conclusive and binding upon it subject to rights
of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York (or any
other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Obligor consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of
the nature referred to in Section 23.7(a) by mailing a copy thereof by registered, certified, priority or express mail, postage
prepaid, return receipt or delivery confirmation requested, or delivering a copy thereof in the manner for delivery of notices
specified in Section 19, to Corporation Service Company, 1180 Avenue of the Americas, New York, NY 10036, as its agent for the
purpose of accepting service of any process in the United States. The Company agrees that such service upon receipt (i) shall be
deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest
extent permitted by applicable law, be taken and held to be valid personal service upon</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify">and personal delivery to it.
Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal
Service or any reputable commercial delivery service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Nothing in this Section 23.7 shall affect the right of any holder of a Note to serve process in any manner permitted by
law, or limit any right that the holders of any of the Notes may have to bring proceedings against any Obligor in the courts of
any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Obligor hereby irrevocably appoints Corporation Service Company to receive for it, and on its behalf, service of process
in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 34.9pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY
OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
23.8. Obligation to Make Payments in Applicable Currency; Currency Indemnity</B><I>. </I>(a) Any payment on account of an amount
that is payable hereunder or under the Notes in Dollars which is made to or for the account of any holder of Notes, whether as
a result of any judgment or order or the enforcement thereof or the realization of any security or the liquidation of any Obligor,
shall constitute a discharge of the obligation of the Obligors under this Agreement and the Notes only to the extent of the amount
of Dollars which such holder could purchase in the foreign exchange markets in London, England, with the amount of such other currency
in accordance with normal banking procedures at the rate of exchange prevailing on the London Banking Day following receipt of
the payment first referred to above. If the amount of Dollars that could be so purchased is less than the amount of Dollars originally
due to such holder, the Obligors agree to the fullest extent permitted by law, to indemnify and hold harmless such holder, within
five Business Days of demand, from and against all loss or damage arising out of or as a result of such deficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any payment on account of an amount that is payable hereunder or under the Notes in Euros which is made to or for the account
of any holder of Notes, whether as a result of any judgment or order or the enforcement thereof or the realization of any security
or the liquidation of any Obligor, shall constitute a discharge of the obligation of the Obligors under this Agreement or the Notes
only to the extent of the amount of Euros which such holder could purchase in the foreign exchange markets in London, England,
with the amount of such other currency in accordance with normal banking procedures at the rate of exchange prevailing on the London
Banking Day following receipt of the payment first referred to above. If the amount of Euros that could be so purchased is less
than the amount of Dollars originally due to such holder, the Obligors agree to the fullest extent permitted by law, to indemnify
and hold harmless such holder, within five Business Days of demand, from and against all loss or damage arising out of or as a
result of such deficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Costs and expenses payable pursuant to Section 16 (Expenses, etc.) shall be paid in Dollars irrespective of the currency
in which such costs and expenses are incurred and billed, subject to the same indemnity set forth in Section 23.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The indemnities contained in this Clause 23.8 shall, to the fullest extent permitted by law, constitute obligations separate
and independent from the other obligations contained in this Agreement and the Notes, as the case may be, shall give rise to a
separate and independent cause of action, shall apply irrespective of any indulgence granted by such holder from time to time and
shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due
hereunder or under the Notes or under any judgment or order. As used herein the term &ldquo;<B>London Banking Day</B>&rdquo; shall
mean any day other than a Saturday or Sunday or a day on which commercial banks are required or authorised by law to be closed
in London, England<FONT STYLE="font-family: Times New Roman, Times, Serif">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><B>SECTION 24.&#9;PARENT GUARANTEE, ETC</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 5pt; text-align: justify; text-indent: 20.6pt"><B>Section
24.1. Guarantee</B><I>. </I>The Parent Guarantor hereby guarantees to each holder of any Note or Notes at any time outstanding
(a) the prompt payment in full, in Euros or Dollars in respect of any Swapped Note, when due (whether at stated maturity, by acceleration,
by mandatory or optional prepayment or otherwise) of the principal of, Make-Whole Amount (if any), Net Loss (if any) and interest
on the Notes (including, without limitation, interest on any overdue principal, Make-Whole Amount, Net Loss and, to the extent
permitted by applicable law, on any overdue interest and on payment of additional amounts described in Section 13) and all other
amounts from time to time owing by the Company under this Agreement and the Notes (including, without limitation, costs, expenses
and taxes in accordance with the terms hereof), and (b) the prompt performance and observance by the Company of all covenants,
agreements and conditions on its part to be performed and observed hereunder, in each case strictly in accordance with the terms
thereof (such payments and other obligations being herein collectively called the &ldquo;<B>Guaranteed Obligations</B>&rdquo;).
The Parent Guarantor hereby further agrees that if the Company shall default in the payment or performance of any of the Guaranteed
Obligations, the Parent Guarantor will (x) promptly pay or perform the same, without any demand or notice whatsoever, and that
in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid
in full when due (whether at extended maturity, by acceleration, by mandatory or optional prepayment or otherwise) in accordance
with the terms of such extension or renewal and (y) pay to the holder of any Note such amounts, to the extent lawful, as shall
be sufficient to pay the costs and expenses of collection or of otherwise enforcing any of such holder&rsquo;s rights under this
Agreement, including, without limitation, reasonable counsel fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">All obligations
of the Parent Guarantor under Sections 24.1 and 24.2 shall survive the transfer of any Note, and any obligations of the Parent
Guarantor under Sections 24.1 and 24.2 with respect to which the underlying obligation of the Company is expressly stated to survive
the payment of any Note shall also survive payment of such Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.6pt">Section 24.2.&#9;Obligations Unconditional<FONT STYLE="font-weight: normal"><I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.5pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The obligations of the Parent Guarantor under Section 24.1 constitute a present and continuing guaranty of payment and not
collectibility and are absolute, unconditional and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.5pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify">irrevocable, irrespective
of the value, genuineness, validity, regularity or enforceability of the obligations of the Company under this Agreement, the Notes
or any other agreement or instrument referred to herein or therein, or any substitution, release or exchange of any other guarantee
of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any
other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor,
it being the intent of this Section 24.2 that the obligations of the Parent Guarantor hereunder shall be absolute, unconditional
and irrevocable under any and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence
of any one or more of the following shall not alter or impair the liability of the Parent Guarantor hereunder which shall remain
absolute, unconditional and irrevocable as described above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 41pt; text-align: justify; text-indent: 40.4pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any amendment or modification of any provision of this Agreement (other than Section 24.1 or 24.2), any of the Notes or
any Subsidiary Guarantee or any assignment or transfer thereof, including without limitation the renewal or extension of the time
of payment of any of the Notes or the granting of time in respect of such payment thereof, or of any furnishing or acceptance of
security or any additional guarantee or any release of any security or guarantee so furnished or accepted for any of the Notes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 41pt; text-align: justify; text-indent: 40.4pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any waiver, consent, extension, granting of time, forbearance, indulgence or other action or inaction under or in respect
of this Agreement, any of the Notes or any Subsidiary Guarantee, or any exercise or non-exercise of any right, remedy or power
in respect hereof or thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 40.4pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any bankruptcy, receivership, insolvency, reorganization, arrangement, readjustment, composition, liquidation or similar
proceedings with respect to the Company, any Subsidiary Guarantor or any other Person or the properties or creditors of any of
them;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the occurrence of any Default or Event of Default under, or any invalidity or any unenforceability of, or any misrepresentation,
irregularity or other defect in, this Agreement, any of the Notes or any other agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.75pt 0pt 41pt; text-align: justify; text-indent: 40.4pt">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any transfer of any assets to or from the Company, including without limitation any transfer or purported transfer to the
Company from any Person, any invalidity, illegality of, or inability to enforce, any such transfer or purported transfer, any consolidation
or merger of the Company with or into any Person, any change in the ownership of any capital stock or other equity or ownership
interests of the Company, or any change whatsoever in the objects, capital structure, constitution or business of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.65pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any default, failure or delay, willful or otherwise, on the part of the Company or any other Person to perform or comply
with, or the impossibility or illegality of performance by the Company or any other Person of, any term of this Agreement, the
Notes or any other agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.65pt 0pt 41pt; text-align: justify; text-indent: 40.4pt">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any suit or other action brought by, or any judgment in favor of, any beneficiaries or creditors of, the Company or any
other Person for any reason whatsoever, including without limitation any suit or action in any way attacking or involving any issue,
matter or thing in respect of this Agreement, any of the Notes or any other agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any lack or limitation of status or of power, incapacity or disability of the Company or the Parent Guarantor or any trustee
or agent of any thereof; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.65pt 0pt 41pt; text-align: justify; text-indent: 40.4pt">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other thing, event, happening, matter, circumstance or condition whatsoever, not in any way limited to the foregoing
(other than the indefeasible payment in full of the Guaranteed Obligations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Parent Guarantor hereby unconditionally waives diligence, presentment, demand of payment, protest and all notices whatsoever
and any requirement that any holder of a Note exhaust any right, power or remedy against the Company under this Agreement or the
Notes or any other agreement or instrument referred to herein or therein, or against any other Person under any other guarantee
of, or security for, any of the Guaranteed Obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event that the Parent Guarantor shall at any time pay any amount on account of the Guaranteed Obligations or take
any other action in performance of its obligations hereunder, the Parent Guarantor shall not exercise any subrogation or other
rights hereunder or under the Notes and the Guarantor hereby waives all rights it may have to exercise any such subrogation or
other rights, and all other remedies that it may have against the Company, in respect of any payment made hereunder unless and
until the Guaranteed Obligations shall have been indefeasibly paid in full. Prior to the payment in full of the Guaranteed Obligations,
if any amount shall be paid to the Parent Guarantor on account of any such subrogation rights or other remedy, notwithstanding
the waiver thereof, such amount shall be received in trust for the benefit of the holders of the Notes and shall forthwith be paid
to such holders to be credited and applied upon the Guaranteed Obligations, whether matured or unmatured, in accordance with the
terms hereof. The Parent Guarantor agrees that its obligations under this Section 24 shall be automatically reinstated if and to
the extent that for any reason any payment (including payment in full) by or on behalf of the Company is rescinded or must be otherwise
restored by any holder of a Note, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, all as though
such amount had not been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 32.85pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If an event permitting the acceleration of the maturity of the principal amount of the Notes shall at any time have occurred
and be continuing and such acceleration (and the effect thereof on the Guaranteed Obligations) shall at such time be prevented
by reason of the pendency against the Company or any other Person (other than the Parent Guarantor as to itself) of a case or proceeding
under a bankruptcy or insolvency law, the Parent Guarantor agrees that, for purposes of the guarantee in Section 24 and the Parent
Guarantor&rsquo;s obligations under this Agreement and its Guarantees, the maturity of the principal amount of the Notes shall
be deemed to have been accelerated (with a corresponding effect on the Guaranteed Obligations) with the same effect as if the holders
of the Notes had accelerated the same in accordance with the terms of this Agreement, and the Parent Guarantor shall forthwith
pay such principal amount, any</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">interest thereon, any Make-Whole Amounts, Net
Loss, if any, and any other amounts guaranteed hereunder without further notice or demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 33.6pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The guarantee in Section 24.1 is a continuing guarantee and shall apply to the Guaranteed Obligations whenever arising.
Each default in the payment or performance of any of the Guaranteed Obligations shall give rise to a separate claim and cause of
action hereunder, and separate claims or suits may be made and brought, as the case may be, hereunder as each such default occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 43pt 0pt 0; text-align: center">*&#9;*&#9;*&#9;*&#9;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">If you
are in agreement with the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the
Obligors, whereupon this Agreement shall become a binding agreement between you and each Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">COLLIERS INTERNATIONAL EMEA FINCO PLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD STYLE="text-align: left">Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Director</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD STYLE="text-align: left">Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="text-align: left">VP, Legal Counsel and Corporate Secretary</TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 5pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 5pt; text-align: justify">This Agreement is hereby accepted
and agreed to as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">A<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">MERICAN GENERAL LIFE INSURANCE COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">T<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">HE VARIABLE ANNUITY LIFE INSURANCE COMPANY</FONT></TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">By:</TD>
    <TD STYLE="text-align: left">AIG Asset Management (U.S.) LLC, as Investment Adviser</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD>Gerald F. Herman</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 5pt; text-align: justify">This Agreement is hereby accepted
and agreed to as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">M<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">ASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY</FONT></TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>Barings LLC, as Investment Adviser</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD>Thomas P. Shea</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD>Managing Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 5pt; text-align: justify">This Agreement is hereby accepted
and agreed to as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">T<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">HE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY</FONT></TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">By:</TD>
    <TD STYLE="text-align: left">Northwestern Mutual Investment Management Company, LLC,</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Its Investment Advisor</TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD>Howard Stern</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Managing Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45.55pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 5pt; text-align: justify">This Agreement is hereby accepted
and agreed to as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">U<FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 400">NITED
    OF OMAHA LIFE INSURANCE COMPANY</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; vertical-align: middle; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 40%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD><FONT STYLE="font-size: 10pt">Lee Martin</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Vice President</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">M<FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 400">UTUAL
    OF OMAHA INSURANCE COMPANY</FONT></FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD>Lee Martin</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Vice President</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.9pt 0pt 5pt; text-align: justify">This Agreement is hereby accepted
and agreed to as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-indent: -10pt; padding-left: 10pt; text-align: left">C<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">ONNECTICUT GENERAL LIFE INSURANCE COMPANY</FONT></TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left">Cigna Investments, Inc. (authorized agent)</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Name:</TD>
    <TD STYLE="vertical-align: bottom"> Elisabeth Piker</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Director</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">C<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400">IGNA HEALTH AND LIFE INSURANCE COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">By:</TD>
    <TD STYLE="vertical-align: bottom">Cigna Investments, Inc. (authorized agent)</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 12pt; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD>Elisabeth Piker</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.3pt; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.3pt; text-align: center"><B>Information Relating
to Purchasers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">[REDACTED]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.1pt; text-align: center"><B>DEFINED TERMS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 0.5in">As used
herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Acquisition
Entity</B>&rdquo; means an Eligible Business acquired by the Parent Guarantor or a Subsidiary thereof (other than Unrestricted
Entities) as permitted under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Accounting Changes</B>&rdquo; is defined
in Section 23.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Acquisition
Expenses</B>&rdquo; means one-time professional costs and expenses incurred by the Parent Guarantor or any of its Subsidiaries
in connection with the consummation of the acquisition of an Acquisition Entity, not exceeding the aggregate amount, on a Consolidated
basis for the Parent Guarantor and its Subsidiaries, of $15,000,000 in any Fiscal Year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Additional Payments</B>&rdquo; is defined
within Section 8.3(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify">&ldquo;<B>Affected Noteholder</B>&rdquo;
is defined within the definition of &ldquo;Noteholder Sanctions Event.&rdquo; &ldquo;<B>Affiliate</B>&rdquo; means, at any time,
and with respect to any Person, any other Person that at</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify">such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with
respect to the Company, shall include any Person beneficially owning or holding, directly or indirectly, 10% or more of any class
of voting or equity interests of the Company or any Subsidiary or any Person of which the Company and its Subsidiaries beneficially
own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or equity interests. Unless the context
otherwise clearly requires, any reference to an &ldquo;Affiliate&rdquo; is a reference to an Affiliate of the Parent Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Agreement</B>&rdquo;
means this Note Purchase Agreement, including all Schedules attached to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Anti-Corruption
Laws</B>&rdquo; means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity,
including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Anti-Money
Laundering Laws</B>&rdquo; means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug
trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions
Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&ldquo;<B>Applicable Percentage</B>&rdquo; is
defined in Section 8.8(a). &ldquo;<B>Applicable Provision</B>&rdquo; is defined in Section 23.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">SCHEDULE B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 97.95pt; text-align: center">(to Note Purchase Agreement)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Blocked
Person</B>&rdquo; means (i) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published
by OFAC, (ii) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed
under U.S. Economic Sanctions Laws or (iii) a Person that is an agent, department or instrumentality of, or is otherwise beneficially
owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described
in clause (i) or (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Business
Day</B>&rdquo; means (a) for the purposes of Section 8.8(a) only, any day other than a Saturday, a Sunday or a day on which commercial
banks in Frankfurt, Germany are required or authorized to be closed or TARGET2 is not operating credit or transfer instructions
in respect of Euros, (b) for purposes of Section 8.8(b) only, any day other than a Saturday or Sunday or a day on which commercial
banks in New York City are authorized or required to be closed, (c) for purposes of any payments to be made in Euros only, any
day other than a day on which TARGET2 is not operating credit or transfer instructions in respect of Euros, or a day on which commercial
banks in New York, New York, London, England, or Toronto, Canada are required or authorized to be closed, and (d) for the purposes
of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York,
New York, London, England, or Toronto, Canada are required or authorized to be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Called Principal</B>&rdquo; is defined in
Section 8.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Capital
Expenditures</B>&rdquo; means capital expenditures of the Parent Guarantor and its Subsidiaries (other than in respect of acquisitions
of Acquisition Entities), determined in accordance with GAAP on a consolidated basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Capital
Lease</B>&rdquo; means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition
of an asset and the incurrence of a liability in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Cash
Amount</B>&rdquo; means that portion of the consideration payable in cash in respect of any purchase of shares by the Parent Guarantor
or a Subsidiary in the capital stock of any Subsidiary pursuant to the exercise of any call option right in favor of the Parent
Guarantor or Subsidiary, as the case may be, under the terms of any Shareholders Agreement in respect of such Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&ldquo;<B>Change in Tax Law</B>&rdquo; is defined
in Section 8.3(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&ldquo;<B>Change of Control</B>&rdquo; is defined in Section 8.11(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&ldquo;<B>Change of Control Notice</B>&rdquo;
is defined in Section 8.11(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&ldquo;<B>Closing</B>&rdquo; is defined in Section 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Code</B>&rdquo;
means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&ldquo;<B>Company</B>&rdquo; is defined in the
first paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&ldquo;<B>Confidential Information</B>&rdquo; is defined in Section 21.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Consolidated</B>&rdquo;
means, when used to modify a financial term, test, statement, or report of a Person, the application or preparation of such term,
test, statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition operating
results of such Person and its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Consolidated
EBITDA</B>&rdquo; means for any period on a Consolidated basis for the Parent Guarantor and its Subsidiaries, Consolidated Earnings,
<FONT STYLE="color: blue"><B><U>(i) </U></B></FONT>increased by the sum of: (a) Consolidated Interest Charges; (b) Consolidated
Income Tax Expense; (c) Consolidated Depreciation and Amortization Expense; (d) the non-controlling interest share of Earnings
as stated on the consolidated financial statements of the Parent Guarantor (but only to the extent such non-controlling interest
may be purchased by the Parent Guarantor at any time using only Parent Guarantor shares); (e) the non-controlling interest redemption
increment; (f) Consolidated Acquisition Expenses; and (g) non-cash charges of equity compensations in the aggregate amount of $10,000,000,
in any Fiscal Year on a Consolidated basis for Parent Guarantor and its Subsidiaries, <FONT STYLE="color: blue"><B><U>and (ii)
to the extent not already deducted, decreased by the amount of any losses or reserves for losses with
respect to any recourse claims by a Mortgage Loan Buyer against a Mortgage Subsidiary and
its Subsidiaries in connection with the transfer of mortgage assets from such Mortgage
Subsidiary and its Subsidiaries to such Mortgage Loan Buyer;</U></B></FONT>
<I>provided that </I>the calculation of Consolidated <FONT STYLE="color: red"><B><STRIKE>EBTIDA</STRIKE></B></FONT><B><FONT STYLE="color: blue">EBITDA
</FONT></B> shall exclude (without duplication) Unrestricted Entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.4pt"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Consolidated
Total Assets</B>&rdquo; means, for any period, the consolidated total assets of the Parent Guarantor and its Subsidiaries for
such period, excluding <FONT STYLE="color: Blue"><B><U>(i) </U></B></FONT>Unrestricted Entities <FONT STYLE="color: Red"><B><STRIKE>but
otherwise</STRIKE></B></FONT> <FONT STYLE="color: Blue"><B><U>and (ii) for the purposes of Section 10.6(iii) and the definition of &ldquo;Material Credit
Facility&rdquo;, the mortgage assets of a Mortgage Subsidiary and its Subsidiaries,</U></B></font> determined in accordance with GAAP,
as set forth on the Consolidated balance sheet of the Parent Guarantor for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Control</B>&rdquo;
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms &ldquo;<B>Controlled</B>&rdquo;
and &ldquo;<B>Controlling</B>&rdquo; shall have meanings correlative to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Controlled
Entity</B>&rdquo; means (i) any of the Subsidiaries of the Parent Guarantor and any of their or the Parent Guarantor&rsquo;s respective
Controlled Affiliates and (ii) if the Parent Guarantor has a parent company, such parent company and its Controlled Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.85pt 0pt 41pt">&ldquo;<B>Converted Swapped Note Called Interest</B>&rdquo;
is defined in Section 8.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.85pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.85pt 0pt 41pt">&ldquo;<B>Converted Swapped Note Called Principal</B>&rdquo; is defined in Section 8.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Convertible
Debentures</B>&rdquo; means any unsecured subordinated convertible debentures or notes issued by the Parent Guarantor from time
to time which include the following characteristics: (i) such debentures or notes are unsecured; (ii) there are no scheduled principal
payments under such debentures or notes prior to the maturity thereof; (iii) all amounts of principal and interest under such debentures
or notes are subordinate and junior to the obligations under this Agreement in right of payment; (iv) the maturity of such debentures
or notes must be at least six (6) months after May 30, 2028; (v) all payments of principal under such debentures or notes can be
satisfied at the Parent Guarantor&rsquo;s option by way of issuance of subordinate voting shares of the Parent Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Crown</B>&rdquo;
means the Crown Estate, acting by the Crown Estate Commissioners of England and Wales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><B>&ldquo;Default</B>&rdquo;
means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both,
become an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Default
Rate</B>&rdquo; means that rate of interest per annum that is the greater of (i) 2.0% above the rate of interest stated in clause
(a) of the first paragraph of the Notes or (ii) 2.0% over the rate of interest publicly announced by HSBC Bank Plc, in London,
England as its &ldquo;base&rdquo; or &ldquo;prime&rdquo; rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Depreciation
and Amortization Expense</B>&rdquo; means, for any period, depreciation, amortization and depletion charged to the income statement
of a Person for such Person, determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174pt 0pt 41pt">&ldquo;<B>Disclosure Documents</B>&rdquo; is defined
in Section 5.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174pt 0pt 41pt">&ldquo;<B>Discounted Value</B>&rdquo; is defined in Section 8.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174pt 0pt 41pt">&ldquo;<B>Disposition</B>&rdquo; has the meaning
ascribed thereto in Section 10.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Dollars</B>&rdquo; or &ldquo;<B>$</B>&rdquo;
means lawful currency of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Earnings</B>&rdquo;
means, for any Person for any period, Net Income for such Person, but excluding in each case for such Person for such period: (a)
any gain or loss recorded in income arising from the sale of capital assets, as determined in accordance with GAAP; (b) any gain
or loss recorded in income arising from any write-up or write-down of assets, as determined in accordance with GAAP; (c) any gain
or loss recorded in income arising for the acquisition of any securities of such Person, as determined in accordance with GAAP;
or (d) any non-cash gain or loss recorded in income from discontinued operations from and after the date of sale or discontinuance
of such operations, as determined in accordance with GAAP; or (e) any other non-cash gain or loss arising from items that do or
do not have all the characteristics of extraordinary items but which results from transactions or events that are not expected
to occur frequently over several years or do not typify normal business activities of such Person, as determined in accordance
with GAAP, to the extent that any such gain or loss has been recorded</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">in income and has been disclosed separately in
the income statement for such Person or the notes thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>EBITDA</B>&rdquo;
means, for any Person for any period, Earnings of such Person, increased by the sum of: (a) Interest Charges; (b) Income Tax Expense;
and (c) Depreciation and Amortization Expenses; (d) the non-controlling interest share of Earnings as stated on any consolidated
financial statements of any such Person; (e) the non-controlling interest redemption increment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT>Acquisition Expenses; and (g) non-cash charges of equity compensations in the aggregate amount of $10,000,000 in any Fiscal
Year, in each case for such Person for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>EDGAR</B>&rdquo;
means the SEC&rsquo;s Electronic Data Gathering, Analysis and Retrieval system, or any successor SEC electronic filing system for
such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>EEA</B>&rdquo; is defined in Section 6.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Eligible
Business</B>&rdquo; means any business to be acquired by the Parent Guarantor or any of its Subsidiaries which is consistent with
the nature of the overall business focus of the Parent Guarantor and its Subsidiaries as a diversified services business group
which services may include the sale, installation, or fabrication of products that are ancillary to the services being provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Environmental
Laws</B>&rdquo; means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including those related to Hazardous
Materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>ERISA</B>&rdquo;
means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time
in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>ERISA
Affiliate</B>&rdquo; means any trade or business (whether or not incorporated) that is treated as a single employer together with
the Parent Guarantor or the Company under section 414 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Euro</B>&rdquo;
or &ldquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&euro;</B>&rdquo; </FONT>means the single currency of the
Participating Member States which have adopted the euro unit as their single currency pursuant to the Treaty of Rome of March 25,
1957, establishing the European Community.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Event of Default</B>&rdquo; is defined in
Section 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>FATCA</B>&rdquo;
means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official
interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the United States of America and any other</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">jurisdiction, which (in either case) facilitates
the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to section 1471(b)(1) of the
Code.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Financial
Contract Obligations</B>&rdquo; means all obligations, present and future, direct or indirect, contingent or absolute, of the Obligors
and/or their Subsidiaries in respect of, in each case determined on a &ldquo;marked to market&rdquo; basis on the date of determining
the amount of such obligations<FONT STYLE="color: red"><B>,</B></FONT>:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: left; text-indent: 40.05pt"> (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a currency or interest rate swap agreement;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: left; text-indent: 40.05pt"> (b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a swap, future, forward or other foreign exchange agreement;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: left; text-indent: 40.05pt"> (c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a forward rate agreement;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: left; text-indent: 40.05pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any derivative, combination or option in respect of, or agreement similar to, an agreement or contract referred to in paragraphs
(a) to (c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: left; text-indent: 40.05pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any master agreement in respect of any agreement or contract referred to in paragraphs (a) to (c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: left; text-indent: 40.05pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a guarantee of the liabilities under an agreement or contract referred to in paragraphs (a) to (c); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: left; text-indent: 40.05pt"> (g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an equity hedge agreement.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Fiscal
Year</B>&rdquo; means a fiscal year of the Parent Guarantor; currently the Fiscal Year ends on December 31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>GAAP</B>&rdquo;
means (a) generally accepted accounting principles (including International Financial Reporting Standards, as applicable) as in
effect from time to time in the United States of America and (b) for purposes of Section 9.6, with respect to any Subsidiary, generally
accepted accounting principles (including International Financial Reporting Standards, as applicable) as in effect from time to
time in the jurisdiction of organization of such Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Governmental Authority</B>&rdquo; means</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: left; text-indent: 40.05pt"> (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the government of</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 77pt; text-align: justify; text-indent: 39.35pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the United States of America, Canada or the United Kingdom or any state or other political subdivision of either thereof,
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 77pt; text-align: justify; text-indent: 39.35pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts
jurisdiction over any properties of the Company or any Subsidiary, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any
such government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Governmental
Official</B>&rdquo; means any governmental official or employee, employee of any government-owned or government-controlled entity,
political party, any official of a political party, candidate for political office, official of any public international organization
or anyone else acting in an official capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>GST
Act</B>&rdquo; means the <I>A New Tax System (Goods and Services Tax) Act </I>1999 (Cth) of Australia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>GST Group</B>&rdquo; has the meaning given
to it in the GST Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Guarantee</B>&rdquo;
means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments
for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation
of any other Person in any manner, whether directly or indirectly, including obligations incurred through an agreement, contingent
or otherwise, by such Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to purchase such indebtedness or obligation or any property constituting security therefor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain any working
capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make
available funds for the purchase or payment of such indebtedness or obligation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such indebtedness
or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify">In any computation of the
indebtedness or other liabilities of the obligor under any Guarantee, the indebtedness or other obligations that are the subject
of such Guarantee shall be assumed to be direct obligations of such obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Guaranteed Obligations</B>&rdquo; is defined
in Section 24.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Hazardous
Materials</B>&rdquo; means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health
and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage,
handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be
restricted, prohibited or penalized by any applicable law, including asbestos, urea</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt">formaldehyde foam insulation, polychlorinated
biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Hedging
Agreements</B>&rdquo; means one or more non-speculative (i) interest rate, (ii) currency hedge, and/or (iii) equity hedge agreements
entered into between any Obligor or Subsidiary Guarantor and a lender (or any of its Affiliates) from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 89.85pt 0pt 41pt">&ldquo;<B>Hennick Family</B>&rdquo; means the
spouse, children or estate of Jay S. Hennick. &ldquo;<B>HMRC</B>&rdquo; is defined in Section 13.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>holder</B>&rdquo;
means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant
to Section 14.1, <I>provided, however, </I>that if such Person is a nominee, then for the purposes of Sections 7, 12, 18.2 and
19 and any related definitions in this Schedule A, &ldquo;holder&rdquo; shall mean the beneficial owner of such Note whose name
and address appears in such register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Immaterial
Subsidiary</B>&rdquo; means any Subsidiary that is not a Material Subsidiary or a Subsidiary Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Income
Tax Expense</B>&rdquo; means, for any period, the aggregate of all Taxes (including deferred Taxes) based on the income of a Person
for such period, determined in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Incorporated Covenant</B>&rdquo; is defined
in Section10.10(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Indebtedness</B>&rdquo; with respect to any
Person means, at any time, without duplication,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>its liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable Preferred Stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable arising
in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention
agreement with respect to any such property);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not
it has assumed or otherwise become liable for such liabilities);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all its liabilities in respect of letters of credit or instruments serving a similar function issued or accepted for its
account by banks and other financial institutions (whether or not representing obligations for borrowed money);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: left; text-indent: 42.1pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the aggregate Swap Termination Value of all Swap Contracts of such Person; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: left; text-indent: 40.2pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any Guarantee of such Person with respect to liabilities of a type described in any of clauses (a) through (f) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify">Indebtedness of any Person
shall include all obligations of such Person of the character described in clauses (a) through (g) to the extent such Person remains
legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Initial Swap Agreement</B>&rdquo; is defined
in Section 8.8(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Institutional
Investor</B>&rdquo; means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates)
more than 10% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association
or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other
similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 44.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Interest
Charges</B>&rdquo; means for any period, the total of all items properly classified as interest expense for a Person for such period,
less the amount of any interest income, both determined in accordance with GAAP <FONT STYLE="color: blue"><B><U>, excluding any
interest expense in respect of any Warehouse
Line and any interest income from any mortgage loans financed thereby</U></b></FONT><FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Interest
Coverage Ratio</B>&rdquo; means, in respect of any period, the quotient obtained by dividing (a) Consolidated EBITDA for such period
by (b) the sum of Consolidated (for the Parent Guarantor and its Subsidiaries <FONT STYLE="color: blue"><B><U>but excluding Unrestricted
Entities</U></B></FONT>) Interest Charges for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&ldquo;<B>Interest Payment Date</B>&rdquo; is
defined in Section 6.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&ldquo;<B>ISDA Master Agreement</B>&rdquo; is defined in Section 8.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&ldquo;<B>ITA</B>&rdquo; means the
Income Tax Act 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Lien</B>&rdquo;
means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest
or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention
agreement or Capital Lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder
agreements, voting trust agreements and all similar arrangements).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Make-Whole Amount</B>&rdquo; is defined in
Section 8.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Material</B>&rdquo;
means material in relation to the business, operations, financial condition, assets, properties of the Obligors and their Subsidiaries
(other than Unrestricted Entities) taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Material
Adverse Effect</B>&rdquo; means a material adverse effect on (a) the business, operations, financial condition, assets or properties
of the Obligors and their Subsidiaries (other than Unrestricted Entities) taken as a whole, (b) the ability of the Company to perform
its obligations under this Agreement and the Notes, (c) the ability of the Parent Guarantor to perform its obligations under this
Agreement, (d) the ability of any Subsidiary Guarantor to perform its obligations under its Subsidiary Guarantee, or (e) the validity
or enforceability of this Agreement, the Notes or any Subsidiary Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Material Credit Facility</B>&rdquo; means,
as to the Parent Guarantor and its Subsidiaries,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Second Amended and Restated Credit Agreement Dated as of April 19, 2018 by and among Colliers International Group Inc.,
Colliers International Holdings (USA), Inc., Globestar Limited, Colliers International EMEA Holdings Limited, Colliers International
Holdings (Australia) Limited, and the Toronto-Dominion Bank, among others (the &ldquo;<B>Revolving Credit Agreement</B>&rdquo;),
including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 41pt; text-align: justify; text-indent: 40.05pt"><B>(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>any other agreement(s) creating or evidencing indebtedness for borrowed money (other than agreements creating or evidencing
Permitted Receivables Transactions) entered into on or after the date of Closing by the Parent Guarantor or any Subsidiary (other
than any Unrestricted Entities), or in respect of which the Parent Guarantor or any Subsidiary (other than any Unrestricted Entity)
is an obligor or otherwise provides a guarantee or other credit support (<B>&ldquo;Credit Facility&rdquo;</B>), in a principal
amount outstanding or available for borrowing equal to or greater than the greater of (x) 3.0% of Consolidated Total Assets and
(y) $50,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing
of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal or exceed
such amounts, then the largest Credit Facility shall be deemed to be a Material Credit Facility<FONT STYLE="color: blue"><B>;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"><FONT STYLE="color: blue"><U>provided, however,
that &ldquo;Material Credit Facility&rdquo; shall exclude any Warehouse Line</U></FONT><FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Material
Subsidiary</B>&rdquo; means any Subsidiary of the Obligors or any Subsidiary Guarantor that generates equal to or greater than
two percent (2%) of Consolidated EBITDA in any Fiscal Year (other than Unrestricted Entities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&ldquo;<B>Maturity Date</B>&rdquo; is defined
in the first paragraph of each Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&ldquo;<B>Memorandum</B>&rdquo; is defined in Section 5.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt"><B>&ldquo;MiFID II&rdquo; </B>is defined in Section
6.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>More Favorable Covenant</B>&rdquo; is defined
in Section 10.10(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt; color: blue"><U>&ldquo;Mortgage Loan Buyer&rdquo;
has the meaning given to it in the definition of Mortgage Subsidiary.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Blue"><B><U>&ldquo;Mortgage
Subsidiary&rdquo; means a Subsidiary whose primary business is to originate and service loans secured by mortgages on real properties
and, concurrently with any mortgage loan agreement entered into by such Subsidiary and the borrower of such mortgage loan, enters
into a binding agreement of sale with a third party financial institution (a &ldquo;Mortgage Loan Buyer&rdquo;) in respect of
the sale of such mortgage loan to such Mortgage Loan Buyer (to the extent such agreement is not already in existence) and recourse
in respect of any such sale of such mortgage loan to a Mortgage Loan Buyer is limited solely to such Subsidiary and its Subsidiaries
and not the Obligors and their other Subsidiaries.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 43.95pt">&ldquo;<B>Most Favored Lender Notice</B>&rdquo;
is defined in Section 10.10(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">&ldquo;<B>Multiemployer Plan</B>&rdquo;
means any Plan that is a &ldquo;multiemployer plan&rdquo; (as such term is defined in section 4001(a)(3) of ERISA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.05pt 0pt 41pt">&ldquo;<B>NAIC</B>&rdquo; means the National
Association of Insurance Commissioners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.05pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.05pt 0pt 41pt">&ldquo;<B>Net Gain</B>&rdquo; is defined in Section 8.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">&ldquo;<B>Net Income</B>&rdquo;
means, for any Person for any period, the Net Income (loss) after tax of such Person for such period, determined in accordance
with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Net Loss</B>&rdquo; is defined in Section
8.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 217.95pt 0pt 41pt">&ldquo;<B>New Swap Agreement</B>&rdquo; is defined
in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 217.95pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 217.95pt 0pt 41pt">&ldquo;<B>Non-Swapped Note</B>&rdquo; is defined in Section 8.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Non-U.S.
Plan</B>&rdquo; means any plan, fund or other similar program that (a) is established or maintained outside the United States of
America by the Parent Guarantor or any Subsidiary primarily for the benefit of employees of the Parent Guarantor or one or more
Subsidiaries residing outside the United States of America, which plan, fund or other similar program provides, or results in,
retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and
(b) is not subject to ERISA or the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-indent: 0.5in">&ldquo;<B>Normalizing Adjustments</B>&rdquo;
has the meaning ascribed to it in the definition of &ldquo;Total Debt/Consolidated EBITDA Ratio&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Noteholder
Sanctions Event</B>&rdquo; means, with respect to any holder of a Note (an &ldquo;<B>Affected Noteholder</B>&rdquo;), such Purchaser
or holder or any of its affiliates being in violation of or subject to sanctions (a) under any U.S. Economic Sanctions Laws as
a result of either Obligor or any Controlled Entity becoming a Blocked Person or, directly or indirectly, having any investment
in or engaging in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes)
with any Blocked Person or (b) under any similar laws, regulations or orders adopted by any State within the United States as a
result of the name of either Obligor or any Controlled Entity appearing on a State Sanctions List.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Notes</B>&rdquo; is defined in Section 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Obligor</B>&rdquo; and &ldquo;<B>Obligors</B>&rdquo;
is defined in the first paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>OFAC</B>&rdquo;
means the Office of Foreign Assets Control of the United States Department of the Treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>OFAC
Sanctions Program</B>&rdquo; means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list
of OFAC Sanctions Programs may be found at <FONT>http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Officer&rsquo;s
Certificate</B>&rdquo; means a certificate of a Senior Financial Officer or of any other officer of the Company or the Parent Guarantor,
as applicable, whose responsibilities extend to the subject matter of such certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Original Swap Agreement</B>&rdquo; is defined
in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Parent Guarantor</B>&rdquo; is defined in
the first paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>PBGC</B>&rdquo;
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Permitted Encumbrances</B>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Liens incurred and pledges and deposits made in connection with workers&rsquo; compensation, employment insurance, old age
pensions and similar legislation (other than ERISA and Canadian pension legislation);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Liens securing the performance of bids, tenders, leases, contracts (other than for the repayment of borrowed money), and
statutory obligations of like nature, incurred as an incident to and in the ordinary course of business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>statutory Liens of landlords, undetermined or inchoate Liens and other Liens imposed by law, such as carriers&rsquo;, warehousemens&rsquo;,
mechanics&rsquo;, construction and materialmen&rsquo;s Liens, incurred in good faith in the ordinary course of business <I>provided
</I>that the aggregate amount of any carriers&rsquo;, warehousemens&rsquo;, mechanics&rsquo;, construction or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 41pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 41pt; text-align: justify">materialmens&rsquo; Liens
shall at no time exceed an aggregate amount of $3,000,000 or the Equivalent Amount thereof and the amount thereof shall be paid
when same shall become due;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Liens securing the payment of Taxes, assessments and governmental charges or levies, either (i) not delinquent or (ii) being
contested in good faith by appropriate proceedings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>permits, right of way, zoning restrictions, easements, licenses, reservations, restrictions on the use of real property
or minor irregularities or minor title defects incidental thereto which do not in the aggregate materially detract from the value
of the property or assets of an Obligor or any of its Subsidiaries or materially impair the operation of the business of an Obligor
or any of its Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 42.1pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Liens arising out of the leasing of personal property by it or any of its Subsidiaries in the ordinary course of business
up to an amount not exceeding in the aggregate $30,000,000 for all Obligors and their Subsidiaries or the Equivalent Amount thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 41pt; text-align: justify; text-indent: 40.2pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Liens incurred in the ordinary course of business for the purposes of securing the payment of any purchase price balance
or the refinancing of any purchase price balances not greater than in the aggregate $50,000,000 at any time or the Equivalent Amount
of any assets (other than current assets) acquired by an Obligor or any of its Subsidiaries <I>provided </I>that any such Liens
are restricted to the assets so acquired (&ldquo;<B>Permitted VTBS</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reservations, conditions, limitations and exceptions contained in or implied by statute in the original disposition from
the Crown and grants made by the Crown of interests so reserved or accepted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 42.7pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>security given in the ordinary course of business by an Obligor, or any of its Subsidiaries to a public utility or any municipality
or governmental or public authority in connection with operations of an Obligor, or any of its Subsidiaries, (other than in connection
with borrowed money) securing not more than an aggregate amount equal to</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.5pt 0pt 41pt; text-align: justify">$3,000,000 for all Obligors
and their Subsidiaries or the Equivalent Amount thereof at any time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 41pt; text-align: justify; text-indent: 42.7pt"> (j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Liens in respect of Permitted Loans;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.55pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>purchase money security interests placed upon fixed assets to secure a portion of the purchase price thereof and liens securing
capital leases; <I>provided </I>that any such lien shall not encumber any property of the Parent Guarantor and/or its Subsidiaries
except the purchased asset or asset subject to the capital lease, as applicable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.55pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Liens existing on the date of the Closing and described in Schedule 5.15, except to the extent the principal amount secured
by that Lien exceeds the amount stated in such Schedule 5.15;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.55pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Liens in respect of Permitted Foreign Subsidiary Facilities not exceeding at any time an aggregate amount of the greater
of (x) $20,000,000 and (y) 1.25% of Consolidated Total Assets, <I>provided </I>that such lien shall only be in respect of the Subsidiary
incurring such Permitted Foreign Subsidiary Facilities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.55pt 0pt 41pt; text-align: justify; text-indent: 40.05pt"><B>(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>Liens on Receivables Facility Assets in connection with any Permitted Receivables Transaction; <FONT STYLE="color: red"><B><STRIKE>and</STRIKE></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.55pt 0pt 41pt; text-align: justify; text-indent: 40.05pt"> (o) <FONT STYLE="color: blue"><b><U>Liens on mortgage assets and related assets of Mortgage Subsidiaries and
their Subsidiaries securing Warehouse Lines; and</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.55pt 0pt 41pt; text-align: justify; text-indent: 40.05pt"><FONT STYLE="text-underline-style: double; color: blue"><B><U>(p)</U></B></FONT>
other Liens not otherwise permitted by paragraphs (a) through (<FONT STYLE="color: red"><B><STRIKE>n</STRIKE></B></FONT><B> <FONT STYLE="color: blue">o</FONT></B>)
of this definition securing Indebtedness of any Obligor or any Subsidiary, <I>provided </I>that (i) the Indebtedness secured thereby
is permitted by Section 10.6(iii) hereto and (ii) the Obligors will not, and will not permit any Subsidiary to grant any Lien securing
Indebtedness outstanding under or pursuant to any Material Credit Facility pursuant to this item (<FONT STYLE="color: red"><B><STRIKE>o</STRIKE></B></FONT><B>
<FONT STYLE="color: blue">p</FONT></B>) unless and until all obligations of the Obligors under this Agreement and the Notes or
the Subsidiary Guarantors under each Subsidiary Guarantee shall concurrently be secured equally and ratably with such Indebtedness
pursuant to documentation in form and substance reasonably satisfactory to the Required Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Permitted
Foreign Subsidiary Facilities</B>&rdquo; means debt of any Subsidiary domiciled outside of Canada and the United States under credit
facilities entered into in the ordinary course of business of such Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Permitted
Jurisdiction</B>&rdquo; means (a) the United States of America, (b) the United Kingdom or any nation thereof, (c) Canada or any
province thereof, and (d) any other country that on April 30, 2004 was a member of the European Union (other than Greece, Italy,
Portugal or Spain).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Permitted
Loans</B>&rdquo; means advances and accounts owing from (a) a Subsidiary of an Obligor to an Obligor, (b) a Subsidiary to another
Subsidiary, (c) an Obligor to another Obligor or a Subsidiary Guarantor, and (d) an Obligor to a Subsidiary of an Obligor, provided
that, with respect to this item (d) such advances and accounts are unsecured, shall not exceed $25,000,000 in the aggregate at
any time and shall not be outstanding for longer than 90 days from the date of incurrence thereof, and provided further that, in
each case, such advances and accounts shall be on commercially reasonable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Permitted
Receivables Transaction</B>&rdquo; means one or more Receivables Transactions evidencing Indebtedness or other obligations of a
Receivables Entity so long as (i) the principal amount of such indebtedness obligations (or the principal amount of such other
obligations)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify">owing by Receivables Entities
to third parties do not in the aggregate exceed U.S.$200,000,000 at any one time outstanding and (ii) with respect to any Receivables
Transaction, at the closing of any such transaction and immediately after giving effect thereto, no Default or Event of Default
has occurred and is continuing and no Event of Default will occur as a consequence thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Permitted
VTBS</B>&rdquo; has the meaning ascribed to it in the definition of Permitted Encumbrances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Person</B>&rdquo;
means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business
entity or Governmental Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Plan</B>&rdquo;
means an &ldquo;employee benefit plan&rdquo; (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within
the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years,
have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA
Affiliate may have any liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Preferred
Stock</B>&rdquo; means any class of capital stock of a Person that is preferred over any other class of capital stock (or similar
equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of
such Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Priority
Debt</B>&rdquo; means (without duplication), as of the date of any determination thereof, the sum of (i) Indebtedness of any Obligor
or any Subsidiary secured by Liens permitted under clause (<FONT STYLE="color: red"><B><STRIKE>o</STRIKE></B></FONT><B> <FONT STYLE="color: blue">p</FONT></B>)
the definition of Permitted Encumbrances and (ii) all Indebtedness of Subsidiaries <FONT STYLE="color: red"><B>(</B></FONT>other
than (x) Indebtedness owing to the Parent Guarantor, the Company or any Subsidiary <FONT STYLE="color: red"><B><STRIKE>and</STRIKE></B></FONT><B><FONT STYLE="color: blue">,</FONT></B> <B>(y)</B> Indebtedness of Subsidiary Guarantors <FONT STYLE="color: blue"><B><U>, and (z) any Warehouse Line (to the extent </U></b></FONT><FONT STYLE="text-underline-style: double; color: blue"><b><U>permitted
in the definition thereof</U></B></FONT><FONT STYLE="font-weight: normal">).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>property</B>&rdquo;
or &ldquo;<B>properties</B>&rdquo; means, unless otherwise specifically limited, real or personal property of any kind, tangible
or intangible, choate or inchoate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Purchaser</B>&rdquo;
or &ldquo;<B>Purchasers</B>&rdquo; means each of the purchasers that has executed and delivered this Agreement to the Company and
such Purchaser&rsquo;s successors and assigns (so long as any such assignment complies with Section 14.2), <I>provided, however,
</I>that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note
as the result of a transfer thereof pursuant to Section 14.2 shall cease to be included within the meaning of &ldquo;Purchaser&rdquo;
of such Note for the purposes of this Agreement upon such transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Qualified
Institutional Buyer</B>&rdquo; means any Person who is a &ldquo;qualified institutional buyer&rdquo; within the meaning of such
term as set forth in Rule 144A(a)(1) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Qualifying Holder</B>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a holder of a Note which has delivered a QPP Certificate to the Company which was not, and has not become, a withdrawn certificate
or a cancelled certificate for the purposes of the QPP Regulations; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 40.8pt"> (b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a holder of a Note which is a Treaty Holder; or</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 41pt; text-align: justify; text-indent: 40.8pt"> (c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a holder of a Note which is either:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 95pt; text-align: justify; text-indent: 0.25in">i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a company which is resident in the United Kingdom for United Kingdom tax purposes and which has confirmed the same by written
notice to the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 95pt; text-align: justify; text-indent: 0.25in">ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT>a company which is not resident in the United Kingdom for United Kingdom tax purposes but which carries on a trade in the
United Kingdom through a permanent establishment and brings into account any interest payable in respect of such Note in computing
its chargeable profits (within the meaning of section 19 of the United Kingdom Corporation Tax Act 2009), and which has confirmed
the same by written notice to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Quarter</B>&rdquo; means a fiscal quarter
of any Fiscal Year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>QPP Certificate</B>&rdquo; means a certificate
given in the form set out in Exhibit 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>QPP
Regulations</B>&rdquo; means the Qualifying Private Placement Regulation 2015 (SI 2015/2002).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Receivables</B>&rdquo;
means any amounts owing to any Obligor or any Subsidiary thereof in connection with the provision of services (or the sale of goods)
by such Obligor or Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Receivables
Entity</B>&rdquo; means a wholly owned Subsidiary which engages in no activities other than the transactions contemplated by a
Receivables Transaction and activities reasonably related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Receivables
Facility Assets</B>&rdquo; means Receivables subject to any Receivables Transaction, collection accounts, lockboxes, and other
accounts where amounts may be collected in respect of Receivables subject to any Receivables Transaction, and other assets related
to any such Receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Receivables
Transaction</B>&rdquo; means any transaction involving any Obligor and/or any Subsidiary thereof, and any Receivables Entity providing
for sales, transfers, conveyances and/or pledges of Receivables Facility Assets that does not provide for recourse against any
Obligor or any Subsidiary thereof (other than any Receivables Entity), other than representations, warranties, covenants and indemnities
which are reasonably customary in structured finance transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&ldquo;<B>Reinvestment Yield</B>&rdquo; is defined
in Section 8.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&ldquo;<B>Rejection Notice</B>&rdquo; is defined in Section 8.3(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Related
Fund</B>&rdquo; means, with respect to any holder of any Note, any fund or entity that (i) invests in Securities or bank loans,
and (ii) is advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or
such investment advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&ldquo;<B>Remaining Average Life</B>&rdquo;
is defined in Section 8.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&ldquo;<B>Remaining Scheduled Payments</B>&rdquo; is defined in Section 8.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&ldquo;<B>Replacement
Swap Agreement</B>&rdquo; is defined in Section 8.8(b)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 149.45pt 0pt 41pt">&ldquo;<B>Reported</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Required
Holders</B>&rdquo; means at any time (i) prior to the Closing, the Purchasers and (ii) on or after the Closing, the holders of
at least 50% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company, the Parent
Guarantor or any of their Affiliates).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Responsible
Officer</B>&rdquo; means any Senior Financial Officer and any other officer of the Company or the Parent Guarantor with responsibility
for the administration of the relevant portion of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">&ldquo;<B>Revolving Credit
Agreement</B>&rdquo; has the meaning ascribed to it in the definition of Material Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.05pt 0pt 41pt">&ldquo;<B>Sanctions Prepayment Date</B>&rdquo;
is defined in Section 8.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.05pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.05pt 0pt 41pt">&ldquo;<B>Sanctions Prepayment Offer</B>&rdquo; is defined in Section 8.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.05pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.05pt 0pt 41pt">&ldquo;<B>Sanctions
Prepayment Response Date</B>&rdquo; is defined in Section 8.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>SEC</B>&rdquo; means the Securities and Exchange
Commission of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">&ldquo;<B>Securities</B>&rdquo;
or &ldquo;<B>Security</B>&rdquo; shall have the meaning specified in section 2(1) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">&ldquo;<B>Securities Act</B>&rdquo;
means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">&ldquo;<B>SEDAR</B>&rdquo;
means the Canadian Securities Administrator&rsquo;s System for Electronic Document Analysis and Retrieval, or any successor electronic
filing system for such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">&ldquo;<B>Senior Financial
Officer</B>&rdquo; means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company or
the Parent Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Settlement Date</B>&rdquo; is defined in
Section 8.8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Shareholders&rsquo;
Agreements</B>&rdquo; means the shareholders&rsquo; agreements, limited liability/operating/company agreements and/or partnership
agreements (or like agreements) for the Obligors and each of the Subsidiaries and any such additional shareholders&rsquo; agreement
limited liability/operating/company agreements and/or partnership agreement (or like agreement) entered into at the time of the
acquisition of an Acquisition Entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Significant
Subsidiaries</B>&rdquo; means the Subsidiary Guarantors and the Material Subsidiaries, and each a &ldquo;<B>Significant Subsidiary</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.9pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>State
Sanctions List</B>&rdquo; means a list that is adopted by any state Governmental Authority within the United States of America
pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of
economic sanctions imposed under U.S. Economic Sanctions Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Subsidiary</B>&rdquo;
means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and
one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the
absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person,
and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person
or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture
can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries).
Unless the context otherwise clearly requires, any reference to a &ldquo;Subsidiary&rdquo; is a reference to a Subsidiary of the
Parent Guarantor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Subsidiary
Guarantor</B>&rdquo; means each Subsidiary that has executed and delivered a Subsidiary Guarantee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Subsidiary
Guarantee</B>&rdquo; means a Subsidiary Guarantee of any Subsidiary Guarantor, substantially in the form of Exhibit 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&ldquo;<B>Substitute Purchaser</B>&rdquo; is
defined in Section 22.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 204.3pt 0pt 41pt">&ldquo;<B>Successor Subsidiary</B>&rdquo; is defined in Section 10.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&ldquo;<B>SVO</B>&rdquo; means the Securities
Valuation Office of the NAIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 41pt">&ldquo;<B>Swap Agreement</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Swap Breakage Amount</B>&rdquo; is defined
in Section 8.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swap
Contract</B>&rdquo; means (a) any and all interest rate swap transactions, basis swap transactions, basis swaps, credit derivative
transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index
swaps or options, bond or bond price or bond index swaps or options or forward foreign exchange</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify">transactions, cap transactions,
floor transactions, currency options, spot contracts or any other similar transactions or any of the foregoing (including any options
to enter into any of the foregoing), and (b) any and all transactions of any kind, and the related confirmations, which are subject
to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc. or any International Foreign Exchange Master Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>Swapped Note</B>&rdquo; is defined in Section
8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 139.45pt 0pt 41pt">&ldquo;<B>Swapped Note Accrued Interest Amount</B>&rdquo;
is defined in Section 8.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 139.45pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 139.45pt 0pt 41pt">&ldquo;<B>Swapped Note Applicable Percentage</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 139.45pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 139.45pt 0pt 41pt">&ldquo;<B>Swapped
Note Called Interest</B>&rdquo; is defined in Section 8.9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 139.45pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 139.45pt 0pt 41pt">&ldquo;<B>Swapped Note Called Principal</B>&rdquo; is defined in Section
8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115pt 0pt 41pt">&ldquo;<B>Swapped Note Called Notional Amount</B>&rdquo;
is defined in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115pt 0pt 41pt">&ldquo;<B>Swapped Note Discounted Value</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115pt 0pt 41pt">&ldquo;<B>Swapped
Note Reinvestment Yield</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 115pt 0pt 41pt">&ldquo;<B>Swapped Note Remaining Average Life</B>&rdquo; is defined
in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt">&ldquo;<B>Swapped Note Remaining Scheduled Swap
Payments</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 41pt">&ldquo;<B>Swapped Note Settlement Date</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swap
Termination Value</B>&rdquo; means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been
closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to
the date referenced in clause (a), the amounts(s) determined as the mark-to-market values(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>TARGET2</B>&rdquo;
means the Trans-European Automated Real-Time Gross Settlement Express Transfer payment system that utilizes a single shared platform
and was launched on November 19, 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Tax</B>&rdquo;
means any tax (whether income, documentary, sales, stamp, registration, issue, capital, property, excise or otherwise), duty, assessment,
levy, impost, fee, compulsory loan, charge or withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 213.2pt 0pt 41pt; text-align: justify">&ldquo;<B>Taxing Jurisdiction</B>&rdquo;
is defined in Section 13.1. &ldquo;<B>Tax Prepayment Notice</B>&rdquo; is defined in Section 8.3(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Total
Debt</B>&rdquo; shall include all Indebtedness of the Parent Guarantor and its Subsidiaries on a Consolidated basis excluding the
Unrestricted Entities, but otherwise determined in accordance with GAAP after deduction of unrestricted cash-on-hand plus the aggregate
of all Cash Amounts; <I>provided </I>that &ldquo;Total Debt&rdquo; shall exclude any Convertible Debentures up to a maximum aggregate
amount of U.S.$<FONT STYLE="color: red"><B><STRIKE>1 00,000,000.</STRIKE></B></FONT><B><U><FONT STYLE="color: blue">100,000,000 and
any Warehouse Line (to the
extent permitted in the definition thereof).</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Total
Debt/Consolidated EBITDA Ratio</B>&rdquo; means, at any time, the quotient obtained by dividing (a) Total Debt (as numerator) by
(b) Consolidated EBITDA (as denominator), for the purpose of this ratio, calculated on the basis of the immediately preceding four
consecutive Quarters so as to include all Persons that have become Subsidiaries during the relevant periods in a manner permitted
by the terms of this Agreement, with EBITDA from Acquisition Entities to be included in the calculations by using the trailing
12 month EBITDA for the Acquisition Entity or entities and so as to exclude the EBITDA of a former Subsidiary that ceased being
a Subsidiary during the previous four Quarters; In addition, the Consolidated EBITDA may be adjusted to include a full year impact
of the cost savings in respect of any such Acquisition Entity which are readily identifiable and can be immediately implemented,
such as elimination of salaries for redundant employees and elimination of various administrative functions which will, in the
reasonable opinion of the Parent Guarantor, become unnecessary or otherwise performed more cost effectively (such cost savings
being collectively &ldquo;<B>Normalizing Adjustments</B>&rdquo;); <I>provided </I>that such adjustments shall only be made if (i)
the Parent Guarantor has provided to the holders details of such Normalizing Adjustments following the completion of the acquisition
of such Acquisition Entity, and (ii) the Required Holders have not provided written notice to the Parent Guarantor within 15 Business
Days of the receipt of such details that such Required Holders do not so consent to the Normalizing Adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.2pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Treaty
Holder</B>&rdquo; means a holder of a Note which is not a Qualifying Holder under subparagraph (a) of the definition thereof but:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 41pt; text-align: justify; text-indent: 40.05pt"> (a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>is treated as a resident of a Treaty State for the purposes of the Treaty;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 41pt; text-align: justify; text-indent: 40.05pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>does not carry on a business in the United Kingdom through a permanent establishment with which that holder&rsquo;s holding
of the Notes is effectively connected; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.25pt 0pt 41pt; text-align: justify; text-indent: 40.8pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>fulfils any conditions which must be fulfilled under the double taxation agreement for residents of that Treaty State to
obtain full exemption from United Kingdom taxation on interest (subject to the completion of procedural formalities).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.8pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Treaty
State</B>&rdquo; means a jurisdiction having a double taxation agreement (a &ldquo;<B>Treaty</B>&rdquo;) with the United Kingdom
which makes provision for full exemption from tax imposed by the United Kingdom on interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<B>United States Person</B>&rdquo; has the meaning
set forth in Section 7701(a)(30) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Unrestricted
Entities</B>&rdquo; means Eligible Businesses in which the Parent Guarantor or any Subsidiary has invested (whether or not such
entity is controlled by the Parent Guarantor or any Subsidiary) having an aggregate initial investment value to the Parent Guarantor
and its Subsidiaries (determined at the time of each such investment, including at the time of any subsequent investments in any
particular entity in which the Parent Guarantor or any of its Subsidiaries already has an interest) not exceeding the greater of
(x) $100,000,000 and (y) 5.0% of Consolidated Total Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>USA
PATRIOT Act</B>&rdquo; means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder
from time to time in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>U.S.
Economic Sanctions Laws</B>&rdquo; means those laws, executive orders, enabling legislation or regulations administered and enforced
by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime,
including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability
and Divestment Act and any other OFAC Sanctions Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Blue"><B><U>&ldquo;Warehouse
Line&rdquo; means one or more secured, first priority revolving lines of credit in favour of a Mortgage Subsidiary, by and among
such Mortgage Subsidiary and the financial institution(s) party thereto from time to time, for the purpose of funding mortgage
loans originated by such Mortgage Subsidiary; <I>provided</I> that (A) the principal amount of Indebtedness obligations (or the
principal amount of such other obligations) owing to third parties under the Warehouse Line does not in the aggregate exceed at
any one time outstanding the greater of (x) U.S.$300,000,000 or (y) 10% of Consolidated Total Assets, (B) recourse in respect
of such Indebtedness obligations and other obligations is limited solely to a Mortgage Subsidiary and not the Obligors and their
other Subsidiaries and (C) concurrently with any mortgage loan agreement entered into by such Mortgage Subsidiary and the borrower
of such mortgage loan, such Mortgage Subsidiary enters into a binding agreement of sale with a Mortgage Loan Buyer in respect
of the sale of such mortgage loan to such Mortgage Loan Buyer (to the extent such agreement is not already in existence)</U></B></FONT><B><U><FONT STYLE="text-underline-style: double">.</FONT></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt; text-indent: 0.5in">&ldquo;<B>Wholly-Owned Subsidiary</B>&rdquo;
means any corporation or other entity of which 100% of the securities or other ownership interests are owned directly or indirectly
by an Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.3pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.3pt; text-align: center"><B>[FORM OF NOTE]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.05pt 0pt 98.45pt; text-indent: 19.3pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>COLLIERS INTERNATIONAL
EMEA FINCO PLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 138.05pt 0pt 98.45pt; text-indent: 19.3pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>2.23% GUARANTEED SENIOR NOTE DUE MAY 30, 2028</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">No. [____]</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 49%; font-weight: bold">[Date]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&euro; [____]</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">PPN G2270@ AA8</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED, the undersigned, <B>COLLIERS
INTERNATIONAL EMEA FINCO PLC </B>(herein called the <B>&ldquo;Company&rdquo;</B>), a corporation organized and existing under
the laws of England and Wales, hereby promises to pay to [____], or registered assigns, the principal sum of [____]
E<FONT STYLE="font-size: 10pt">UROS </FONT>(or so much thereof as shall not have been prepaid) on May 30, 2028 (the <B>&ldquo;Maturity
Date&rdquo;</B>), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance
hereof at the rate of 2.23% per annum from the date hereof, payable semiannually, on the 30th day of May and November in each
year, commencing with the May or November next succeeding the date hereof, and on the Maturity Date, until the principal
hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and
(y) during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole
Amount, at a rate per annum from time to time equal to the greater of (i) 4.23% or (ii) 2.00% over the rate of interest
publicly announced by HSBC Bank Plc from time to time in London, England as its &ldquo;base&rdquo; or &ldquo;prime&rdquo;
rate, payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.45pt 0pt 5pt; text-align: justify; text-indent: 0.5in">Payments
of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in Euros at HSBC Bank Plc or at
such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase
Agreement referred to below. If this Note is a Swapped Note, payment of any Make-Whole Amount and/or Net Loss with respect to this
Note are to be made in lawful money of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 47.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">This
Note is one of a series of Guaranteed Senior Notes (herein called the <B>&ldquo;Notes&rdquo;</B>) issued pursuant to the Note Purchase
Agreement, dated May 17, 2018 (as from time to time amended, the <B>&ldquo;Note Purchase Agreement&rdquo;</B>), among the Company,
Colliers International Group Inc. and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder
of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section
21 of the Note Purchase Agreement and (ii) made the representations set forth in Section 6 of the Note Purchase Agreement. Unless
otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note
Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">EXHIBIT 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 97.95pt; text-align: center">(to Note Purchase Agreement)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 97.95pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">This Note
is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer
accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&rsquo;s attorney
duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee.
Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as
the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice
to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 48.3pt 0pt 5pt; text-align: justify; text-indent: 0.5in">This
Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note
Purchase Agreement, but not otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.4pt 0pt 5pt; text-align: justify; text-indent: 0.5in">If an
Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the
manner, at the price (including any applicable Make-Whole Amount and Net Loss, if any) and with the effect provided in the Note
Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 5pt; text-align: justify; text-indent: 0.5in">This
Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed
by, the law of the State of New York, excluding choice-of-law principles of the law of such State that would permit the application
of the laws of a jurisdiction other than such State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>COLLIERS INTERNATIONAL EMEA FINCO PLC</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">[Title]</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.25pt; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.25pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>Form of Subsidiary
Guarantee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">[REDACTED]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>FORM OF QPP CERTIFICATE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 8%; padding-left: 5pt">To:</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 90%; text-align: left">Colliers International EMEA Finco PLC as the Company</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt">From:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">[Name of creditor (as that term is defined in the QPP Regulations)]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt">Dated:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 43.25pt 0pt 0; text-align: center">Colliers International
EMEA Finco PLC &ndash; Note Purchase Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">dated May 17, 2018 (the
&ldquo;<B>Agreement</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 59.55pt 0pt 5pt; text-align: left; text-indent: 0in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We refer to the Agreement. This is a QPP Certificate. Terms defined in the Agreement have the same meaning in this QPP Certificate
unless given a different meaning in this QPP Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 59.55pt 0pt 5pt; text-align: left; text-indent: 0in"> 2.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>We confirm that:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.95pt"></TD><TD STYLE="width: 36.05pt">(a)</TD><TD STYLE="text-align: left">we are beneficially entitled to all interest payable to us as holder of the Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 40.95pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: left">we are a resident of a qualifying territory, being [ <U>&#9;</U>]; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: left; padding-right: 56.85pt">we are beneficially entitled to the interest which is payable to us on the
Notes for genuine commercial reasons, and not as part of a tax advantage scheme.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">These confirmations together form a creditor certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 5pt; text-align: left; text-indent: 0in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In this QPP Certificate the terms &ldquo;<B>resident</B>&rdquo;, &ldquo;<B>qualifying territory</B>&rdquo;, &ldquo;<B>scheme</B>&rdquo;,
&ldquo;<B>tax advantage scheme</B>&rdquo; and &ldquo;<B>creditor certificate</B>&rdquo; have the meaning given to them in the QPP
Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 5pt">[Name of creditor (as that term is defined in
the QPP Regulations]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 188.35pt 0pt 5pt">By:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.15pt 0pt 5pt"><I>[This QPP Certificate is required where a holder
of Notes is a person eligible for the UK withholding tax exemption for qualifying private placements; a separate QPP Certificate
should be provided by each such purchaser.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">EXHIBIT 3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 141.15pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(to Note Purchase Agreement)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center"></P>

<!-- Field: Page; Sequence: 116 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.25pt; text-align: center"><B>SCHEDULE 5.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center"><B>DISCLOSURE MATERIALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; color: #010101">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 74.35pt">Annual Information Form for the year ended December 31, 2017, dated February
28, 2018</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; color: #010101">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 62pt">Management Information Circular for the April 10, 2018 annual and special meeting
of shareholders dated February 28, 2018</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; color: #010101">&middot;</FONT></TD><TD STYLE="text-align: left">Bank compliance certificate for period ended December 31, 2017 dated March 2, 2018</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; color: #010101">&middot;</FONT></TD><TD STYLE="text-align: left">Second Amended and Restated Credit Agreement dated as of April 19, 2018</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; color: #010101">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 84.3pt">Management&rsquo;s Discussion and Analysis for the periods ended December 31,
2016, December 31, 2017 and March 31, 2018</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; color: #010101">&middot;</FONT></TD><TD STYLE="text-align: left">Schedule of EBITDA by subsidiary as of December 31, 2017</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25pt; text-align: center">SCHEDULE 5.3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(to Note Purchase Agreement)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>SCHEDULE 5.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.8pt 0pt 0; text-align: center"><B>SIGNIFICANT SUBSIDIARIES OF
THE PARENT GUARANTOR AND OWNERSHIP OF SUBSIDIARY STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">[REDACTED]c</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.25pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SCHEDULE 5.5</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FINANCIAL STATEMENTS</B></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; color: #010101">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 77.35pt">The consolidated financial statements of the Parent Guarantor and its Subsidiaries
contained in the Parent Guarantor&rsquo;s Annual Report on Form 40-F for the year ended December 31, 2016 and 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>&nbsp;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; color: #010101">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 72.7pt">The consolidated financial statements of the Parent Guarantor and its Subsidiaries
contained in the Parent Guarantor&rsquo;s Annual Report on Form 40-F for the years ended December 31, 2017 and 2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>&nbsp;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-family: Symbol; color: #010101">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 53.15pt">The consolidated financial statements of the Parent Guarantor and its Subsidiaries
contained in the Parent Guarantor&rsquo;s Report of Foreign Issuer on Form 6-K for the quarter ended March 31, 2018.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center">SCHEDULE 5.5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: center">(to Note Purchase Agreement)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>SCHEDULE 5.15</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.8pt 0pt 0; text-align: center"><B>SIGNIFICANT SUBSIDIARIES OF
THE PARENT GUARANTOR AND OWNERSHIP OF SUBSIDIARY STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">[REDACTED]c</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.2pt; text-align: center"><B>SCHEDULE 8.8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.3pt; text-align: center"><B>DESCRIPTION OF INITIAL
SWAP AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 141.15pt 0pt 98.15pt; text-align: center">[REDACTED]</P>



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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exh_995.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
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<P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit 99.5</B></P>

<P STYLE="margin: 0pt 46.9pt 0pt 0; font-size: 10pt; text-align: right">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">EXECTION VERSION</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>



<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</P>

<P STYLE="margin: 0pt 147.9pt 0pt 151.8pt; font-size: 10pt; text-indent: -17.05pt">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">COLLIERS
INTERNATIONAL GROUP INC.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">______________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">THIRD AMENDMENT</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Dated as of May 13, 2020</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">to</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">NOTE PURCHASE AGREEMENT</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Dated as of May 17, 2018</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">______________________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&euro;210,000,000</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">2.23% Guaranteed Senior Notes due May 30, 2028</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt 0"></P>

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<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.1pt 0pt 107.35pt"><B>THIRD AMENDMENT TO NOTE PURCHASE AGREEMENT</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 46.7pt 0pt 11pt">THIS THIRD AMENDMENT dated
as of May 13, 2020 (this &ldquo;<B><I>Third Amendment</I></B>&rdquo;), to the Note Purchase Agreement dated as of May 17,
2018, (as amended pursuant to the First Amendment dated April 4, 2019 and the Second Amendment dated March 27, 2020) is by
and among COLLIERS INTERNATIONAL EMEA FINCO PLC (the <I>&ldquo;<B>Company</B>&rdquo;</I>), COLLIERS INTERNATIONAL GROUP INC.
(the &ldquo;<B><I>Parent Guarantor</I></B>&rdquo;, and together with the Company, the &ldquo;<B><I>Obligors</I></B>&rdquo;)
and each of the institutions that is a signatory to this Third Amendment (collectively, the <I>&ldquo;<B>Noteholders</B>&rdquo;</I>).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.05pt 0pt 107.35pt"><B>R E C I T A L S:</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 46.85pt 0pt 11pt">A.&nbsp;&nbsp;&nbsp; The Company,
the Parent Guarantor and each of the Noteholders have heretofore entered into the Note Purchase Agreement dated as of May 17, 2018
(as the same may be further amended, restated, supplemented or otherwise modified from time to time, the <I>&ldquo;<B>Note Agreement</B>&rdquo;</I>),
pursuant to which the Company issued &euro;210,000,000 aggregate principal amount of its 2.23% Guaranteed Senior Notes due May
30, 2028 (as the same may be amended, restated, supplemented, replaced or exchanged or otherwise modified from time to time, the
&ldquo;<B><I>Notes</I></B>&rdquo;). Capitalized terms used herein but not defined herein shall have the meanings ascribed thereto
in the Note Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 47.1pt 0pt 11pt">B.&nbsp;&nbsp;&nbsp; The obligations
of the Company under the Note Agreement and the Notes have been guaranteed by the Parent Guarantor pursuant to the Guarantee in
Section 24 of the Note Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 47.1pt 0pt 11pt">C.&nbsp;&nbsp;&nbsp; The Company
has requested that the Note Agreement be amended as provided herein and the Required Holders are willing to so agree, subject to
the terms and conditions of this Third Amendment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 0.65in 0pt 11pt">N<FONT STYLE="font-size: 10pt">OW</FONT>,
<FONT STYLE="font-size: 10pt">THEREFORE</FONT>, upon the full and complete satisfaction of the conditions precedent to the effectiveness
of this Third Amendment set forth in Section 3.1 hereof, and in consideration of good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the Obligors and the Noteholders party hereto hereby agree as follows:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt">SECTION 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENTS.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 0.65in 0pt 11pt"><I>Section 1.1.</I> Effective
as of the date of satisfaction or waiver of each condition precedent set forth in Section 3.1 below, the Note Agreement is hereby
amended as set forth in Exhibit 1 to this Third Amendment, with text marked in <FONT STYLE="font-size: 10pt; text-underline-style: double; color: blue"><B><U>bold
double underline</U></B></FONT> indicating additions to the Note Agreement, text marked in <FONT STYLE="font-size: 10pt; color: red"><B><STRIKE>bold
strikethrough</STRIKE></B></FONT> indicating deletions to the Note Agreement.</P>

<P STYLE="margin: 0pt 0.65in 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="margin: 0pt 0.65in 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 35.95pt"></P>

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<P STYLE="margin: 0pt 0.65in 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 35.95pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt">SECTION 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 28.65pt; margin: 0pt 52.65pt 0pt 11pt"><I>Section 2.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>To induce the Noteholders
to execute and deliver this Third Amendment, each Obligor hereby represents and warrants to the Noteholders that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.65pt; margin: 0pt 46.95pt 0pt 47pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;
it is duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of incorporation,
and is duly qualified as a foreign corporation and, where applicable, is in good standing in each jurisdiction in which such qualification
is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.95pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 40.65pt">(b) this Third Amendment has
been duly authorized, executed and delivered byi t;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.65pt; margin: 0pt 0.65in 0pt 47pt">(c)&nbsp;&nbsp; the Note
Agreement, as amended by this Third Amendment, constitutes the legal, valid and binding obligation, contract and agreement of
such Obligor enforceable against it in accordance with its terms, except as enforcement may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&rsquo; rights
generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or at law);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.95pt; margin: 0pt 46.75pt 0pt 47pt">(d)&nbsp;&nbsp;
the execution, delivery and performance by such Obligor of this Third Amendment will not (i) contravene, result in any breach of,
or constitute a default under, or result in the creation of any Lien in respect of any property of the Company, the Parent Guarantor
or any Significant Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate
charter, memorandum of association, articles of association, regulations or by-laws, shareholders agreement or any other agreement
or instrument to which the Company, the Parent Guarantor or any Significant Subsidiary is bound or by which the Company, the Parent
Guarantor or any Significant Subsidiary or any of their respective properties may be bound or affected, (ii) conflict with or result
in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or
Governmental Authority applicable to the Company, the Parent Guarantor or any Significant Subsidiary or (iii) violate any provision
of any statute or other rule or regulation of any Governmental Authority applicable to the Company, the Parent Guarantor or any
Significant Subsidiary;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 47pt">(e)&nbsp;&nbsp;&nbsp;
no consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in
connection with the execution, delivery or performance by the Company or the Parent Guarantor of this Third Amendment;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.85pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">(f)&nbsp;&nbsp;&nbsp;as of the date hereof, both before and after giving effect to this Third Amendment, no Default or Event of Default has occurred
and is continuing; and</P>

<P STYLE="margin: 0pt 47.2pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 42pt">&nbsp;</P>

<P STYLE="margin: 0pt 47.2pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 42pt"></P>

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<P STYLE="margin: 0pt 47.2pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 42pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.95pt; margin: 0pt 46.85pt 0pt 47pt">(g)&nbsp;&nbsp;&nbsp;
no lender under any agreement or other evidence of Indebtedness of the Obligors, including but not limited to any Material Credit
Facility, has received any collateral or consideration in connection with any amendments that are substantially similar to the
amendments set forth in Section 1 of this Third Amendment in excess of the consideration paid to the Noteholders under Section
3.1(d) hereof, except that the lenders under the Revolving Credit Agreement shall have received an amendment fee equal to 0.05%
(five basis points) of the commitment of each lender.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt">SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS PRECEDENT TO EFFECTIVENESS OF THIS THIRD AMENDMENT.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 28.65pt; margin: 0pt 46.75pt 0pt 11pt"><I>Section 3.1. </I>This Third
Amendment shall not become effective until, and shall become effective as of the first date written above when, each and every
one of the following conditions shall have been satisfied:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 47.1pt 0pt 47pt">(a)&nbsp;&nbsp;&nbsp; executed
counterparts of this Third Amendment, duly executed by the Obligors and the Required Holders, shall have been delivered to the
Noteholders;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.65pt 0pt 47pt">(b)&nbsp;&nbsp;&nbsp; the representations
and warranties of the Obligors set forth in Section 2.1 hereof shall be true and correct on and with respect to the date hereof;
and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.9pt 0pt 47pt">(c)&nbsp;&nbsp;&nbsp; the Company
shall have paid all reasonable fees and expenses of Greenberg Traurig LLP, special counsel to the Noteholders, in connection with
the negotiation, preparation, approval, execution and delivery of this Third Amendment to the extent reflected in a statement of
such counsel rendered to the Company at least one Business Day prior to the date hereof;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.95pt 0pt 47pt">(d)&nbsp;&nbsp;&nbsp; the Obligors
shall have paid, or caused to be paid, to each Noteholder, an amendment fee equal to [REDACTED] of the aggregate principal amount
of Notes held by such Noteholder as of the date of this Third Amendment and set forth in the attached Schedule 3.1.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 93.1pt 0pt 11pt">Upon satisfaction of all of the foregoing, this Third
Amendment shall become effective.</P>

<P STYLE="margin: 0pt 93.1pt 0pt 11pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 93.1pt 0pt 11pt; font-size: 10pt; text-align: justify">S<FONT STYLE="font-size: 10pt">ECTION</FONT> 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M<FONT STYLE="font-size: 10pt">ISCELLANEOUS</FONT>.</P>

<P STYLE="margin: 0pt 93.1pt 0pt 11pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 46.75pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 28.65pt"><I>Section 4.1.</I> This Third
Amendment shall be construed in connection with and as part of the Note Agreement, and, except as modified and expressly amended
by this Third Amendment, all terms, conditions and covenants contained in the Note Agreement and the Notes are hereby ratified
and shall be and remain in full force and effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 28.65pt; margin: 0pt 46.75pt 0pt 11pt"><I>Section 4.2. </I>This
Third Amendment shall be binding on and shall inure to the benefit of the Company, the Parent Guarantor and the Noteholders
and their respective successors and assigns, except as otherwise provided herein. Neither the Company nor the Parent
Guarantor may assign, transfer, hypothecate or otherwise convey its rights, benefits, obligations or duties hereunder without
the prior written consent of the Noteholders. The terms and provisions of this Third Amendment are for the purpose of
defining the relative rights and obligations of the Company, the Parent Guarantor and the Noteholders with respect to the
transactions contemplated hereby and there shall be no third-party beneficiaries of any of the terms and provisions of this
Third Amendment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 28.65pt; margin: 0pt 46.95pt 0pt 11pt"><I>Section 4.3. </I>This Third
Amendment, including all schedules and other documents attached hereto or incorporated by reference herein or delivered in connection
herewith, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all other understandings,
oral or written, with respect to the subject matter hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 31.65pt; margin: 0pt 46.95pt 0pt 11pt"><I>Section 4.4 </I>Any and
all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Third
Amendment may refer to the Note Agreement without making specific reference to this Third Amendment but nevertheless all such references
shall include this Third Amendment unless the context otherwise requires.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 28.65pt; margin: 0pt 0.65in 0pt 11pt"><I>Section 4.5. </I>Wherever
possible, each provision of this Third Amendment shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Third Amendment shall be prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Third Amendment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 28.65pt; margin: 0pt 46.85pt 0pt 11pt"><I>Section 4.6. </I>The descriptive
headings of the various Sections or parts of this Third Amendment are for convenience only and shall not affect the meaning or
construction of any of the provisions hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 28.65pt; margin: 0pt 47.05pt 0pt 11pt"><I>Section 4.7. </I>This Third
Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the
State of New York excluding choice-of-law principles of the law of such State that would require or permit the application of the
laws of a jurisdiction other than such State.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 28.65pt; margin: 0pt 46.9pt 0pt 11pt"><I>Section 4.8. </I>This Third
Amendment may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute
one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by
all, of the parties hereto.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 28.65pt; margin: 0pt 46.65pt 0pt 11pt"><I>Section 4.9. </I>All representations
and warranties contained herein shall survive the execution and delivery of this Third Amendment, and may be relied upon by any
subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Noteholder or any other holder
of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company or the Parent
Guarantor pursuant to this Third Amendment shall be deemed representations and warranties of the Company or the Parent Guarantor,
as applicable, under this Third Amendment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 22.65pt; margin: 0pt 47.05pt 0pt 11pt"><I>Section 4.10.</I> THE PARTIES
HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS THIRD AMENDMENT OR ANY OTHER DOCUMENT EXECUTED
IN CONNECTION HEREWITH OR THEREWITH.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">[Signatures on Following Page]</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 46.85pt 0pt 11pt">The execution hereof by you
shall constitute a contract between us for the uses and purposes hereinabove set forth, and this Third Amendment may be executed
in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">COLLIERS INTERNATIONAL EMEA FINCO PLC</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 33%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">By&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 28%"><I>&lt;Signed&gt; Davoud Amel-Azizpour</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">By</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><I>&lt;Signed&gt; Matthew Hawkins</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Name:</TD>
    <TD STYLE="white-space: nowrap">Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD STYLE="white-space: nowrap">Vice President, Legal Counsel and Corporate Secretary</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 220.8pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 220.8pt">&nbsp;</P>

<P STYLE="margin: 0pt 312.05pt 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 312.05pt 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 312.05pt 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 312.05pt 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 312.05pt 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 312.05pt 0pt 11pt; font-size: 10pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">THIRD AMENDMENT TO 2018 NOTE AGREEMENT</P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<P STYLE="margin: 0pt 312.05pt 0pt 11pt; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 312.05pt 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 312.05pt 0pt 11pt; font-size: 10pt">Accepted and agreed to as of the first date written above.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">AMERICAN GENERAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">THE VARIABLE ANNUITY LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 33%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">By&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; width: 28%">AIG Asset Management (U.S.) LLC, as Investment
Adviser</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">By&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-bottom: 1pt"><I>&lt;Signed&gt; Craig Moody</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Name: </TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Craig Moody</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Senior Vice President</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 88.85pt 0pt 263.05pt"></P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 69.75pt 0pt 263.05pt">&nbsp;</P>

<P STYLE="margin: 0pt 69.75pt 0pt 263.05pt; font-size: 10pt; text-indent: -9pt">&nbsp;</P>

<P STYLE="margin: 0pt 69.75pt 0pt 263.05pt; font-size: 10pt; text-indent: -9pt">&nbsp;</P>

<P STYLE="margin: 0pt 69.75pt 0pt 263.05pt; font-size: 10pt; text-indent: -9pt"></P>

<P STYLE="margin: 0pt 0 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">THIRD AMENDMENT TO 2018 NOTE AGREEMENT</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font-size: 10pt; margin: 0pt 312.05pt 0pt 11pt">Accepted and agreed to as of the first date written above.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">By:</TD>
    <TD STYLE="white-space: nowrap">Barings LLC, as Investment Adviser</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 33%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">By&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 28%"><I>&lt;Signed&gt; Patrick M. Manseau</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Name: </TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Patrick M. Manseau</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Its:</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Managing Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 61.15pt 0pt 263.05pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 254.05pt"> </P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 254.05pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 137.05pt 0pt 254.05pt">&nbsp;</P>

<P STYLE="margin: 0pt 137.05pt 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 137.05pt 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 137.05pt 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">THIRD AMENDMENT TO 2018 NOTE AGREEMENT</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font-size: 10pt; margin: 0pt 312.05pt 0pt 11pt">Accepted and agreed to as of the first date written above.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">By:</TD>
    <TD STYLE="white-space: nowrap">Northwestern Mutual Investment Management Company,
LLC,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Its Investment Advisor</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 33%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">By&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 28%"><I>&lt;Signed&gt; Michael H. Leske</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Name:</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Michael H. Leske </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Managing Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 100pt 0pt 263.05pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -27pt; margin: 0pt 43.7pt 0pt 281.05pt"> </P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 281.05pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 254.05pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 254.05pt; font-size: 10pt"></P>

<P STYLE="margin: 0pt 139.7pt 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 139.7pt 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 139.7pt 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">THIRD AMENDMENT TO 2018 NOTE AGREEMENT</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font-size: 10pt; margin: 0pt 312.05pt 0pt 11pt">Accepted and agreed to as of the first date written above.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">UNITED OF OMAHA LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 5%">By&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 28%"><I>&lt;Signed&gt; Justin P. Kavan </I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="padding-bottom: 1pt">Justin P. Kavan</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="padding-bottom: 1pt">Senior Vice President</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MUTUAL OF OMAHA INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>&lt;Signed&gt; Justin P. Kavan </I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Justin P. Kavan</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Senior Vice President</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 254.05pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 254.05pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 254.05pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">THIRD AMENDMENT TO 2018 NOTE AGREEMENT</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font-size: 10pt; margin: 0pt 312.05pt 0pt 11pt">Accepted and agreed to as of the first date written above.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CONNECTICUT GENERAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;&nbsp;</TD>
    <TD>Cigna Investments, Inc. (authorized agent)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 5%">By&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 28%"><I>&lt;Signed&gt; Lori Hopkins</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="padding-bottom: 1pt">Lori Hopkins</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="padding-bottom: 1pt">Managing Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CIGNA HEALTH AND LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD>Cigna Investments, Inc. (authorized agent)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By: </TD>
    <TD STYLE="border-bottom: Black 1pt solid"><I>&lt;Signed&gt; Lori Hopkins </I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Lori Hopkins</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 72.2pt 0pt 263.05pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 254.05pt"></P>

<P STYLE="margin: 0pt 139.7pt 0pt 254.05pt; font-size: 10pt">&nbsp;</P>

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<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">THIRD AMENDMENT TO 2018 NOTE AGREEMENT</P>

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<P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">SCHEDULE 3.1</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt; color: #2C2C2C">[REDACTED]</P>

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<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">THIRD AMENDMENT TO 2018 NOTE AGREEMENT</P>


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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: right">EXHIBIT 1</P>

<P STYLE="font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt">AMENDMENT NO. <FONT STYLE="color: red"><B><STRIKE>2</STRIKE></B></FONT><FONT STYLE="color: blue"><U>3</U></FONT></P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">COLLIERS INTERNATIONAL EMEA FINCO PLC</P>

<P STYLE="margin: 0pt 165pt 0pt 107.35pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&euro;210,000,000</P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">2.23% Guaranteed Senior Notes due May 30, 2028</P>

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<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">__________________</P>



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<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">NOTE PURCHASE AGREEMENT</P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">__________________</P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Dated May 17, 2018</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">as amended as of April 4, 2019<FONT STYLE="color: blue"><U>&nbsp;<BR>
a</U>s <U>amende</U>d <U>a</U>s <U>o</U>f <U>Marc</U>h <U>27</U>,
2020</FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">and as amended as of <FONT STYLE="color: Red"><B><STRIKE>March
27,</STRIKE></B></FONT><FONT STYLE="font-size: 10pt; color: blue"><U>Ma</U>y 13, </FONT><FONT STYLE="font-size: 10pt; color: Black">2020</FONT></P>

<P STYLE="margin: 0pt 143.25pt 0pt 85.65pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">SECTION</TD>
    <TD STYLE="text-align: center; font-size: 10pt">HEADING</TD>
    <TD STYLE="text-align: center; font-size: 10pt">PAGE</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt; width: 12%">SECTION 1.</TD>
    <TD STYLE="width: 80%; font-size: 10pt; padding-bottom: 1pt">AUTHORIZATION OF NOTES</TD>
    <TD STYLE="padding-bottom: 1pt; width: 8%; font-size: 10pt; text-align: center">1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">SECTION 2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">SALE AND PURCHASE OF NOTES</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">1</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">SECTION 3.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">CLOSING</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; white-space: nowrap; font-size: 10pt">SECTION 4.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">CONDITIONS TO CLOSING</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.1.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Representations and Warranties</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Performance; No Default</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.3.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Compliance Certificates</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">2</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.4.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Opinions of Counsel</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.5.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Purchase Permitted By Applicable Law, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.6.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Sale of Other Notes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.7.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Payment of Special Counsel Fees</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.8.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Private Placement Number</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.9.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Changes in Corporate Structure</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.10.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Funding Instructions</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.11.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Acceptance of Appointment to Receive Service of Process</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.12.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Proceedings and Documents</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 4.13.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Subsidiary Guarantees</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 5.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.1.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Organization; Power and Authority</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Authorization, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.3.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Disclosure</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">5</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.4.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Organization and Ownership of Shares of Subsidiaries; Affiliates</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.5.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Financial Statements; Material Liabilities</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">6</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.6.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Compliance with Laws, Other Instruments, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.7.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Governmental Authorizations, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.8.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Litigation; Observance of Agreements, Statutes and Orders</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.9.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Taxes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">7</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.10.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Title to Property; Leases</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">8</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.11.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Licenses, Permits, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">8</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.12.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Compliance with ERISA</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">9</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.13.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Private Offering by the Company</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">9</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.14.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Use of Proceeds; Margin Regulations</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">9</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.15.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Existing Indebtedness; Future Liens</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">9</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.16.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Foreign Assets Control Regulations, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">10</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.17.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Status under Certain Statutes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">11</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt; width: 12%">Section 5.18.</TD>
    <TD STYLE="width: 80%; font-size: 10pt; text-align: left; padding-bottom: 1pt">Environmental Matters</TD>
    <TD STYLE="padding-bottom: 1pt; width: 8%; font-size: 10pt; text-align: right">11</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.19.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Ranking of Obligations.</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">12</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 5.20.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Representations of Subsidiary Guarantors.</TD>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 6.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">REPRESENTATIONS OF THE PURCHASERS</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">12</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 6.1.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Purchase for Investment</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">12</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 6.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Status of Certain Purchasers</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">12</TD></TR>
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    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 7</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">INFORMATION AS TO OBLIGORS.</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">13</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 7.1.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Financial and Business Information</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">13</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 7.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Officer&rsquo;s Certificate</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">15</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 7.3.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Visitation</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">16</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 7.4.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Electronic Delivery</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">17</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 7.5.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Limitation on Disclosure Obligation.</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">17</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 8.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">PAYMENT AND PREPAYMENT OF THE NOTES</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">18</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 8.1.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Maturity</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">18</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 8.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Optional Prepayments with Make-Whole Amount</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">18</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 8.3.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Prepayment for Tax Reasons</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">19</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 8.4.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Prepayment in Connection with a Noteholder Sanctions Event</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">20</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 8.5.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Allocation of Partial Prepayments</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">22</TD></TR>
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    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Purchase of Notes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">22</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 8.8.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Make-Whole Amount</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">22</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 8.9.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Swap Breakage</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">28</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 8.10.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Payments Due on Non-Business Days</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">29</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 8.11.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Change of Control Prepayment Offer</TD>
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    <TD STYLE="text-align: left">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 9.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">AFFIRMATIVE COVENANTS</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">30</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 9.1.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Compliance with Laws</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">31</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 9.2.</TD>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 9.3.</TD>
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    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">31</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 9.4.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Payment of Taxes and Claims</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">31</TD></TR>
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    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">32</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 9.6.</TD>
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    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">32</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 9.7.</TD>
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    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">32</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 9.8.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Priority of Obligations</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">33</TD></TR>
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    <TD STYLE="text-align: left">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 10</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">NEGATIVE COVENANTS.</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">33</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 10.1.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Transactions with Affiliates</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">33</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 10.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Merger, Consolidation, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">34</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 10.3.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Line of Business</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">35</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 10.4.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Economic Sanctions, Etc.</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">35</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt; width: 12%">Section 10.5.</TD>
    <TD STYLE="width: 80%; font-size: 10pt; padding-bottom: 1pt">Liens</TD>
    <TD STYLE="padding-bottom: 1pt; width: 8%; font-size: 10pt; text-align: right">35</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 10.6.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Financial Covenants</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">35</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 10.7.</TD>
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    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">36</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 10.8.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Restricted Payments</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">37</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 10.9.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Investments in Unrestricted Entities</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">37</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 10.10.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Most Favored Lender Provision</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">38</TD></TR>
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    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 11.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">EVENTS OF DEFAULT</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">39</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 11.1.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Events of Default</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">39</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 11.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Bankruptcy Exception</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">42</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 12.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">REMEDIES ON DEFAULT, ETC</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 12.1.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Acceleration</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">42</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 12.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other Remedies</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 12.3.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Rescission</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">43</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 12.4.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">No Waivers or Election of Remedies, Expenses, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 13.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">TAX INDEMNIFICATION; FATCA INFORMATION</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 13.1.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Tax Gross-up</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 13.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Tax Cooperation</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 13.3.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Tax Credits Etc.</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 13.4.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">FATCA Information</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 13.5.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Qualifying Private Placement Certificate</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">49</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 14.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 14.1.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Registration of Notes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 14.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Transfer and Exchange of Notes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 14.3.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Replacement of Notes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 15.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">PAYMENTS ON NOTES</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 15.1.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Place of Payment</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 15.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Payment by Wire Transfer</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 16.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">EXPENSES, ETC</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 16.1.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Transaction Expenses</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 16.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Certain Taxes</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 16.3.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Survival</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 17.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 18.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">AMENDMENT AND WAIVER</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 18.1.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Requirements</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">53</TD></TR>
</TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt; width: 12%">Section 18.2.</TD>
    <TD STYLE="width: 80%; font-size: 10pt; padding-bottom: 1pt">Solicitation of Holders of Notes</TD>
    <TD STYLE="padding-bottom: 1pt; width: 8%; font-size: 10pt; text-align: right">53</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 18.3.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Binding Effect, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">54</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 18.4.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Notes Held by Company, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">54</TD></TR>
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    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 19.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">NOTICES; ENGLISH LANGUAGE</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 20.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">REPRODUCTION OF DOCUMENTS</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">55</TD></TR>
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    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 21.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">CONFIDENTIAL INFORMATION</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">56</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 22.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">SUBSTITUTION OF PURCHASER</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION 23.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">MISCELLANEOUS</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">57</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 23.1.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Successors and Assigns</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">57</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 23.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Accounting Terms</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">57</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 23.3.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Severability</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">58</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 23.4.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Construction, Etc</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">58</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 23.5.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Counterparts</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">59</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 23.6.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Governing Law</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">59</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 23.7.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Jurisdiction and Process; Waiver of Jury Trial</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">59</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 23.8.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Obligation to Make Payments in Applicable Currency; Currency Indemnity</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">60</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">SECTION <FONT STYLE="color: red"><B>24.</B></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>23.</U></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">PARENT GUARANTEE, ETC</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">61</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 24.1.</TD>
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Guarantee</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">61</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">Section 24.2.</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Obligations Unconditional</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">62</TD></TR>
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    <TD STYLE="text-indent: 20pt; text-align: left; white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; padding-bottom: 1pt">Signature</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">1</TD></TR>
</TABLE>


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    <TD STYLE="white-space: nowrap; width: 10%; font-size: 10pt; text-align: left">SCHEDULE A</TD>
    <TD STYLE="width: 8%; font-size: 10pt; text-align: center">&mdash;</TD>
    <TD STYLE="width: 82%; font-size: 10pt; text-align: left">Information Relating to Purchasers</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
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    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">SCHEDULE B</TD>
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    <TD STYLE="font-size: 10pt; text-align: left">Defined Terms</TD></TR>
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<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">EXHIBIT 1</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&mdash;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Form of 2.23% Guaranteed Senior Note due May 30, 2028</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">EXHIBIT 2</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&mdash;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Form of Subsidiary Guarantee</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">EXHIBIT 3</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&mdash;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Form of QPP Certificate</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">SCHEDULE 5.3</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&mdash;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Disclosure Materials</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">SCHEDULE 5.4</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&mdash;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Significant Subsidiaries of the Parent Guarantor and Ownership of Subsidiary Stock</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">SCHEDULE 5.5</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&mdash;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Financial Statements</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">SCHEDULE 5.15</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&mdash;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Existing Indebtedness of the Parent Guarantor and its Significant Subsidiaries</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">SCHEDULE 8.8</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&mdash;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Description of Initial Swap Agreements</TD></TR>
</TABLE>


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<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 143.25pt 0pt 107.35pt">COLLIERS INTERNATIONAL EMEA
FINCO PLC</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.35pt; font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.35pt; font-size: 10pt; font-weight: bold; text-align: center">COLLIERS INTERNATIONAL GROUP INC.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 212.6pt 0pt 176.55pt">&nbsp;</P>

<P STYLE="margin: 0pt 212.6pt 0pt 176.55pt; font-size: 10pt; text-align: center">1140 Bay Street, Suite 4000</P>

<P STYLE="margin: 0pt 212.6pt 0pt 176.55pt; font-size: 10pt; text-align: center">Toronto, Ontario,
Canada</P>

<P STYLE="margin: 0pt 212.6pt 0pt 176.55pt; font-size: 10pt; text-align: center">M5S 2B4</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.25pt">2.23% Guaranteed Senior Notes due May 30, 2028</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 46.95pt 0pt 0">May 17, 2018</P>

<P STYLE="font-size: 10pt; text-align: right; text-indent: 11.85pt; margin: 0pt 46.85pt 0pt 74.2pt">as amended as of April 4, 2019<BR>

<FONT STYLE="color: blue"><U>a</U>s <U>amende</U>d <U>a</U>s <U>o</U>f <U>Marc</U>h <U>27</U>, 2020</FONT></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 46.95pt 0pt 0">and as amended as of <FONT STYLE="color: red"><B><STRIKE>March
27,</STRIKE></B></FONT><FONT STYLE="color: blue"><U>Ma</U>y 13,</FONT> 2020</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">TO EACH OF THE PURCHASERS LISTED IN</P>

<P STYLE="margin: 0pt 0 0pt 29pt; font-size: 10pt">SCHEDULE A HERETO:</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">Ladies and Gentlemen:</P>


<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">COLLIERS INTERNATIONAL EMEA FINCO
PLC, a company registered under the laws of England and Wales with company number 1131832 (the <B>&ldquo;Company&rdquo;</B>), and
COLLIERS INTERNATIONAL GROUP INC., a company registered under the laws of the Province of Ontario, Canada (the &ldquo;<B>Parent
Guarantor</B>&rdquo; and, the Parent Guarantor together with the Company, the &ldquo;<B>Obligors</B>&rdquo; and each an &ldquo;<B>Obligor</B>&rdquo;),
agree with each of the Purchasers as follows:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 1. AUTHORIZATION OF NOTES</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">The Company will authorize the
issue and sale of &euro;210,000,000 aggregate principal amount of its 2.23% Guaranteed Senior Notes due May 30, 2028 (the <B>&ldquo;Notes&rdquo;</B>).
The Notes shall be substantially in the form set out in Schedule 1. Certain capitalized and other terms used in this Agreement
are defined in Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 23.4 shall govern.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">Payment of the principal of, Make-Whole
Amount (if any), Net Loss (if any) and interest on the Notes and other amounts owing under this Agreement shall be unconditionally
guaranteed by (i) the Parent Guarantor pursuant to the terms of Section 24 hereof and (ii) the Subsidiary Guarantors on a joint
and several basis as provided in their respective Subsidiary Guarantees.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 2. SALE AND PURCHASE OF NOTES</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">Subject to the terms and
conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the
Company, at the Closing provided for in Section 3, Notes in the principal amount specified opposite such Purchaser&rsquo;s
name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers&rsquo; obligations hereunder
are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or
non-performance of any obligation by any other Purchaser hereunder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 3. CLOSING</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">The sale and purchase of
the Notes to be purchased by each Purchaser shall occur at the offices of Greenberg Traurig, LLP, 77 West Wacker Drive, Suite
3100, Chicago Illinois 60601, at 8:00A.M., Chicago time, at a closing (the <B>&ldquo;Closing&rdquo;</B>) on May 30, 2018 or
on such other Business Day thereafter as may be agreed upon by the Company and the Purchasers. At the Closing the Company
will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note (or such greater
number of Notes in denominations of at least &euro;100,000 as such Purchaser may request) dated the date of the Closing and
registered in such Purchaser&rsquo;s name against delivery by such Purchaser to the Company or its order of immediately
available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account
of the Company as set forth in the funding instructions delivered pursuant to Section 4.10 herein. If at the Closing the
Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions
specified in Section 4 shall not have been fulfilled to such Purchaser&rsquo;s satisfaction, such Purchaser shall, at its
election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may
have by reason of such failure by the Company to tender such Notes or any of the conditions specified in Section 4 not having
been fulfilled to such Purchaser&rsquo;s satisfaction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 4. CONDITIONS TO CLOSING</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">Each Purchaser&rsquo;s obligation
to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser&rsquo;s
satisfaction, prior to or at the Closing, of the following conditions:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 4.1. Representations
and Warranties</B>. The representations and warranties of the Obligors in this Agreement and of the Subsidiary Guarantors in their
respective Subsidiary Guarantees shall be correct when made and at the Closing.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.75pt 0pt 11pt"><B>Section 4.2. Performance;
No Default</B>. Each Obligor and each Subsidiary Guarantor shall have each performed and complied with all agreements and conditions
contained in this Agreement or the Subsidiary Guarantee, as applicable, required to be performed or complied with by it prior to
or at the Closing and from the date of this Agreement to the Closing assuming that Sections 9 and 10 are applicable from the date
of this Agreement. From the date of this Agreement until the Closing, before and after giving effect to the issue and sale of the
Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have
occurred and be continuing. No Obligor nor any Significant Subsidiary shall have entered into any transaction since the date of
the Memorandum that would have been prohibited by Section 10 had such Section applied since such date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 37.6pt">Section 4.3. Compliance Certificates<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.65pt"></TD><TD STYLE="width: 28.25pt">(a)</TD><TD STYLE="text-align: left"><I>Officer&rsquo;s Certificate</I>.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.95pt 0pt 47pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Obligor shall have delivered to such Purchaser an Officer&rsquo;s Certificate, dated the date of the Closing, certifying that
the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.95pt 0pt 47pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Subsidiary Guarantor shall have delivered to such Purchaser an Officer&rsquo;s Certificate, dated the date of Closing, certifying
that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Secretary&rsquo;s or Director&rsquo;s Certificate</I>. Each Obligor and each Subsidiary Guarantor shall have delivered to such
Purchaser a certificate of its Secretary, an Assistant Secretary, a Director or another appropriate person, dated the date of the
Closing, certifying as to the resolutions attached thereto and other corporate or other organizational proceedings relating to
the authorization, execution and delivery of (i) the Notes and this Agreement, in the case of the Company, (ii) this Agreement,
in the case of the Parent Guarantor and (iii) the Subsidiary Guarantee, in the case of each Subsidiary Guarantor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 4.4. Opinions of Counsel</B>.
Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing
(a) from (i) Torys LLP, U.S. special counsel for the Obligors, (ii) Torys LLP, Canadian special counsel for the Parent Guarantor
and for the Subsidiary Guarantors formed in the Province of Ontario, (iii) Sidley Austin LLP, U.K. special counsel for the Company,
(iv) Fox Rothschild LLP, special counsel for the Subsidiary Guarantors formed in the State of California and Subsidiary Guarantors
formed in the State of Delaware, (v) Norton Rose Fulbright Australia LLP, special counsel for the Subsidiary Guarantors formed
in Australia, (vi) Sidley Austin LLP, U.K. special counsel for the Subsidiary Guarantors formed in England and Wales, (viii) Norton
Rose Fulbright (Asia) LLP, special counsel for the Subsidiary Guarantors formed in Hong Kong, (ix) Bell Gully, special counsel
for the Subsidiary Guarantors formed in New Zealand, (x) CMS Hasche Sigle, special counsel for the Subsidiary Guarantors formed
in Germany, (xi) Montanios &amp; Montanios LLC, special counsel for the Subsidiary Guarantors formed in Cyprus, (xii) Ogier, special
counsel for the Subsidiary Guarantors formed in the British Virgin Islands and (xiii) Castren &amp; Snellman, special counsel for
the Subsidiary Guarantors formed in Finland, and covering the matters of and incident to the transactions contemplated hereby as
such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinions to
the Purchasers) and (b) from Greenberg Traurig, LLP, the Purchasers&rsquo; special counsel in connection with such transactions,
covering the matters of and incident to such transactions as such Purchaser may reasonably request.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 4.5. Purchase
Permitted By Applicable Law, Etc</B>. On the date of the Closing such Purchaser&rsquo;s purchase of Notes shall (a) be
permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions
(such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without
restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including
Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax,
penalty or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the
date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer&rsquo;s Certificate certifying as
to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase
is so permitted.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 4.6. Sale of Other
Notes</B>. Contemporaneously with the Closing, the Company shall sell to each other Purchaser and each other Purchaser shall purchase
the Notes to be purchased by it at the Closing as specified in Schedule A.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 4.7. Payment of Special
Counsel Fees</B>. Without limiting Section 16.1, the Company shall have paid on or before the Closing the fees, charges and disbursements
of the Purchasers&rsquo; special counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered
to the Company at least one Business Day prior to the Closing.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 4.8. Private Placement
Number</B>. A Private Placement Number issued by Standard &amp; Poor&rsquo;s CUSIP Service Bureau (in cooperation with the SVO)
shall have been obtained for the Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 4.9. Changes in Corporate
Structure</B>. No Obligor nor any Significant Subsidiary shall have changed its jurisdiction of incorporation or organization,
as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of
any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.75pt 0pt 11pt"><B>Section 4.10. Funding Instructions</B>.
At least three Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by
a Responsible Officer on letterhead of the Company confirming the information specified in Section 3 including (i) the name and
address of the transferee bank, (ii) such transferee bank&rsquo;s ABA number/Swift Code/IBAN and (iii) the account name and number
into which the purchase price for the Notes is to be deposited.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 4.11. Acceptance of
Appointment to Receive Service of Process</B>. Such Purchaser shall have received evidence of the acceptance by Corporation Service
Company of the appointment and designation provided for by Section 23.7(e) for the period from the date of the Closing to May 30,
2029 (and the payment in full of all fees in respect thereof).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.95pt 0pt 11pt"><B>Section 4.12. Proceedings
and Documents</B>. All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all
documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel, and such
Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents
as such Purchaser or such special counsel may reasonably request.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 4.13. Subsidiary
Guarantees</B>. As to each Subsidiary which on or before the date hereof had delivered a Guarantee pursuant to or is
otherwise obligated under any Material Credit Facility, the Obligors shall cause each such Subsidiary to, on the date hereof,
enter into and deliver a Subsidiary Guarantee to each Purchaser.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 5. REPRESENTATIONS AND WARRANTIES OF THE OBLIGORS</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 52.65pt 0pt 11pt">The Company and the Parent Guarantor jointly and severally
represent and warrant to each Purchaser as of the date of this Agreement and as of the date of Closing that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.1. Organization;
Power and Authority</B>. Such Obligor is a corporation duly organized, validly existing and, where applicable, in good standing
under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and, where applicable, is in
good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the
failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Each Obligor has the corporate power and authority to own or hold under lease the properties it purports to own
or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and
the Notes, in the case of the Company, and this Agreement, in the case of the Parent Guarantor, and to perform the provisions hereof
and thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.2. Authorization,
Etc</B>. This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Company, and
this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation
of the Company enforceable against the Company in accordance with its terms; and this Agreement has been duly authorized by all
necessary corporate action on the part of the Parent Guarantor, and this Agreement constitutes and, upon execution and delivery
thereof, will constitute a legal, valid and binding obligation of the Parent Guarantor enforceable against the Parent Guarantor
in accordance with its terms; except, in each case, as such enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting the enforcement of creditors&rsquo; rights generally and (ii) general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.3.
Disclosure</B>. The Company, through its agent, JP Morgan, has delivered to each Purchaser a copy of a Private Placement
Memorandum, dated April 2018 (the <B>&ldquo;Memorandum&rdquo;</B>), relating to the transactions contemplated hereby. The
Memorandum fairly describes, in all material respects, the general nature of the business and principal properties of the
Parent Guarantor and its Significant Subsidiaries. This Agreement, the Memorandum, the financial statements listed in
Schedule 5.5 and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Obligors
prior to May 2, 2018 in connection with the transactions contemplated hereby and identified in Schedule 5.3 (this Agreement,
the Memorandum and such documents, certificates or other writings and such financial statements delivered to each Purchaser
being referred to, collectively, as the <B>&ldquo;Disclosure Documents&rdquo;</B>), taken as a whole, do not contain any
untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not
misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since
December 31, 2017, there has been no change in the financial condition, operations, business, properties or prospects of any
Obligor or any Significant Subsidiary except changes that could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. There is no fact known to any Obligor that could reasonably be expected to have a Material
Adverse Effect that has not been set forth herein or in the Disclosure Documents.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 5.4. Organization
and Ownership of Shares of Subsidiaries; Affiliates</B>. (a) Schedule 5.4 contains (except as noted therein) complete and correct
lists of (i) the Parent Guarantor&rsquo;s Significant Subsidiaries, showing, as to each Significant Subsidiary, the name thereof,
the jurisdiction of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding
owned by the Parent Guarantor and each other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor, and (ii) each of
the Obligor&rsquo;s directors and senior officers.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.95pt 0pt 11pt">(b)&nbsp;&nbsp; All of the
outstanding shares of capital stock or similar equity interests of each Significant Subsidiary shown in Schedule 5.4 as being directly
or indirectly owned by the Parent Guarantor and its Significant Subsidiaries have been validly issued, are fully paid and non-assessable
and are owned by the Parent Guarantor or another Significant Subsidiary free and clear of any Lien that is prohibited by this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(c)&nbsp;&nbsp; Each Significant
Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable, in good standing under
the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable,
is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which
the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. Each such Significant Subsidiary has the corporate or other power and authority to own or hold under
lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact
except where failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.55pt 0pt 11pt">(d)&nbsp;&nbsp; No Significant
Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule
5.4 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Significant Subsidiary
to pay dividends out of profits or make any other similar distributions of profits to the Parent Guarantor or any of its Subsidiaries
that owns outstanding shares of capital stock or similar equity interests of such Significant Subsidiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.55pt"></TD><TD STYLE="width: 28.35pt">(e)</TD><TD STYLE="text-align: left">There are no Unrestricted Entities.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 5.5. Financial
Statements; Material Liabilities</B>. The Obligors have delivered to each Purchaser copies of the consolidated financial
statements of the Parent Guarantor and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including
in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of
the Parent Guarantor and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results
of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP
consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any
interim financial statements, to normal year-end adjustments). The Parent Guarantor and its Subsidiaries do not have any
Material liabilities that are not disclosed in the Disclosure Documents.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.6. Compliance
with Laws, Other Instruments, Etc</B>. The execution, delivery and performance by the Obligors of this Agreement and, in the
case of the Company only, the Notes, will not (i) contravene, result in any breach of, or constitute a default under, or
result in the creation of any Lien in respect of any property of any Obligor or any Significant Subsidiary under, any
indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, memorandum of association,
articles of association, regulations or by-laws, shareholders agreement or any other agreement or instrument to which any
Obligor or any Significant Subsidiary is bound or by which any Obligor or any Significant Subsidiary or any of their
respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or
provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to any
Obligor or any Significant Subsidiary or (iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; violate any
provision of any statute or other rule or regulation of any Governmental Authority applicable to any Obligor or any
Significant Subsidiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 5.7. Governmental
Authorizations, Etc</B>. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental
Authority is required in connection with the execution, delivery or performance by the Obligors of this Agreement or, in the case
of the Company only, the Notes, including, without any limitation, any thereof required in connection with the obtaining of Euros
or Dollars, as applicable, to make payments under this Agreement or, in the case of the Company only, the Notes, and the payment
of such Euros or Dollars, as applicable, to Persons resident in the United States of America. It is not necessary to ensure the
legality, validity, enforceability or admissibility into evidence in the United Kingdom or Canada of this Agreement or the Notes
that any thereof or any other document be filed, recorded or enrolled with any Governmental Authority, or that any such agreement
or document be stamped with any stamp, registration or similar transaction tax.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.8. Litigation; Observance
of Agreements, Statutes and Orders</B>. (a) There are no actions, suits, investigations or proceedings pending or, to the best
knowledge of any Obligor, threatened against or affecting any Obligor or any Significant Subsidiary or any property of any Obligor
or any Significant Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that
could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(b) No Obligor nor any Significant
Subsidiary is (i) in default under any agreement or instrument to which it is a party or by which it is bound, (ii) in violation
of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental Authority or (iii) in violation
of any applicable law, ordinance, rule or regulation of any Governmental Authority (including Environmental Laws, the USA PATRIOT
Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation could, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="margin: 0pt 46.75pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 26.6pt"><B>Section 5.9. Taxes</B>. (a)
The Obligors and each Significant Subsidiary have filed all material tax returns that are required to have been filed in any Taxing
Jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other material taxes and assessments
levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and
payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which, individually or in
the aggregate, is not Material or (ii) the amount, applicability or validity of which is currently being contested in good faith
by appropriate proceedings and with respect to which such Obligor or a Significant Subsidiary, as the case may be, has established
adequate reserves in accordance with GAAP. No Obligor knows of any basis for any other tax or assessment that could, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books
of the Obligors and each Significant Subsidiary in respect of federal, national, state or other taxes for all fiscal periods are
adequate.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 32.85pt">(b) No liability for any Tax,
directly or indirectly, imposed, assessed, levied or collected by or for the account of any Governmental Authority of the United
Kingdom, Canada or any political subdivision thereof will be incurred by the Obligors or any holder of a Note as a result of the
execution or delivery of this Agreement or the Notes and no deduction or withholding in respect of Taxes imposed by or for the
account of the United Kingdom, Canada or, to the knowledge of the Obligors, any other Taxing Jurisdiction, is required to be made
from any payment by the Obligors under this Agreement or the Notes except for any such liability, withholding or deduction imposed,
assessed, levied or collected by or for the account of any such Governmental Authority of the United Kingdom or Canada arising
out of circumstances described in Section 13.1(b).</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 32.85pt">&nbsp;</P>


<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.10. Title to Property;
Leases</B>. The Obligors and each Significant Subsidiary have good and sufficient title to their respective properties that individually
or in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to
in Section 5.5 or purported to have been acquired by the Obligors or any Significant Subsidiary after such date (except as sold
or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement.
All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all
material respects.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.11. Licenses, Permits,
Etc</B>. (a) The Obligors and each Significant Subsidiary own or possess all licenses, permits, franchises, authorizations, patents,
copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate
are Material, without known conflict with the rights of others.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(b)&nbsp;&nbsp; To the best
knowledge of the Obligors, no product or service of any Obligor or any Significant Subsidiary infringes in any material respect
any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or
other right owned by any other Person.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(c)&nbsp;&nbsp; To the best
knowledge of the Obligors, there is no Material violation by any Person of any right of any Obligor or any Significant Subsidiary
with respect to any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark,
trade name or other right owned or used by any Obligor or any Significant Subsidiary.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 20.6pt"><B>Section 5.12. Compliance with
ERISA</B>. (a) Neither Obligor nor any ERISA Affiliate maintains, contributes to or is obligated to maintain or contribute to,
or has, at any time within the past six years, maintained, contributed to or been obligated to maintain or contribute to, any employee
benefit plan which is subject to Title I or Title IV of ERISA or section 4975 of the Code (a &ldquo;U.S. Plan&rdquo;). Neither
the Company nor any ERISA Affiliate is, or has ever been at any time within the past six years, a &ldquo;party in interest&rdquo;
(as defined in section 3(14) of ERISA) or a &ldquo;disqualified person&rdquo; (as defined in section 4975 of the Code) with respect
to any U.S. Plan.</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 32.85pt">(b)&nbsp;&nbsp; The Obligors
and their ERISA Affiliates have not incurred (i) withdrawal liabilities (and are not subject to contingent withdrawal liabilities)
under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material or (ii)
any obligation in connection with the termination of or withdrawal from any Non-U.S. Plan that individually or in the aggregate
are Material.</P>


<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 0.65in 0pt 11pt">&nbsp;</P>

<P STYLE="margin: 0pt 0.65in 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 33.6pt">(c)&nbsp;&nbsp; All Non-U.S.
Plans have been established, operated, administered and maintained in compliance with all laws, regulations and orders applicable
thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect. All premiums, contributions
and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by the Obligors and
their Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue could not be reasonably expected
to have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.13. Private Offering
by the Company</B>. Neither the Obligors nor anyone acting on their behalf has offered the Notes or any similar Securities for
sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or negotiated in respect
thereof with, any Person other than the Purchasers and not more than 30 other Institutional Investors, each of which has been offered
the Notes at a private sale for investment. Neither the Obligors nor anyone acting on their behalf has taken, or will take, any
action that would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities Act
or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction, including the jurisdiction
of organization of each Obligor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 5.14. Use of
Proceeds; Margin Regulations</B>. The Company will apply the proceeds of the sale of the Notes hereunder as set forth in
Section 1 of the Memorandum. No part of the proceeds from the sale of the Notes hereunder will be used, directly or
indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities
under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve
any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). The Parent Guarantor and its Subsidiaries
have no margin stock and do not have any present intention to acquire margin stock. As used in this Section, the terms <B>&ldquo;margin
stock&rdquo; </B>and <B>&ldquo;purpose of buying or carrying&rdquo; </B>shall have the meanings assigned to them in said
Regulation U.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.15. Existing Indebtedness;
Future Liens</B>. (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Indebtedness
of the Parent Guarantor and its Significant Subsidiaries as of March 31, 2018 (including descriptions of the obligors and obligees,
principal amounts outstanding, any collateral therefor and any Guarantees thereof, but excluding any intercompany Indebtedness),
since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities
of the Indebtedness of the Parent Guarantor or its Significant Subsidiaries. No Obligor nor any Significant Subsidiary is in default
and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of such Obligor
or such Significant Subsidiary and no event or condition exists with respect to any Indebtedness of any Obligor or any Significant
Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such
Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 0.65in 0pt 11pt">(b)&nbsp;&nbsp; Except as disclosed
in Schedule 5.15, no Obligor nor any Significant Subsidiary has agreed or consented to cause or permit any of its property, whether
now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the
happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien
not permitted by Section 10.5.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.5pt 0pt 11pt">(c)&nbsp;&nbsp; No Obligor nor
any Significant Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness
of such Obligor or such Significant Subsidiary, any agreement relating thereto or any other agreement (including its charter or
any other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness
of such Obligor, except as disclosed in Schedule 5.15.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.16. Foreign Assets
Control Regulations, Etc</B>. (a) Neither Obligor nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that
its name appears or may in the future appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed
by the United Nations or the European Union.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 0.65in 0pt 11pt">(b)&nbsp;&nbsp; Neither Obligor
nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable U.S.
Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Obligors&rsquo; knowledge, is under
investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws
or Anti-Corruption Laws.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 44.55pt"></TD><TD STYLE="width: 28.35pt">(c)</TD><TD STYLE="text-align: left">No part of the proceeds from the sale of the Notes hereunder:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 42.7pt; margin: 0pt 46.85pt 0pt 47pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by either Obligor or
any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings
with, any Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic
Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.85pt 0pt 47pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money
Laundering Laws; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 47pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official
or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would
be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(d)&nbsp;&nbsp; The Parent Guarantor
has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to
ensure that the Obligors and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic
Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.17. Status under
Certain Statutes</B>. No Obligors nor any Significant Subsidiary is subject to regulation under the Investment Company Act of 1940,
the Public Utility Holding Company Act of 2005, the ICC Termination Act of 1995, or the Federal Power Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 5.18. Environmental
Matters</B>. (a) No Obligor nor any Significant Subsidiary has knowledge of any claim or has received any notice of any claim and
no proceeding has been instituted asserting any claim against any Obligor or any Significant Subsidiary or any of their respective
real properties or other assets now or formerly owned, leased or operated by any of them, alleging any damage to the environment
or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material
Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.85pt 0pt 11pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Obligor nor any Significant Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of
violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties
now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as could not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.95pt 0pt 11pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Obligor nor any Significant Subsidiary has stored any Hazardous Materials on real properties now owned, leased or operated by
any of them in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be
expected to result in a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.85pt 0pt 11pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Obligor nor any Significant Subsidiary has disposed of any Hazardous Materials in a manner which is contrary to any Environmental
Law that could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the knowledge of the Obligors, all buildings on all real properties now owned, leased or operated by any Obligor or any Significant
Subsidiary are in compliance with applicable Environmental Laws, except where failure to comply could not, individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 5.19. Ranking of
Obligations</B>. The Company&rsquo;s payment obligations under this Agreement and the Notes and of the Parent Guarantor under this
Agreement will, upon issuance of the Notes, rank at least <I>pari passu</I>, without preference or priority, with all other unsecured
and unsubordinated Indebtedness of such Obligor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.9pt 0pt 11pt"><B>Section 5.20. Representations
of Subsidiary Guarantors</B>. The representations and warranties of each Subsidiary Guarantor contained in its Subsidiary Guarantee
are true and correct as of the date they are made and at the Closing.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 6. REPRESENTATIONS OF THE PURCHASERS</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.4pt 0pt 11pt"><B>Section 6.1. Purchase for
Investment</B>. Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate
accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution
thereof, <I>provided </I>that the disposition of such Purchaser&rsquo;s or their property shall at all times be within such Purchaser&rsquo;s
or their control. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold
only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under
circumstances where neither such registration nor such an exemption is required by law, and that the Company is not required to
register the Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 6.2. Status of Certain
Purchasers</B>. Each applicable Purchaser represents, undertakes and covenants that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 0.65in 0pt 47pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if such Purchaser is established in a member state of the European Economic Area (&ldquo;EEA&rdquo;), (i) it is not a retail investor
as defined herein; and (ii) it has not offered, sold, transferred or otherwise made available and will not offer, sell, transfer
or otherwise make available any Notes it purchases hereunder to any retail investor (as defined herein) in the EEA; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if such Purchaser is established in the United Kingdom, (i) it is a person who falls within Article 19(5) or Article 49(2)(a) to
(d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended or to whom the offering or promotion
of the Notes can be otherwise lawfully distributed or communicated; (ii) it has not communicated or caused to be communicated and
will not communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning
of Section 21 of the Financial Services and Markets Act 2000 as amended) received by it in connection with the issue, sale or purchase
of the Notes to any person other than those referred to in this Section 6.2(b)(i).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.7pt 0pt 47pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the purposes this Section 6.2, the expression &ldquo;retail investor&rdquo; means a person who is one (or more) of the
following: (i) a retail client as defined in point (11) of Article 4(1) of EU Directive 2014/65/EU as amended (&ldquo;MiFID
II&rdquo;); or (ii) a customer within the meaning of EU Directive 2002/92/EC as amended, where that customer would not
qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as
defined in EU Directive 2003/71/EC as amended..</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 7. INFORMATION AS TO OBLIGORS</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 7.1. Financial and
Business Information</B>. The Obligors shall deliver to each Purchaser and each holder of a Note that is an Institutional Investor
(and for purposes of this Agreement the information required by this Section 7.1 shall be deemed delivered on the date of delivery
of such information in the English language or the date of delivery of an English translation thereof):</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.5pt 0pt 47pt">(a)&nbsp;&nbsp; <I>Interim Statements
</I>&mdash; promptly after the same are available and in any event within 45 days (or, if earlier, the date on which such financial
statements are delivered under any Material Credit Facility) after the end of each Quarter of each Fiscal Year of the Parent Guarantor
(other than the last Quarter fiscal period of each such Fiscal Year), duplicate copies of,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 83pt; font-size: 10pt; text-align: justify; text-indent: 39.35pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such fiscal period, and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.5pt 0pt 83pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
consolidated statements of income, changes in shareholders&rsquo; equity and cash flows of the Parent Guarantor and its Subsidiaries,
for such fiscal period and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.65in 0pt 47pt">setting forth in each case in comparative form the
figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable
to interim financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects,
the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting
from year-end adjustments;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(b)&nbsp;&nbsp; <I>Annual Statements
</I>&mdash; promptly after the same are available and in any event within 90 days (or, if earlier, the date on which such financial
statements are delivered under any Material Credit Facility) after the end of each Fiscal Year of the Parent Guarantor, duplicate
copies of</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 83pt; font-size: 10pt; text-align: justify; text-indent: 39.35pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a consolidated balance sheet of the Parent Guarantor and its Subsidiaries as at the end of such year, and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.5pt 0pt 83pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
consolidated statements of income, changes in shareholders&rsquo; equity and cash flows of the Parent Guarantor and its Subsidiaries
for such year,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 46.5pt 0pt 47pt">setting forth in each case in comparative form the
figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion
thereon (without a &ldquo;going concern&rdquo; or similar qualification or exception and without any qualification or exception
as to the scope of the audit on which such opinion is based) of independent public accountants of recognized international standing,
which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the
companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and
that the examination of such accountants in connection with such financial statements has been made in accordance with generally
accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.5pt 0pt 47pt">(c)&nbsp;&nbsp; <I>SEC and Other
Reports </I>&mdash; promptly upon their becoming available, one copy of (i) each financial statement, report, circular, notice,
proxy statement or similar document (not otherwise delivered to the holders pursuant to the terms of this Agreement) sent by any
Obligor or any Subsidiary (x) to its creditors under any Material Credit Facility (excluding information sent to such creditors
in the ordinary course of administration of a credit facility, such as information relating to pricing and borrowing availability)
or (y) to its public securities holders generally, and (ii) each regular or periodic report, each registration statement (without
exhibits except as expressly requested by such Purchaser or holder), and each prospectus and all amendments thereto filed by the
Parent Guarantor or any Subsidiary with the SEC or any similar Governmental Authority or securities exchange and of all press releases
and other statements made available generally by the Parent Guarantor or any Subsidiary to the public concerning developments that
are Material;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(d)&nbsp;&nbsp; <I>Notice of
Default or Event of Default </I>&mdash; promptly, and in any event within 5 days after a Responsible Officer becoming aware of
the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a
claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the
type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Obligors
are taking or proposes to take with respect thereto;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 0.65in 0pt 47pt">(e)&nbsp;&nbsp; <I>Employee Benefits
Matters </I>&mdash; promptly, and in any event within 5 days after a Responsible Officer becoming aware of any of the following,
a written notice setting forth the nature thereof and the action, if any, that the Obligors or an ERISA Affiliate proposes to take
with respect thereto:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 83pt; font-size: 10pt; text-align: justify; text-indent: 39.35pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
with respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which
notice thereof has not been waived pursuant to such regulations as in effect on the date hereof;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.5pt 0pt 83pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by any Obligor or any
ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer
Plan;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 83pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any event, transaction or condition that could result in the incurrence of any liability by any Obligor or any ERISA Affiliate
pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in
the imposition of any Lien on any of the rights, properties or assets of any Obligor or any ERISA Affiliate pursuant to Title I
or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities
or Liens then existing, could reasonably be expected to have a Material Adverse Effect; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36.7pt; margin: 0pt 46.5pt 0pt 83pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
receipt of notice of the imposition of a Material financial penalty (which for this purpose shall mean any tax, penalty or other
liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.1pt; margin: 0pt 46.5pt 0pt 47pt">(f)&nbsp;&nbsp; <I>Notices from
Governmental Authority </I>&mdash; promptly, and in any event within 30 days of receipt thereof, copies of any notice to any Obligor
or any Subsidiary from any Governmental Authority relating to any order, ruling, statute or other law or regulation that could
reasonably be expected to have a Material Adverse Effect; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.2pt; margin: 0pt 46.85pt 0pt 47pt">(g)&nbsp;&nbsp; <I>Requested
Information </I>&mdash; with reasonable promptness, such other data and information relating to the business, operations, affairs,
financial condition, assets or properties of any Obligor or any of its Subsidiaries or relating to the ability of the Obligors
to perform their respective obligations hereunder and under the Notes, as from time to time may be reasonably requested by any
such Purchaser or holder of a Note, including information readily available to the Obligors explaining the Obligors&rsquo; financial
statements if such information has been requested by the SVO in order to assign or maintain a designation of the Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 7.2. Officer&rsquo;s
Certificate</B>. Each set of financial statements delivered to a Purchaser or a holder of a Note pursuant to Section 7.1(a) or
Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.5pt 0pt 47pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>Covenant
Compliance </I>&mdash; setting forth the information from such financial statements that is required in order to establish
whether the Obligors were in compliance with the requirements of Section 10 during the interim or annual period covered by
the financial statements then being furnished (including with respect to each such provision that involves mathematical
calculations, the information from such financial statements that is required to perform such calculations and, in
particular, including the details of any adjustments to Consolidated EBITDA as of the result of Normalizing Adjustments), and
detailed calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms
of such Section, and the calculation of the amount, ratio or percentage then in existence. In the event that any Obligor or
any Subsidiary (excluding any Unrestricted Entity) has made an election to measure any financial liability using fair value
(which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 23.2) as
to the period covered by any such financial statement, such Senior Financial Officer&rsquo;s certificate as to such period
shall include a reconciliation from GAAP with respect to such election;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Event of Default </I>&mdash; certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made,
or caused to be made, under his or her supervision, a review of the transactions and conditions of the Obligors and their Subsidiaries
(other than Unrestricted Entities) from the beginning of the interim or annual period covered by the statements then being furnished
to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition
or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including any
such event or condition resulting from the failure of any Obligor or any Subsidiary (other than any Unrestricted Entity) to comply
with any Environmental Law), specifying the nature and period of existence thereof and what action the Obligors shall have taken
or proposes to take with respect thereto;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.85pt 0pt 47pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Subsidiary Guarantors </I>&ndash; setting forth a list of all Subsidiaries that are Subsidiary Guarantors and certifying that
each Subsidiary that is required to be a Subsidiary Guarantor pursuant to Section 9.7 is a Subsidiary Guarantor, in each case,
as of the date of such certificate of Senior Financial Officer, <I>provided that </I>such list shall only be required to be delivered
at the end of each Fiscal Year; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Investments in Unrestricted Entities </I>&ndash; setting forth a report on the aggregate initial investment value of all Unrestricted
Entities which continue to qualify as Unrestricted Entities as at the end of such period.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 26.6pt; margin: 0pt 46.9pt 0pt 11pt"><B>Section 7.3. Visitation</B>. The Obligors
shall permit the representatives of each Purchaser and each holder of a Note that is an Institutional Investor:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 0.65in 0pt 47pt">(a)&nbsp;&nbsp; <I>No Default
</I>&mdash; if no Default or Event of Default then exists, at the expense of such Purchaser or such holder and upon reasonable
prior notice to the Obligors, to visit the principal executive office of the Parent Guarantor or the Company, to discuss the affairs,
finances and accounts of the Parent Guarantor, the Company and their Subsidiaries with the Parent Guarantor&rsquo;s or the Company&rsquo;s
officers, as the case may be, and (with the consent of the Parent Guarantor or the Company, as the case may be, which consent will
not be unreasonably withheld) its independent public accountants, and (with the consent of the Parent Guarantor or the Company,
as the case may be, which consent will not be unreasonably withheld) to visit the other offices and properties of the Parent Guarantor,
the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(b)&nbsp;&nbsp; <I>Default </I>&mdash;
if a Default or Event of Default then exists, at the expense of the Obligors to visit and inspect any of the offices or properties
of any Obligor or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make
copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and
independent public accountants (and by this provision the Parent Guarantor or the Company each authorizes said accountants to discuss
the affairs, finances and accounts of the Parent Guarantor, the Company and its respective Subsidiaries), all at such times and
as often as may be requested.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 7.4. Electronic Delivery</B>.
Financial statements, opinions of independent certified public accountants, other information and Officer&rsquo;s Certificates
that are required to be delivered by such Obligors pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed to have
been delivered if such Obligor satisfies any of the following requirements with respect thereto:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.85pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 40.05pt">(a) such financial
statements satisfying the requirements of Section 7.1(a) or (b) and related
Officer&rsquo;s Certificate satisfying the requirements of Section 7.2 and any other information required under Section
7.1(c) are delivered to each Purchaser or holder of a Note by e-mail at the e-mail address set forth in such holder&rsquo;s
Schedule A information or as communicated from time to time in a separate writing delivered to the Company; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.85pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 40.05pt">(b) such financial statements
satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer&rsquo;s Certificate(s) satisfying the requirements
of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on behalf of the Obligors on IntraLinks
or on any other similar website to which each holder of Notes has free access or are made available on its home page on the internet,
which is located at http://www2.colliers.com as of the date of this Agreement; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 0.65in 0pt 47pt">(c) the Parent Guarantor
shall have timely filed any of the items referred to in Section 7.1(c)(ii) on, as the case may be, SEDAR or EDGAR and shall
have made such items available on its home page on the internet or on IntraLinks or on any other similar website to which
each holder of Notes has free access;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 46.85pt 0pt 11pt"><I>provided however, </I>that in no case shall access
to such financial statements, other information and Officer&rsquo;s Certificates be conditioned upon any waiver or other agreement
or consent (other than confidentiality provisions consistent with Section 21 of this Agreement); <I>provided further</I>, that
in the case of clause (b), the Obligors shall have given each holder of a Note prior written notice, which may be by e-mail or
in accordance with Section 19, of such posting or availability in connection with each delivery; and <I>provided further, </I>that
upon request of any holder to receive paper copies of such forms, financial statements, other information and Officer&rsquo;s Certificates
or to receive them by e-mail, the Obligors will promptly e-mail them or deliver such paper copies, as the case may be, to such
holder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 7.5. Limitation on
Disclosure Obligation</B>. Neither the Obligors nor their Subsidiaries shall be required to disclose the following information
pursuant to Section 7.1(c)(i)(x), 7.1(h) or 7.3:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.85pt 0pt 47pt">(a)&nbsp;&nbsp; information
that the Obligors determine after consultation with counsel qualified to advise on such matters that, notwithstanding the confidentiality
requirements of Section 21, it would be prohibited from disclosing by applicable law or regulations without making public disclosure
thereof; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(b)&nbsp;&nbsp; information
that, notwithstanding the confidentiality requirements of Section 21, any of the Obligors and their Subsidiaries are prohibited
from disclosing by the terms of an obligation of confidentiality contained in any agreement with any non-Affiliate binding upon
any Obligor or Subsidiary and not entered into in contemplation of this clause (b), <I>provided </I>that the Obligors and their
Subsidiaries shall use commercially reasonable efforts to obtain consent from the party in whose favor the obligation of confidentiality
was made to permit the disclosure of the relevant information and <I>provided further </I>that the Obligors and their Subsidiaries
have received a written opinion of counsel confirming that disclosure of such information without consent from such other contractual
party would constitute a breach of such agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 46.5pt 0pt 11pt">Promptly after determining that any Obligor or Subsidiary
is not permitted to disclose any information as a result of the limitations described in this Section 7.5, the Obligors will provide
each of the holders with an Officer&rsquo;s Certificate describing generally the requested information that any of the Obligors
or their Subsidiaries is prohibited from disclosing pursuant to this Section 7.5 and the circumstances under which the Obligor
or Subsidiary is not permitted to disclose such information. Promptly after a request therefor from any holder of Notes that is
an Institutional Investor, the Obligors will provide such holder with a written opinion of counsel (which may be addressed to the
Obligors) relied upon as to any requested information that the Obligors or any of their Subsidiaries are prohibited from disclosing
to such holder under circumstances described in this Section 7.5.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 8. PAYMENT AND PREPAYMENT OF THE NOTES</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.9pt 0pt 11pt"><B>Section 8.1. Maturity</B>.
As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 8.2. Optional
Prepayments with Make-Whole Amount</B>. The Company may, at its option, upon notice as provided below, prepay at any time
all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the
Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole
Amount, plus the Net Loss, if any, and less the Net Gain, if any, with respect to any Swapped Note determined for the
prepayment date with respect to such principal amount. The Company will give each holder of Notes written notice of each
optional prepayment under this Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed for such
prepayment unless the Company and the Required Holders agree to another time period pursuant to Section 18. Each such notice
shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such
date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.5), and
the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied
by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment
(calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.
Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior
Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.55pt 0pt 11pt"><B>Section 8.3. Prepayment for
Tax Reasons</B>. (a) If at any time as a result of a Change in Tax Law (as defined below) the Company or Parent Guarantor (assuming
that the Parent Guarantor is obligated to make a payment) is or becomes obligated to make any Additional Payments (as defined below)
in respect of any payment of interest (including, for the avoidance of doubt, any payment on account of interest made in respect
of a Guaranteed Obligation) on account of any of the Notes in an aggregate amount for all affected Notes equal to 5% or more of
the aggregate amount of such interest payment on account of all of the Notes, the Company may give the holders of all affected
Notes irrevocable written notice (each, a &ldquo;<B>Tax Prepayment Notice</B>&rdquo;) of the prepayment of such affected Notes
on a specified prepayment date (which shall be a Business Day not less than 30 days nor more than 60 days after the date of such
notice) and the circumstances giving rise to the obligation of the Company or the Parent Guarantor, as the case may be, to make
any Additional Payments and the amount thereof and stating that all of the affected Notes shall be prepaid on the date of such
prepayment at 100% of the principal amount so prepaid together with interest accrued thereon to the date of such prepayment for
each such Note, but without any Make-Whole Amount, but plus the Net Loss, if any, and less the Net Gain, if any, with respect to
any Swapped Note, except in the case of an affected Note if the holder of such Note shall, by written notice given to the Company
no more than 20 days after receipt of the Tax Prepayment Notice, reject such prepayment of such Note (each, a &ldquo;<B>Rejection
Notice</B>&rdquo;). The form of Rejection Notice shall also accompany the Tax Prepayment Notice and shall state with respect to
each Note covered thereby that execution and delivery thereof by the holder of such Note shall operate as a permanent waiver of
such holder&rsquo;s right to receive the Additional Payments arising as a result of the circumstances described in the Tax Prepayment
Notice in respect of all future payments of interest on such Note (but not of such holder&rsquo;s right to receive any Additional
Payments that arise out of circumstances not described in the Tax Prepayment Notice or which exceed the amount of the Additional
Payment described in the Tax Prepayment Notice), which waiver shall be binding upon all subsequent transferees of such Note. The
Tax Prepayment Notice having been given as aforesaid to each holder of the affected Notes, the principal amount of such Notes together
with interest accrued thereon to the date of such prepayment, but without any Make-Whole Amount, but plus the Net Loss, if any,
and less the Net Gain, if any, with respect to any Swapped Note shall become due and payable on such prepayment date, except in
the case of Notes the holders of which shall timely give a Rejection Notice as aforesaid.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.85pt 0pt 11pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No prepayment of the Notes pursuant to this Section 8.3 shall affect the obligation of the Obligors to pay Additional Payments
in respect of any payment made on or prior to the date of such prepayment. For purposes of this Section 8.3, any holder of more
than one affected Note may act separately with respect to each affected Note so held (with the effect that a holder of more than
one affected Note may accept such offer with respect to one or more affected Notes so held and reject such offer with respect to
one or more other affected Notes so held).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Obligors may not offer to prepay Notes pursuant to this Section 8.3 (i) if a Default or Event of Default then exists, (ii)
until the Obligors shall have taken reasonable efforts to mitigate the requirement to make the related Additional Payments or (iii)
if the obligation to make such Additional Payments directly results or resulted from actions taken by any Obligor or any Subsidiary
(other than actions required to be taken under applicable law), and any Tax Prepayment Notice given pursuant to this Section 8.3
shall certify to the foregoing and describe such mitigation steps, if any.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.75pt 0pt 11pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of this Section 8.3: &ldquo;<B>Additional Payments</B>&rdquo; means additional amounts required to be paid to a holder
of any Note pursuant to Section 13 by reason of a Change in Tax Law; and a &ldquo;<B>Change in Tax Law</B>&rdquo; means (individually
or collectively with one or more prior changes) (i) an amendment to, or change in, any law, treaty, rule, published practice, published
concession or regulation of a Taxing Jurisdiction after the date of the Closing, or an amendment to, or change in, an official
interpretation or application of such law, treaty, rule, published practice, published concession or regulation after the date
of the Closing, which amendment or change is in force and continuing and meets the opinion and certification requirements described
below or (ii) in the case of any other jurisdiction that becomes a Taxing Jurisdiction after the date of the Closing, an amendment
to, or change in, any law, treaty, rule or regulation of such jurisdiction, or an amendment to, or change in, an official interpretation
or application of such law, treaty, rule or regulation, in any case after such jurisdiction shall have become a Taxing Jurisdiction,
which amendment or change is in force and continuing and meets the opinion and certification requirements described below. No such
amendment or change shall constitute a Change in Tax Law unless the same would in the opinion of the Company (which shall be evidenced
by an Officer&rsquo;s Certificate of the Company and supported by a written opinion of counsel having recognized expertise in the
field of taxation in the relevant Taxing Jurisdiction, both of which shall be delivered to all holders of the Notes prior to or
concurrently with the Tax Prepayment Notice in respect of such Change in Tax Law) affect the deduction or require the withholding
of any Tax imposed by such Taxing Jurisdiction on any payment payable on the Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 37.6pt">Section 8.4. Prepayment in Connection with a
Noteholder Sanctions Event<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(a)&nbsp;&nbsp; Upon the
Company&rsquo;s receipt of notice from any Affected Noteholder that a Noteholder Sanctions Event has occurred (which notice
shall refer specifically to this Section 8.4(a) and describe in reasonable detail such Noteholder Sanctions Event), the
Company shall promptly, and in any event within 10 Business Days, make an offer (the <B>&ldquo;Sanctions Prepayment
Offer&rdquo;</B>) to prepay the entire unpaid principal amount of Notes held by such Affected Noteholder (the <B>&ldquo;Affected
Notes&rdquo;</B>), together with interest thereon to the prepayment date selected by the Company with respect to each
Affected Note, plus the Net Loss, if any, and less the Net Gain, if any, with respect to any Swapped Note, (but without
payment of any Make-Whole Amount with respect thereto), which prepayment shall be on a Business Day not less than 30 days and
not more than 60 days after the date of the Sanctions Prepayment Offer (the <B>&ldquo;Sanctions Prepayment Date&rdquo;</B>).
Such Sanctions Prepayment Offer shall provide that such Affected Noteholder notify the Company in writing by a stated date
(the <B>&ldquo;Sanctions Prepayment Response Date&rdquo;</B>), which date is not later than 10 Business Days prior to the
stated Sanctions Prepayment Date, of its acceptance or rejection of such prepayment offer. If such Affected Noteholder does
not notify the Company as provided above, then the holder shall be deemed to have accepted such offer.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.85pt 0pt 11pt">(b)&nbsp;&nbsp; Subject to
the provisions of subparagraphs (c) and (d) of this Section 8.4, the Company shall prepay on the Sanctions Prepayment Date the
entire unpaid principal amount of the Affected Notes held by such Affected Noteholder who has accepted (or has been deemed to have
accepted) such prepayment offer (in accordance with subparagraph (a)), together with interest thereon to the Sanctions Prepayment
Date with respect to each such Affected Note, plus the Net Loss, if any, and less the Net Gain, if any, with respect to any Swapped
Note, (but without payment of any Make-Whole Amount with respect thereto).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(c)&nbsp;&nbsp; If a Noteholder
Sanctions Event has occurred but the Obligors and/or their Controlled Entities have taken such action(s) in relation to their activities
so as to remedy such Noteholder Sanctions Event (with the effect that a Noteholder Sanctions Event no longer exists, as reasonably
determined by such Affected Noteholder) prior to the Sanctions Prepayment Date, then the Company shall no longer be obliged or
permitted to prepay such Affected Notes in relation to such Noteholder Sanctions Event. If the Obligors and/or its Controlled Entities
shall undertake any actions to remedy any such Noteholder Sanctions Event, the Company shall keep the holders reasonably and timely
informed of such actions and the results thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.55pt 0pt 11pt">(d)&nbsp;&nbsp; If any Affected
Noteholder that has given written notice to the Company of its acceptance of (or has been deemed to have accepted) the Company&rsquo;s
prepayment offer in accordance with subparagraph (a) also gives notice to the Company prior to the relevant Sanctions Prepayment
Date that it has determined (in its sole discretion) that it requires clearance from any Governmental Authority in order to receive
a prepayment pursuant to this Section 8.4, the principal amount of each Note held by such Affected Noteholder, together with interest
accrued thereon to the date of prepayment, plus the Net Loss, if any, and less the Net Gain, if any, with respect to any Swapped
Note, shall become due and payable on the later to occur of (but in no event later than the Maturity Date of the relevant Note)
(i) such Sanctions Prepayment Date and (ii) the date that is 10 Business Days after such Affected Noteholder gives notice to the
Company that it is entitled to receive a prepayment pursuant to this Section 8.4 (which may include payment to an escrow account
designated by such Affected Noteholder to be held in escrow for the benefit of such Affected Noteholder until such Affected Noteholder
obtains such clearance from such Governmental Authority), and in any event, any such delay in accordance with the foregoing clause
(ii) shall not be deemed to give rise to any Default or Event of Default.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(e)&nbsp;&nbsp; Promptly,
and in any event within 5 Business Days, after the Company&rsquo;s receipt of notice from any Affected Noteholder that a
Noteholder Sanctions Event shall have occurred with respect to such Affected Noteholder, the Company shall forward a copy of
such notice to each other Purchaser or holder of Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 34.9pt; margin: 0pt 46.75pt 0pt 11pt">(f)&nbsp;&nbsp; The Company
shall promptly, and in any event within 10 Business Days, give written notice to the Purchasers or holders after the Company or
any Controlled Entity having been notified that (i) its name appears or may in the future appear on a State Sanctions List or (ii)
it is in violation of, or is subject to the imposition of sanctions under, any U.S. Economic Sanctions Laws, in each case which
notice shall describe the facts and circumstances thereof and set forth the action, if any, that the Company or a Controlled Entity
proposes to take with respect thereto.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33pt; margin: 0pt 46.85pt 0pt 11pt">(g)&nbsp;&nbsp; The foregoing
provisions of this Section 8.4 shall be in addition to any rights or remedies available to any Purchaser or holder of Notes that
may arise under this Agreement as a result of the occurrence of a Noteholder Sanctions Event; <I>provided</I>, that, if the Notes
shall have been declared due and payable pursuant to Section 12.1 as a result of the events, conditions or actions of the Company
or its Controlled Entities that gave rise to a Noteholder Sanctions Event, the remedies set forth in Section 12 shall control.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 8.5. Allocation of
Partial Prepayments</B>. In the case of each partial prepayment of the Notes pursuant to Section 8.2 and in the case of each offer
of partial prepayment or purchase of the Notes pursuant to Section 8.7, the principal amount of the Notes to be prepaid shall be
allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal
amounts thereof not theretofore called for prepayment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 8.6. Maturity; Surrender,
Etc</B>. In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be prepaid shall
mature and become due and payable on the date fixed for such prepayment, together with unpaid interest on such principal amount
accrued to such date and the applicable Make-Whole Amount and Net Loss, if any. From and after such date, unless the Company shall
fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount and Net Loss, if any,
as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to
the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any
Note.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 8.7. Purchase of
Notes</B>. Neither Obligor will, nor will either Obligor permit any Affiliate to purchase, redeem, prepay or otherwise
acquire, directly or indirectly, any of the outstanding Notes except (i) upon the payment or prepayment of the Notes in
accordance with this Agreement and the Notes or (ii) pursuant to an offer to purchase made by either Obligor or an Affiliate
pro rata to the holders of the relevant series of Notes at the time outstanding and upon the same terms and conditions <I>provided </I>that
if a Default or an Event of Default exists at such time, such offer shall be made pro rata to all holders of Notes then
outstanding. Any such offer shall provide each relevant holder with sufficient information to enable it to make an informed
decision with respect to such offer, and shall remain open for at least 15 Business Days. If the holders of more than 50% of
the principal amount of the applicable series of Notes then outstanding accept such offer, the Company shall promptly notify
the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be
extended by the number of days necessary to give each such remaining holder at least 10 Business Days from its receipt of
such notice to accept such offer. The Company will promptly cancel all Notes acquired by either Obligor or any Affiliate
pursuant to any payment or prepayment of Notes pursuant to this Agreement and no Notes may be issued in substitution or
exchange for any such Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 37.6pt">Section 8.8. Make-Whole Amount<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 44.6pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Make-Whole Amount with respect
to Non-Swapped Notes</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 47pt">The term &ldquo;<B>Make-Whole
Amount</B>&rdquo; means, with respect to any Non-Swapped Note, an amount equal to the excess, if any, of the Discounted Value of
the Remaining Scheduled Payments with respect to the Called Principal of such Non-Swapped Note over the amount of such Called Principal,
provided that the Make-Whole Amount may not in any event be less than zero. Payments of Make-Whole Amount in respect of any Non-Swapped
Note shall be made in Euros. For the purposes of determining the Make-Whole Amount with respect to any Non-Swapped Note, the following
terms have the following meanings:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 83pt">&ldquo;<B>Applicable Percentage</B>&rdquo; means 0.50%
(fifty basis points);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 47pt">&ldquo;<B>Called Principal</B>&rdquo;
means the principal of such Non-Swapped Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately
due and payable pursuant to Section 12.1, as the context requires;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 47pt">&ldquo;<B>Discounted Value</B>&rdquo;
means, with respect to the Called Principal of such Non-Swapped Note, the amount obtained by discounting all Remaining Scheduled
Payments with respect to such Called Principal from its scheduled due date to the Settlement Date with respect to such Called Principal,
in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest
on the Non-Swapped Note is payable) equal to the Reinvestment Yield with respect to such Called Principal;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 46.5pt 0pt 83pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.85pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Non-Swapped Note</B>&rdquo; means any
Note other than a Swapped Note;</P>

<P STYLE="margin: 0pt 46.85pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 46.85pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Reinvestment Yield</B>&rdquo; means, with respect to the Called Principal of any
Non-Swapped Note, the sum of (x) the Applicable Percentage plus (y) the yield to maturity implied by (A) the ask-side yields
reported as of 10:00 A.M. (New York time) on the second Business Day preceding the Settlement Date with respect to such
Called Principal, on the display designated as &ldquo;Page PXGE&rdquo; (or such other display as may replace Page PXGE on
Bloomberg Financial Markets) for the benchmark German Bund having a maturity equal to the Remaining Average Life of such
Called Principal as of such Settlement Date or (B) if (i) Page PXGE on Bloomberg Financial Markets (or such other display as
may replace Page PXGE) is not published on that day, or (ii) the yields reported as of such time are not ascertainable
(including by way of interpolation), by reference to the arithmetic mean of the yields to maturity quoted for actively trade
German Bund having a maturity equal to the remaining term of such Note as of such Settlement Date by three market makers
selected by the Parent Guarantor and acceptable to the holders of a majority of the unpaid principal amount of the Notes
subject to any Called Principal. If there is no German Bund having a maturity equal to the remaining term of such Note, then
such yield will be determined, by interpolating linearly between (a)&nbsp; the actively traded German Bund with the maturity
closest to and greater than the remaining term of such Note and (b) the actively traded German Bund with the maturity closest
to and less than the remaining term of such Note. The Reinvestment Yield shall be rounded to the number of decimal places as
appears in the interest rate of the applicable Note.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 47pt">&ldquo;<B>Remaining Average Life</B>&rdquo;
means, with respect to the Called Principal of any Non-Swapped Note, the number of years (calculated to the nearest one-twelfth
year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal
component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years (calculated to the
nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled
due date of such Remaining Scheduled Payment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 47pt">&ldquo;<B>Remaining Scheduled
Payments</B>&rdquo; means, with respect to the Called Principal of any Non-Swapped Note, all payments of such Called Principal
and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called
Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which an interest payment
is due to be made under the terms of such Non-Swapped Note, then the amount of the next succeeding scheduled interest payment will
be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to
Section 8.2 or Section 12.1;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 47pt">&ldquo;<B>Settlement Date</B>&rdquo;
means, with respect to the Called Principal of any Non-Swapped Note, the date on which such Called Principal is to be prepaid pursuant
to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 43.8pt"></TD><TD STYLE="width: 29.1pt">(b)</TD><TD STYLE="text-align: justify"><U>Make-Whole Amount with respect to Swapped Notes</U>.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 47pt">The term &ldquo;<B>Make-Whole
Amount</B>&rdquo; means, with respect to any Swapped Note, an amount equal to the excess, if any, of the Swapped Note Discounted
Value with respect to the Swapped Note Called Notional Amount related to such Swapped Note over such Swapped Note Called Notional
Amount, <I>provided </I>that the Make-Whole Amount may not in any event be less than zero. Payments of Make-Whole Amount in respect
of any Swapped Note shall be made in Dollars.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 47pt">For the purposes of determining
the Make-Whole Amount with respect to any Swapped Note, the following terms have the following meanings:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 47pt">&ldquo;<B>New Swap Agreement</B>&rdquo;
means any cross-currency swap agreement pursuant to which the holder of a Swapped Note is to receive payment in Dollars and which
is entered into in full or partial replacement of an Original Swap Agreement as a result of such Original Swap Agreement having
terminated for any reason other than a non-scheduled prepayment or a repayment of such Swapped Note prior to its scheduled maturity.
The terms of a New Swap Agreement with respect to any Swapped Note do not have to be identical to those of the Original Swap Agreement
with respect to such Swapped Note.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.9pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Original Swap Agreement</B>&rdquo; means,
with respect to any Swapped Note:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.5pt 0pt 83pt">(i)&nbsp;&nbsp; a cross-currency
swap agreement and annexes and schedules thereto (an &ldquo;<B>Initial Swap Agreement</B>&rdquo;) that is entered into on an arm&rsquo;s
length basis by the original purchaser of such Swapped Note (or any affiliate thereof) in connection with the execution of this
Agreement and the purchase of such Swapped Note and relates to the scheduled payments by the Company of interest and principal
on such Swapped Note, under which the holder of such Swapped Note is to receive payments from the counterparty thereunder in Dollars
and which is more particularly described in Schedule 8.8 or has been separately delivered to the Company on or before the date
of this Agreement;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.5pt 0pt 83pt">(ii)&nbsp;&nbsp;&nbsp; any Initial
Swap Agreement that has been assumed (without any waiver, amendment, deletion or replacement of any material economic term or provision
thereof) by a holder of a Swapped Note in connection with a transfer of such Swapped Note; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 83pt">(iii)&nbsp;&nbsp;&nbsp; any Replacement
Swap Agreement; and a &ldquo;<B>Replacement Swap Agreement</B>&rdquo; means, with respect to any Swapped Note, a cross-currency
swap agreement and annexes and schedules thereto with payment terms and provisions (other than a reduction in notional amount,
if applicable) identical to those of the Initial Swap Agreement with respect to such Swapped Note that is entered into on an arm&rsquo;s
length basis by the holder of such Swapped Note in full or partial replacement (by amendment, modification or otherwise) of such
Initial Swap Agreement (or any subsequent Replacement Swap Agreement) in a notional amount not exceeding the outstanding principal
amount of such Swapped Note following a non-scheduled prepayment or a repayment of such Swapped Note prior to its scheduled maturity.
Any holder of a Swapped Note that enters into, assumes or terminates an Initial Swap Agreement or Replacement Swap Agreement shall
within a reasonable period of time thereafter deliver to the Company an updated Schedule 8.8 or separately deliver the full Replacement
Swap Agreement to the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.9pt 0pt 47pt">&ldquo;<B>Swap Agreement</B>&rdquo;
means, with respect to any Swapped Note, an Original Swap Agreement or a New Swap Agreement, as the case may be.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 47pt">&ldquo;<B>Swapped Note</B>&rdquo;
means any Note that as of the date of the Closing is subject to a Swap Agreement. A &ldquo;<B>Swapped Note</B>&rdquo; shall no
longer be deemed a &ldquo;<B>Swapped Note</B>&rdquo; at such time as the related Swap Agreement ceases to be in force in respect
thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 46.9pt 0pt 83pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.9pt 0pt 83pt; font-size: 10pt; text-align: justify">&ldquo;<B>Swapped Note Applicable Percentage</B>&rdquo;
means 0.50% (50 basis points).</P>

<P STYLE="margin: 0pt 46.9pt 0pt 83pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 46.9pt 0pt 83pt; font-size: 10pt; text-align: justify">&ldquo;<B>Swapped Note Called Notional Amount</B>&rdquo; means, with respect to any Swapped</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 46.5pt 0pt 47pt">Note Called Principal of any Swapped Note, the payment
in Dollars due to the holder of such Swapped Note under the terms of the Swap Agreement to which such holder is a party, attributable
to and in exchange for such Swapped Note Called Principal and assuming that such Swapped Note Called Principal is paid on its scheduled
maturity date, <I>provided </I>that if such Swap Agreement is not an Original Swap Agreement, then the &ldquo;Swapped Note Called
Notional Amount&rdquo; in respect of such Swapped Note shall not exceed the amount in Dollars which would have been due to the
holder of such Swapped Note under the terms of the Original Swap Agreement to which such holder was a party (or if such holder
was never party to an Original Swap Agreement, then the last Original Swap Agreement to which the most recent predecessor in interest
to such holder as a holder of such Swapped Note was a party), attributable to and in exchange for such Swapped Note Called Principal
and assuming that such Swapped Note Called Principal is paid on its scheduled Maturity Date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 47pt">&ldquo;<B>Swapped Note Called
Principal</B>&rdquo; means, with respect to any Swapped Note, the principal of such Swapped Note that is to be prepaid pursuant
to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 47pt">&ldquo;<B>Swapped Note Discounted
Value</B>&rdquo; means, with respect to the Swapped Note Called Notional Amount of any Swapped Note that is to be prepaid pursuant
to Section</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.65in 0pt 47pt">8.2 or has become or is declared to be immediately
due and payable pursuant to Section 12.1, as the context requires, the amount obtained by discounting all Swapped Note Remaining
Scheduled Swap Payments corresponding to the Swapped Note Called Notional Amount of such Swapped Note from their respective scheduled
due dates to the Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount, in accordance with accepted
financial practice and at a discount factor (applied on the same periodic basis as that on which interest on such Swapped Note
is payable) equal to the Swapped Note Reinvestment Yield with respect to such Swapped Note Called Notional Amount.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 47pt">&ldquo;<B>Swapped Note
Reinvestment Yield</B>&rdquo; means, with respect to the Swapped Note Called Notional Amount of any Swapped Note, the sum of
the (x) Swapped Note Applicable Percentage plus (y) the yield to maturity implied by the ask yield(s) reported as of 10:00
a.m. (New York City time) on the second Business Day preceding the Swapped Note Settlement Date with respect to such Swapped
Note Called Notional Amount, on the display designated as &ldquo;Page PX1&rdquo; (or such other display as may replace Page
PX1) on the Bloomberg Financial Markets for the most recently issued actively traded on the run U.S. Treasury securities
(&ldquo;<B>Reported</B>&rdquo;) having a maturity equal to the Swapped Note Remaining Average Life of such Swapped Note
Called Notional Amount as of such Swapped Note Settlement Date. If there are no such U.S. Treasury securities Reported having
a maturity equal to such Swapped Note Remaining Average Life, then such implied yield to maturity will be determined by (a)
converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b)
interpolating linearly between the ask yields Reported for the applicable most recently issued actively traded on-the-run
U.S. Treasury securities with the maturities (1) closest to and greater than such Swapped Note Remaining Average Life and (2)
closest to and less than such Swapped Note Remaining Average Life. The Swapped Note Reinvestment Yield shall be rounded to
the number of decimal places as appears in the interest rate of the applicable Swapped Note.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 47pt">If such yields are not Reported
or the yields Reported as of such time are not ascertainable (including by way of interpolation), then &ldquo;<B>Swapped Note Reinvestment
Yield</B>&rdquo; means, with respect to the Swapped Note Called Notional Amount of any Swapped Note, the sum of (x) the Swapped
Note Applicable Percentage plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the
latest day for which such yields have been so reported as of the second Business Day preceding the Swapped Note Settlement Date
with respect to such Swapped Note Called Notional Amount, in Federal Reserve Statistical Release H.15 (or any comparable successor
publication) for the U.S. Treasury constant maturity having a term equal to the Swapped Note Remaining Average Life of such Swapped
Note Called Notional Amount as of such Swapped Note Settlement Date. If there is no such U.S. Treasury constant maturity having
a term equal to such Swapped Note Remaining Average Life, such implied yield to maturity will be determined, by interpolating linearly
between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Swapped Note Remaining
Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Swapped Note Remaining
Average Life. The Swapped Note Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate
of the applicable Swapped Note.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 47pt">&ldquo;<B>Swapped Note Remaining
Average Life</B>&rdquo; means, with respect to any Swapped Note Called Notional Amount, the number of years (calculated to the
nearest one-twelfth year) obtained by dividing (x) such Swapped Note Called Notional Amount into (y) the sum of the products obtained
by multiplying (1) the principal component of each Swapped Note Remaining Scheduled Swap Payments with respect to such Swapped
Note Called Notional Amount by (2) the number of years (calculated to the nearest one-twelfth year) that will elapse between the
Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount and the scheduled due date of such Swapped
Note Remaining Scheduled Swap Payments.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 47pt">&ldquo;<B>Swapped Note
Remaining Scheduled Swap Payments</B>&rdquo; means, with respect to the Swapped Note Called Notional Amount relating to any
Swapped Note, the payments due to the holder of such Swapped Note in Dollars under the terms of the Swap Agreement to which
such holder is a party which correspond to all payments of the Swapped Note Called Principal of such Swapped Note
corresponding to such Swapped Note Called Notional Amount and interest on such Swapped Note Called Principal (other than that
portion of the payment due under such Swap Agreement corresponding to the interest accrued on the Swapped Note Called
Principal to the Swapped Note Settlement Date) that would be due after the Swapped Note Settlement Date in respect of such
Swapped Note Called Notional Amount assuming that no payment of such Swapped Note Called Principal is made prior to its
originally scheduled payment date, <I>provided </I>that if such Swapped Note Settlement Date is not a date on which an
interest payment is due to be made under the terms of such Swapped Note, then the amount of the next succeeding scheduled
interest payment will be reduced by the amount of interest accrued to such Swapped Note Settlement Date and required to be
paid on such Swapped Note Settlement Date pursuant to Section 8.2 or Section 12.1.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 47pt">&ldquo;<B>Swapped Note Settlement
Date</B>&rdquo; means, with respect to the Swapped Note Called Notional Amount of any Swapped Note Called Principal of any Swapped
Note, the date on which such Swapped Note Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared
to be immediately due and payable pursuant to Section 12.1, as the context requires.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 37.6pt">Section 8.9. Swap Breakage<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">If any Swapped Note is prepaid or purchased pursuant
to Sections 8.2, 8.3, 8.4, 8.7 or 8.11&nbsp;&nbsp; or has become or is declared to be immediately due and payable pursuant to
Section 12.1, then (i) any resulting Net Loss in connection therewith shall be reimbursed to the holder of such Swapped Note
by the Company in Dollars upon any such prepayment or repayment of such Swapped Note and (ii) any resulting Net Gain in
connection therewith shall be deducted (a) from the Make-Whole Amount, if any, or any principal or interest to be paid to the
holder of such Swapped Note by the Company upon any such prepayment or repayment of such Swapped Note pursuant to Sections
8.2, 8.3, 8.4, 8.7 or 8.11 or (b) from the Make-Whole Amount, if any, to be paid to the holder of such Swapped Note by the
Company upon any such repayment of such Swapped Note pursuant to Section 12.1, <I>provided </I>that, in either case the
Make-Whole Amount in respect of such Swapped Note may never be less than zero. Each holder of a Swapped Note shall be
responsible for calculating its own Net Loss or Net Gain, as the case may be, and Swap Breakage Amount in Dollars upon the
prepayment or repayment of all or any portion of such Swapped Note, and such calculations as reported to the Company in
reasonable detail shall be binding on the Company absent demonstrable error. The Swap Breakage Amount, Net Gain and Net Loss
shall be payable in Dollars.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">As used in this Section 8.9
with respect to any Swapped Note that is prepaid or accelerated, &ldquo;<B>Net Loss</B>&rdquo; means the amount, if any, by
which the total of the Swapped Note Called Notional Amount and the Swapped Note Accrued Interest Amount exceeds the sum of
(x) the total of the Converted Swapped Note Called Principal and the Converted Swapped Note Called Interest, plus (or minus
in the case of an amount paid) (y) the Swap Breakage Amount received (or paid) by the holder of such Swapped Note; and
&ldquo;<B>Net Gain</B>&rdquo; means the amount, if any, by which the total of the Swapped Note Called Notional Amount and the
Swapped Note Accrued Interest Amount is exceeded by the sum of (x) the total of the Converted Swapped Note Called Principal
and the Converted Swapped Note Called Interest, plus (or minus in the case of an amount paid) (y) the Swap Breakage Amount
received (or paid) by such holder. For purposes of any determination of any &ldquo;Net Loss&rdquo; or &ldquo;Net Gain,&rdquo;
the &ldquo;<B>Converted Swapped Note Called Principal</B>&rdquo; and the &ldquo;<B>Converted Swapped Note Called
Interest</B>&rdquo; shall be determined by the holder of the affected Swapped Note by converting the Swapped Note Called
Principal or Swapped Note Called Interest, as applicable, of such Swapped Note from Euros into Dollars at the current
Euros/Dollar exchange rate, as determined as of as of 10:00 a.m. (New York City time) on the day such Swapped Note is prepaid
or accelerated as indicated on the applicable screen of Bloomberg Financial Markets and any such calculation shall be
reported to the Company in reasonable detail and shall be binding on the Company absent demonstrable error.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">As used in this Section 8.9, &ldquo;<B>Swap
Breakage Amount</B>&rdquo; means, with respect to the Swap Agreement associated with any Swapped Note, in determining the Net Loss
or Net Gain, the amount that would be received (in which case the Swap Breakage Amount shall be positive) or paid (in which case
the Swap Breakage Amount shall be negative) by the holder of such Swapped Note as if such Swap Agreement had terminated due to
the occurrence of an event of default or an early termination under the ISDA 1992 Multi-Currency Cross Border Master Agreement
or ISDA 2002 Master Agreement, as applicable (the &ldquo;<B>ISDA Master Agreement</B>&rdquo;); provided, however, that if such
holder (or its predecessor in interest with respect to such Swapped Note) was, but is not at the time, a party to an Original Swap
Agreement but is a party to a New Swap Agreement, then the Swap Breakage Amount shall mean the lesser of (x) the gain or loss (if
any) which would have been received or incurred (by payment, through off-set or netting or otherwise) by the holder of such Swapped
Note under the terms of the Original Swap Agreement (if any) in respect of such Swapped Note to which such holder (or any affiliate
thereof) was a party (or if such holder was never a party to an Original Swap Agreement, then the last Original Swap Agreement
to which the most recent predecessor in interest to such holder as a holder of a Swapped Note was a party) and which would have
arisen as a result of the payment of the Swapped Note Called Principal on the Swapped Note Settlement Date and (y) the gain or
loss (if any) actually received or incurred by the holder of such Swapped Note, in connection with the payment of such Swapped
Note Called Principal on the Swapped Note Settlement Date, under the terms of the New Swap Agreement to which such holder (or any
affiliate thereof) is a party. The holder of such Swapped Note will make all calculations related to the Swap Breakage Amount in
good faith and in accordance with its customary practices for calculating such amounts under the ISDA Master Agreement pursuant
to which such Swap Agreement shall have been entered into and assuming for the purpose of such calculation that there are no other
transactions entered into pursuant to such ISDA Master Agreement (other than such Swap Agreement).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">&ldquo;<B>Swapped Note
Accrued Interest Amount</B>&rdquo; means, with respect to any Swapped Note, the payment in Dollars due to the holder of such
Swapped Note under the terms of the Swap Agreement to which such holder is a party, attributable to and in exchange for the
amount of interest accrued on the Swapped Note Called Principal with respect to such Swapped Note to the Swapped Note
Settlement Date and assuming that such interest is paid on its scheduled interest payment date; provided that if such Swap
Agreement is not an Original Swap Agreement, then the &ldquo;Swapped Note Accrued Interest Amount&rdquo; in respect of such
Swapped Note shall not exceed the amount in Dollars that would have been due with respect to such Swapped Note under the
terms of the Original Swap Agreement related to such Swapped Note, attributable to and in exchange for such amount of
interest accrued on the Swapped Note Called Principal to the Swapped Note Settlement Date and assuming that such interest is
paid on its scheduled interest payment date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.95pt 0pt 11pt">&ldquo;<B>Swapped Note Called
Interest</B>&rdquo; means, with respect to any Swapped Note, the accrued and unpaid interest on such Swapped Note that is prepaid
or purchased pursuant to Sections 8.2, 8.3, 8.4, 8.7 or 8.11 or has become or is declared to be immediately due and payable pursuant
to Section 12.1.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.75pt 0pt 11pt"><B>Section 8.10. Payments Due
on Non-Business Days</B><I>. </I>Anything in this Agreement or the Notes to the contrary notwithstanding, (x) except as set forth
in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall be made on the next succeeding
Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business
Day; and (y) any payment of principal of or Make-Whole Amount on any Note or Net Loss on any Swapped Note (including principal
due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business
Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 31.6pt">Section 8.11. Change of Control Prepayment Offer<FONT STYLE="font-weight: normal"><I>.</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.5pt 0pt 11pt">(a)&nbsp;&nbsp; Promptly upon
becoming aware that a Change of Control has occurred (and in any event not later than ten (10) Business Days thereafter), the Company
shall give written notice (the &ldquo;<B>Change of Control Notice</B>&rdquo;) of such fact to all holders of the Notes. The Change
of Control Notice shall (i) describe the facts and circumstances of such Change of Control in reasonable detail, (ii) refer to
this Section 8.11 and the rights of the holders hereunder and (iii) contain an offer by the Company to prepay the entire unpaid
principal amount of Notes held by each holder at 100% of the principal amount of such Notes at par (without Make-Whole Amount),
together with interest accrued thereon plus the Net Loss, if any, and less the Net Gain, if any, on any Swapped Note, to the prepayment
date selected by the Company, which prepayment shall be on a date specified in the Change of Control Notice, which date shall be
a Business Day not less than 30 nor more than 60 days after such Change of Control Notice is given should any agreement to the
contrary with respect to such payment date not be reached among the Company and each of the holders of the Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.85pt 0pt 11pt">(b)&nbsp;&nbsp; A holder of
Notes may accept the offer to prepay made pursuant to this Section 8.11 by causing a notice of such acceptance to be delivered
to the Company not more than 25 days after the date of the written offer notice referred to in subsection (a) of this Section 8.11.
A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.11 shall be deemed to constitute
rejection of such offer by such holder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(c)&nbsp;&nbsp; On the prepayment
date specified in the Change of Control Notice, the entire unpaid principal amount of the Notes held by each holder of Notes which
has accepted such prepayment offer, together with interest accrued thereon plus the Net Loss, if any, and less the Net Gain, if
any, on any Swapped Note (but without Make-Whole Amount), shall become due and payable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(d)&nbsp;&nbsp; For purposes
of this Section 8.11, &ldquo;<B>Change of Control</B>&rdquo; means <FONT STYLE="color: blue"><U>the occurrence of one or both of
the following (1)</U></FONT> any change in ownership of shares of the Parent Guarantor which results in any shareholder or group
of related or affiliated shareholders (other than (i) Jay S. Hennick, (ii) the Hennick Family, (iii) a trust, the sole beneficiaries
of which are any of the Hennick Family and (iv) any and all corporations or entities which are directly or indirectly controlled
by any of the Hennick Family) owning shares of the Parent Guarantor having voting rights that carry greater than 30% of the voting
rights attached to all outstanding shares of the Parent Guarantor <FONT STYLE="color: blue"><U>and (2) any change of control, fundamental
change or similar condition <FONT STYLE="text-underline-style: double">permitting</FONT> the holders of Convertible Debentures
to redeem their Convertible Debentures for cash (a &ldquo;<B>CD Change of Control</B>&rdquo;)</U></FONT>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 9. AFFIRMATIVE COVENANTS.</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 46.75pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 26.6pt">From the date of this Agreement until the Closing and
thereafter, so long as any of the Notes are outstanding, the Obligors covenant that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.75pt 0pt 11pt"><B>Section 9.1. Compliance with
Laws</B>. Without limiting Section 10.4, the Obligors will, and will cause each of its Subsidiaries (other than Unrestricted Entities)
to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA, Environmental
Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16), and will obtain and maintain
in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their
respective properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance
with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates,
permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 9.2. Insurance</B>.
Each Obligor will, and will cause each of its Subsidiaries (other than Unrestricted Entities) to, maintain, with financially sound
and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies,
of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves
are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or
a similar business and similarly situated.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 9.3. Maintenance
of Properties</B>. Each Obligor will, and will cause each of its Subsidiaries (other than Unrestricted Entities) to, maintain
and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other
than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, <I>provided </I>that
this Section 9.3 shall not prevent any Obligor or any Subsidiary from discontinuing the operation and the maintenance of any
of its properties if such discontinuance is desirable in the conduct of its business and the Parent Guarantor has concluded
that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 9.4. Payment of Taxes
and Claims</B>. (a) Each Obligor will, and will cause each of its Subsidiaries (other than Unrestricted Entities) to, file all
material tax returns required to be filed in any Taxing Jurisdiction and to pay and discharge all taxes shown to be due and payable
on such returns and all other material taxes, assessments, governmental charges, or levies imposed on them or any of their properties,
assets, income or franchises, to the extent the same have become due and payable and before they have become delinquent and all
claims for which sums have become due and payable that have or might become a Lien on properties or assets of any Obligor or any
Subsidiary, <I>provided </I>that no Obligor nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (i)
the amount, applicability or validity thereof is contested by such Obligor or such Subsidiary on a timely basis in good faith and
in appropriate proceedings, and such Obligor or such Subsidiary has established adequate reserves therefor in accordance with GAAP
on the books of such Obligor or such Subsidiary or (ii) the nonpayment of all such taxes, assessments, charges, levies and claims
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 9.5. Corporate Existence,
Etc</B>. Subject to Section 10.2, each Obligor will at all times preserve and keep its corporate existence in full force and effect.
Subject to Section 10.2, each Obligor will at all times preserve and keep in full force and effect the corporate existence of each
of its Significant Subsidiaries (other than Unrestricted Entities) (unless merged into an Obligor or a Wholly-Owned Subsidiary)
and all rights and franchises of such Obligor and its Subsidiaries unless, in the good faith judgment of the Parent Guarantor,
the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise could
not, individually or in the aggregate, have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 9.6. Books and Records</B>.
Each Obligor will, and will cause each of its Subsidiaries (other than Unrestricted Entities) to, maintain proper books of record
and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction
over each Obligor or such Subsidiary, as the case may be. Each Obligor will, and will cause each of its Subsidiaries to, keep books,
records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. Each Obligor
and its Subsidiary Guarantors have devised a system of internal accounting controls sufficient to provide reasonable assurances
that their respective books, records, and accounts accurately reflect all transactions and dispositions of assets and such Obligor
will, and will cause each of its Subsidiary Guarantors to, continue to maintain such system.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 37.6pt">Section 9.7. Subsidiary Guarantors<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.5pt 0pt 11pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company or the Parent Guarantor may, at its election (but subject to Section 9.7(c)), at any time or from time to time, cause
any Subsidiary which is not then a Subsidiary Guarantor to become a Subsidiary Guarantor if the following conditions are satisfied:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 39.35pt">(i)&nbsp;&nbsp; each holder of a
Note shall have received an executed Subsidiary Guarantee from such new Subsidiary Guarantor;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.5pt 0pt 47pt">(ii)&nbsp;&nbsp;&nbsp; each
holder of a Note shall have received an opinion or opinions of counsel in all applicable jurisdictions to the combined effect that
such Subsidiary Guarantee of such new Subsidiary Guarantor has been duly authorised, executed and delivered by such new Subsidiary
Guarantor and constitutes a legal, valid and binding obligation enforceable against such new Subsidiary Guarantor in accordance
with its terms, all as subject to any exceptions and assumptions of the type set forth in the opinions referenced in Section 4.4
and as are reasonable under the circumstances;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 47pt">(iii)&nbsp;&nbsp;&nbsp; each
holder of a Note shall have received a certificate of the Secretary or a Director (or other appropriate officer or person) of the
new Subsidiary Guarantor as to due authorization, charter or constitutional documents, board resolutions and the incumbency of
officers; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36.7pt; margin: 0pt 0.65in 0pt 47pt">(iv)&nbsp;&nbsp;&nbsp; each holder
of a Note shall have received a certificate of a Responsible Officer of the Company certifying that at such time and immediately
after giving effect to such Subsidiary Guarantee no Default or Event of Default shall have occurred and be continuing.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to Section 9.7(c), at the election of the Parent Guarantor or the Company and by written notice to each holder of Notes,
any Subsidiary Guarantor may be discharged from all of its obligations and liabilities under its Subsidiary Guarantee and shall
be automatically released from its obligations thereunder without the need for the execution or delivery of any other document
by the holders or any other Person, <I>provided </I>in each case, that (i) after giving effect to such release no Default or Event
of Default shall have occurred and be continuing, (ii) no amount is then due and payable under such Subsidiary Guarantee, and (iii)
each holder of Notes shall have received a certificate of a Responsible Officer to the foregoing effect and setting forth the information
(including reasonably detailed computations) reasonably required to establish compliance with the foregoing requirements, and <I>provided
further </I>in each case that the highest consideration paid or provided (if any) to any creditor under any Material Credit Facility
for the release of such Subsidiary Guarantor from its obligations under such Material Credit Facility is paid pro rata to each
holder of Notes at substantially the same time and on equivalent terms.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Obligors agree that so long as any Subsidiary is liable at any time, whether as a borrower, additional borrower, guarantor
or otherwise under or with respect to any Material Credit Facility such Subsidiary shall at all such times be a Subsidiary Guarantor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.95pt; margin: 0pt 46.5pt 0pt 11pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Receivables Entity shall be required to be a Subsidiary Guarantor unless it becomes liable as a borrower, additional borrower,
guarantor or otherwise under or with respect to any Material Credit Facility, in which case it will be required to become a Subsidiary
Guarantor as required in accordance with Section 9.7(c).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 26.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 9.8. Priority
of Obligations</B>. Each Obligor will ensure that the payment obligations of the Company under this Agreement and the Notes
and of the Parent Guarantor under this Agreement, and the payment obligations of any Subsidiary Guarantor under its
Subsidiary Guarantee, will at all times rank at least <I>pari passu</I>, without preference or priority, with all other
unsecured and unsubordinated Indebtedness of such Obligor and such Subsidiary Guarantor, as applicable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 10. NEGATIVE COVENANTS</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">From the date of this Agreement until the Closing and
thereafter, so long as any of the Notes are outstanding, the Obligors covenant that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 10.1. Transactions
with Affiliates</B>. No Obligor will, and the Obligors will not permit any Subsidiary (other than any Unrestricted Entity) to,
enter into directly or indirectly any transaction or group of related transactions (including the purchase, lease, sale or exchange
of properties of any kind or the rendering of any service) with any Affiliate (other than any Obligor or another Subsidiary), except
in the ordinary course and pursuant to the reasonable requirements of such Obligor&rsquo;s or such Subsidiary&rsquo;s business
and upon fair and reasonable terms no less favorable to such Obligor or such Subsidiary than would be obtainable in a comparable
arm&rsquo;s-length transaction with a Person not an Affiliate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 10.2. Merger, Consolidation,
Etc</B>. No Obligor will, and the Obligors will not permit any Subsidiary (other than Unrestricted Entities) to, consolidate with
or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series
of transactions to any Person, unless:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.5pt 0pt 47pt">(i)&nbsp;&nbsp; so long as
no Default or Event of Default would result therefrom, any Subsidiary of Obligors may be merged or consolidated with or into
the Company or the Parent Guarantor, <I>provided </I>that (A) the Company or the Parent Guarantor shall be the continuing or
surviving entity or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not the
Company or the Parent Guarantor (such Person, the &ldquo;Successor Subsidiary&rdquo;), (1)(a) in the case of a merger,
amalgamation or consolidation by a Person organized or existing under the laws of the United States, any state thereof or the
District of Columbia, the Successor Subsidiary shall be an entity organized or existing under the laws of the United States,
any state thereof or the District of Columbia, (b) in the case of a merger, amalgamation or consolidation by a Person
organized or existing under the laws of Canada or any province thereof, the Successor Subsidiary shall be an entity organized
or existing under the laws of Canada or any province thereof, and (c) in the case of a merger, amalgamation or consolidation
by a Person not organized or existing under the laws of the United States, any state thereof, the District of Columbia,
Canada or any province thereof, the Successor Subsidiary shall be an entity organized or existing under the laws of a
Permitted Jurisdiction, (2) the Successor Subsidiary shall expressly assume all the obligations of the Company or the Parent
Guarantor, as applicable, under this Agreement and the Notes pursuant to a supplement hereto or thereto in form reasonably
satisfactory to the holders, (3) each applicable Subsidiary Guarantor, unless it is the other party to such merger,
amalgamation or consolidation, shall have by a supplement hereto confirmed that its Guarantee (including any guarantee
thereunder) shall apply to the Successor Subsidiary&rsquo;s obligations under this Agreement, and (4) if reasonably requested
by the holders of the Notes, an opinion of counsel to the effect that such merger, amalgamation or consolidation does not
violate this Agreement, and provided further that if the foregoing are satisfied, the Successor Subsidiary will succeed to,
and be substituted for, the Company or the Parent Guarantor, as applicable, under this Agreement and the Notes and <I>provided
further </I>that all agreements or instruments effecting such merger, amalgamation or consolidation are enforceable in
accordance with their terms; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.5pt 0pt 47pt">(ii)&nbsp;&nbsp;&nbsp; any Subsidiary
of the Obligors or any other Person may be merged, amalgamated or consolidated with or into any one or more Subsidiaries of the
Obligors, provided that (A) in the case of any merger, amalgamation or consolidation involving one or more Subsidiaries (other
than Unrestricted Entities), (1) a Subsidiary shall be the continuing or surviving entity or (2) the Obligors shall take all steps
necessary to cause the Person formed by or surviving any such merger, amalgamation or consolidation (if other than an Unrestricted
Entity) to become a Subsidiary Guarantor (if such Subsidiary meets the criteria thereof), (B) in the case of any merger, amalgamation
or consolidation involving one or more Subsidiary Guarantors, a Subsidiary Guarantor shall be the continuing or surviving entity
or the Person formed by or surviving any such merger, amalgamation or consolidation (if other than a Subsidiary Guarantor) shall
execute a supplement or joinder to this Agreement and a Guarantee (as required), in order to become a Subsidiary Guarantor to the
extent required under Section 9.7(b), (C) no Default or Event of Default would result from the consummation of such merger, amalgamation
or consolidation, and (D) if such merger, amalgamation or consolidation is with respect to any Subsidiary Guarantor, the Obligors
shall have delivered to the Holders an opinion of counsel to the effect that all agreements or instruments effecting such merger,
amalgamation or consolidation are enforceable in accordance with their terms and such Guarantee remains enforceable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 10.3. Line of Business</B>.
The Obligors will not, and will not permit any Subsidiary to, fail to carry on diligently and conduct its business in a proper
and efficient manner so as to preserve and protect its properties, assets and income in a prudent manner consistent with usual
industry practice and the preservation of its business and assets, and it will not fail to cause its Subsidiaries (other than Unrestricted
Entities) to do the same in respect of their respective businesses and assets and, in particular, without limiting the foregoing,
it will not alter its business plan so as to change materially the nature or scope of business, operations or activities currently
carried on by it or its Subsidiaries (other than Unrestricted Entities), without obtaining the prior written consent of the Required
Holders (which consent shall not be unreasonably withheld).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 10.4. Economic
Sanctions, Etc</B>. The Obligors will not, and will not permit any Controlled Entity to (a) become (including by virtue of
being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly have any
investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the
proceeds of the Notes) with any Person if such investment, dealing or transaction would be in violation of, or could result
in the imposition of sanctions under, any U.S. Economic Sanctions Laws applicable to such Obligor or such Controlled Entity,
except, in the case of this clause (b), to the extent that such violation or sanctions, if imposed, could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 10.5. Liens</B>.
The Obligors will not, and will not permit any Subsidiary (other than Unrestricted Entities) to, without the Required Holders&rsquo;
prior written consent, incur, create or assume or permit to exist any Lien on any of its or any of its Subsidiaries&rsquo; property
or assets, whether owned at the date hereof or hereafter acquired other than Permitted Encumbrances.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 31.6pt"><B>Section 10.6. Financial Covenants</B>. The Parent Guarantor will, at
all times:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">(i) maintain a Total Debt/Consolidated
EBITDA Ratio of not more than 3.5t o 1.0;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">(ii) maintain on a
consolidated and rolling 4 Quarters basis, an Interest Coverage Ratio of greater than 2.0 to 1.0; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 47pt">(iii) ensure that
Priority Debt does not at any time exceed 7.5% of Consolidated Total Assets. For the avoidance of doubt, the Obligors shall
not at any time use the capacity to incur, assume or permit to exist any Priority Debt to grant a Lien securing Indebtedness
outstanding under or pursuant to any Material Credit Facility unless and until all obligations of the Obligors under this
Agreement and the Notes shall concurrently be secured equally and ratably with such Indebtedness pursuant to documentation in
form and substance reasonably satisfactory to the Required Holders.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 10.7. Sale of Assets</B>.
The Obligors will not, without the Required Holders&rsquo; prior written consent (which consent shall not be unreasonably withheld),
sell, transfer or otherwise dispose of its control, direct or indirect, of any of its Subsidiaries (other than Unrestricted Entities)
and it will not, nor will it permit any of its Subsidiaries (other than Unrestricted Entities) to, without the Required Holders&rsquo;
prior written consent, sell, lease, assign, transfer, convey or otherwise dispose of any of its business properties or assets whether
now owned or hereafter acquired (including, without limitation, receivables and leasehold interests, patents and intellectual property
rights) (in each case a &ldquo;Disposition&rdquo;) but excluding:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in"> (i) inventory disposed of in the ordinary course of business;</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">(ii) dispositions or other
transfers of assets, including shares in Subsidiaries, among the Obligors and Subsidiary Guarantors, dispositions or other
transfers of assets from Immaterial Subsidiaries and Unrestricted Entities to the Parent Guarantor, the Company and to
Subsidiary Guarantors, dispositions or other transfers of assets from Immaterial Subsidiaries and Unrestricted Entities to
other Immaterial Subsidiaries and Unrestricted Entities and dispositions or other transfers of assets (not exceeding an
aggregate collective amount of $10,000,000 tangible (per GAAP) assets during the term of this Agreement) from Obligors,
Subsidiary Guarantors or Material Subsidiaries (other than Unrestricted Entities) to Immaterial Subsidiaries and Unrestricted
Entities;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 46.5pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">(iii) dispositions of shares
in a Subsidiary, to existing or new minority shareholders of such Subsidiary in the ordinary course of business;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">(iv)
provided no Event of Default has occurred and is continuing, Dispositions which would not after giving effect to such Disposition:</P>

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<P STYLE="margin: 0pt 46.5pt 0pt 83pt; font-size: 10pt; text-align: justify; text-indent: 38.15pt"> (A) result in a Default or Event of Default occurring and continuing; or</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 38.15pt; margin: 0pt 46.5pt 0pt 83pt">(B)
(1) result in the aggregate book value of all assets that have been the subject of a Disposition during the period commencing on
the immediately preceding Fiscal Year end of the Parent Guarantor and ending on the date of the proposed Disposition, exceeding
15% of Consolidated Total Assets; or (2) result in the aggregate book value of all assets that have been the subject of a Disposition
for the period commencing as of September 30, 2016 until the date of the proposed Disposition to exceed 25% of Consolidated Total
Assets determined as of the Fiscal Year end of the Obligors immediately preceding the date of the proposed Disposition; <I>provided
</I>that proceeds of Dispositions which are reinvested within 365 days of the date of such Disposition shall be excluded from the
calculation of the foregoing percentages,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(v) property which is,
substantially contemporaneously with the Disposition hereof, replaced by property of substantially the same kind or nature
and of at least equivalent value, and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.55pt; margin: 0pt 46.5pt 0pt 47pt">(vi) dispositions of
Receivables Facility Assets in connection with any Permitted Receivables Transaction, provided that any such disposition to a
Receivables Entity or a Person that is not an Obligor or a Subsidiary shall be on an arm&rsquo;s length basis.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 10.8. Restricted
Payments</B>. The Obligors will not, and will not permit any Subsidiary (other than Unrestricted Entities) to, make or permit
any withdrawals or any other payments of money or equivalents thereof whatsoever (including, without limitation, royalties,
management fees, etc.) by or to the shareholders of the Parent Guarantor or in respect of any Convertible Debentures , except
for the following, in each case <FONT STYLE="color: blue"><U>(x) with respect to clauses (A)-(E) and (G) below,</U></FONT>
provided no Event of Default has occurred and is continuing and no Event of Default will occur as a consequence thereof
(including after giving pro forma effect thereto and any related transaction in the calculation of the financial covenants
under Section 10.6) <FONT STYLE="color: blue"><U>and (y) with respect to clause (F) below, provided no Specified Default or
Event of Default has occurred and is continuing and no Specified Default or Event of Default will occur as a consequence
thereof (including after giving pro forma effect thereto and any related transaction (including specifically any financing of
any Restricted Payments to be made on Convertible Debentures) in the calculation of the financial covenants under Section
10.6) and, in addition to the foregoing requirements, with respect to clause (F)(iii) below, (1) the Total Debt to
Consolidated EBITDA Ratio, measured as of the last day of the Quarter occurring immediately prior to such CD Redemption and
giving pro forma effect to such CD Redemption and any Indebtedness incurred in connection therewith, is not more than 2.5:1.0
and (2) the forecast Total Debt to Consolidated EBITDA Ratio calculated by the Parent Guarantor using information that the
Parent Guarantor believes, in good faith, to be accurate and using reasonable assumptions and calculated in a reasonable
manner (taking into account the anticipated CD Redemption), <FONT STYLE="text-underline-style: double">measured </FONT>as of
the last day of each of the two consecutive Quarters occurring after such CD Redemption</U>, <U>i</U>s <U>no</U>t <U>mor</U>e <U>tha</U>n
2.5:1.0</FONT>:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 37.4pt; margin: 0pt 46.9pt 0pt 47pt">(A)&nbsp;&nbsp;(1) the payment of dividends, whether in cash or in specie; and (2) normal course distributions to minority shareholders of Subsidiaries
of the Obligors as contemplated in the Parent Guarantor&rsquo;s annual business plan;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 38.15pt; margin: 0pt 46.85pt 0pt 47pt">(B)&nbsp;&nbsp;distributions and returns of capital (whether by retirement, redemption, repurchase, cancellation or otherwise) and normal course
issuer bids of the Parent Guarantor;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 38pt; margin: 0pt 46.85pt 0pt 47pt">(C)&nbsp;&nbsp;payments upon exercise of the put options under the Shareholders&rsquo; Agreements;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 37.4pt; margin: 0pt 46.85pt 0pt 47pt">(D)&nbsp;&nbsp;payments upon exercise of the call options under the Shareholders&rsquo; Agreements;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 38.75pt; margin: 0pt 46.5pt 0pt 47pt">(E)&nbsp;&nbsp;
payments on account of retirement, termination, death or disability redemptions;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.45pt; margin: 0pt 46.85pt 0pt 47pt">(F)&nbsp;&nbsp;payments in respect of Convertible Debentures <FONT STYLE="color: blue"><U>of (i) scheduled interest, (ii) offers to redeem in
connection with a CD Change of Control (but only as long as the Change of Control Repurchase Conditions have been satisfied) and
(iii) principal</U></FONT> on the scheduled maturity date thereof; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 41.4pt; margin: 0pt 0.65in 0pt 47pt">(G)&nbsp;dividends or other distributions by the Receivables Entity to the holders of equity interests therein (so long as such holders
are either an Obligor or a wholly owned Subsidiary of an Obligor).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.9pt 0pt 11pt"><B>Section 10.9. Investments
in Unrestricted Entities</B>. No Obligor will, nor will it permit any Subsidiary (other than Unrestricted Entities) to, without
obtaining the prior written consent of the Required Holders, make any investments in and/or provide financial assistance to Unrestricted
Entities exceeding an aggregate initial investment value of the greater of (x) 5.0% of Consolidated Total Assets and (y) $100,000,000
at any time (for certainty, there shall be no restriction on investments in, or financial assistance to any Subsidiary that is
not an Unrestricted Entity). The Obligors shall be permitted to remove an entity from its qualification as an Unrestricted Entity
at any time by giving written notice to the holders and thereafter all provisions hereunder with respect to the Subsidiaries of
the Obligors (other than provisions specifically relating to Unrestricted Entities) shall apply to such entity in the event such
entity is a Subsidiary of an Obligor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 25.6pt">Section 10.10. Most Favored Lender Provision<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(a)&nbsp;
If at any time any Material Credit Facility contains a financial covenant, covenant regarding restricted payments, or
limitations on investments in Unrestricted Entities, which is not contained in this Agreement or a covenant that is contained
in this Agreement in Sections 10.6, 10.8 and 10.9, which would in any respect be more beneficial to the holders of Notes than
the covenants set forth in this Agreement (any such provision, a &ldquo;<B>More Favorable Covenant</B>&rdquo;), then the
Obligors shall provide a Most Favored Lender Notice in respect of such More Favorable Covenant. Thereupon, and regardless of
whether the Company provides timely notice, such More Favorable Covenant shall be deemed automatically incorporated by
reference into Section 10 of this Agreement, <I>mutatis mutandis</I>, as if set forth in full herein, effective as of the
date when such More Favorable Covenant shall have become effective under any Material Credit Facility. Thereafter, upon the
request of any holder of a Note, the Obligors shall enter into any additional agreement or amendment to this Agreement
reasonably requested by such holder evidencing any of the foregoing.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.95pt 0pt 11pt">(b)&nbsp;&nbsp;Any More Favorable Covenant incorporated into this Agreement (herein referred to as an &ldquo;<B>Incorporated Covenant</B>&rdquo;)
pursuant to this Section 10.10:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.5pt 0pt 47pt">(i)&nbsp;&nbsp; shall be deemed
automatically amended herein to reflect any subsequent amendments made to such More Favorable Covenant under such Material Credit
Facility (<I>provided </I>that, if a Default or an Event of Default then exists and the amendment of such More Favorable Covenant
would make such covenant less restrictive on the Company, such Incorporated Covenant shall only be deemed automatically amended
at such time, if it should occur, when such Default or Event of Default no longer exists) and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.85pt 0pt 47pt">(ii)&nbsp;&nbsp;&nbsp; shall
be deemed automatically deleted from this Agreement at such time as such More Favorable Covenant is deleted or otherwise removed
from such Material Credit Facility or such Material Credit Facility shall be terminated (<I>provided </I>that, if a Default or
an Event of Default then exists, such Incorporated Covenant shall only be deemed automatically deleted from this Agreement at such
time, if it should occur, when such Default or Event of Default no longer exists); <I>provided, however</I>, that if any fee or
other consideration shall be given to the lenders under such Material Credit Facility for such amendment or deletion, the equivalent
of such fee or other consideration shall be given to the holders of the Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">Upon the occurrence of any event
described in sub-clause (i) of the preceding sentence, upon the request of the Company or any holder of Notes, the holders of Notes
(if applicable) and the Obligors shall enter into any additional agreement or amendment to this Agreement reasonably requested
by the Parent Guarantor or a holder of Notes, as the case may be, evidencing the amendment of any such Incorporated Covenants.
Upon the occurrence of any event described in sub-clause (ii) of the second preceding sentence, upon the request of the Parent
Guarantor, the holders of Notes shall enter into any additional agreement or amendment to this Agreement reasonably requested by
the Parent Guarantor evidencing the deletion and termination of any such Incorporated Covenants.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For the avoidance of doubt, each of the financial covenants in Section 10.6, and the covenants included in Sections 10.8 and 10.9,
as of the date of this Agreement shall remain in this Agreement regardless of whether any Incorporated Covenants are incorporated
into or deleted from this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;<B>Most Favored Lender Notice</B>&rdquo; means, in respect of any More Favorable Covenant, a written notice to each of the
holders of the Notes delivered promptly, and in any event with ten Business Days after the inclusion of such More Favorable Covenant
in a Material Credit Facility (including by way of amendment or other modification of any existing provision thereof) from a Senior
Financial Officer of the Parent Guarantor referring to the provisions of this Section 10.13 and setting forth a reasonably detailed
description of such More Favorable Covenant (including any defined terms used therein) and related explanatory calculations, as
applicable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 11. EVENTS OF DEFAULT</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 20.6pt; margin: 0pt 52.65pt 0pt 11pt"><B>Section 11.1. Events of Default</B>.&#9;An
&ldquo;<B>Event of Default</B>&rdquo; shall exist if any of the following conditions or events shall occur and be continuing:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 0.65in 0pt 47pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
default shall be made in the payment of any principal or Make-Whole Amount or Net Loss, if any, on any Note when the same becomes
due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
default shall be made in the payment of any interest on any Note or any amount payable pursuant to Section 13 for more than five
Business Days after the same becomes due and payable; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.95pt 0pt 47pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
default shall be made in the performance of or compliance with any term contained in Section 7.1(d) or Sections 10.2, 10.6, 10.7,
and 10.8; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
default shall be made by any Obligor or any Subsidiary Guarantor in the performance of or compliance with any term contained herein
(other than those referred to in Sections 11(a), (b) and (c)) or in any Subsidiary Guarantee and such default is not remedied within
30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) an Obligor receiving
written notice of such default from any holder of a Note (any such written notice to be identified as a &ldquo;notice of default&rdquo;
and to refer specifically to this Section 11(d)); or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.75pt 0pt 47pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i) any material representation or warranty made in writing by or on behalf of any Obligor by any officer of any Obligor in
this Agreement or in any writing furnished in connection with the transactions contemplated hereby proves to have been false
or incorrect in any material respect on the date as of which made, or (ii) any material representation or warranty made in
writing by or on behalf of any Subsidiary Guarantor or by any officer of such Subsidiary Guarantor in any Subsidiary
Guarantee or any writing furnished in connection with such Subsidiary Guarantee proves to have been false or incorrect in any
material respect on the date as of which made, save that if any such materially incorrect representation or warranty is
capable of being corrected and none of the holders of the Notes has been prejudiced by such materially incorrect
representation or warranty, then the Obligors shall have 30 days after written notice thereof to take such action to make the
representation or warranty true and correct with such notice, on which case such representation or warranty shall be deemed
to have been true and correct when originally made or furnished; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.1pt; margin: 0pt 46.5pt 0pt 47pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i) any Obligor or any Subsidiary (other than Unrestricted Entities) is in default (as principal or as guarantor or other
surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness that is
outstanding in an aggregate principal amount of at least the greater of (x) 3.0% of Consolidated Total Assets and (y)
$50,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto,
or (ii) any Obligor or any Subsidiary (other than Unrestricted Entities) is in default in the performance of or compliance
with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least the greater of (x)
3.0% of Consolidated Total Assets and (y) $50,000,000 (or its equivalent in the relevant currency of payment) or of any
mortgage, indenture or other agreement relating thereto or any other condition exists, and as a consequence of such default
or condition such Indebtedness has become, or has been declared (or one or more Persons are entitled to declare such
Indebtedness to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii)
as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of
the holder of Indebtedness to convert such Indebtedness into equity interests), (x) any Obligor or any Subsidiary (other than
Unrestricted Entities) has become obligated to purchase or repay Indebtedness before its regular maturity or before its
regularly scheduled dates of payment in an aggregate outstanding principal amount of at least the greater of (x) 3.0% of
Consolidated Total Assets and (y) $50,000,000 (or its equivalent in the relevant currency of payment), or (y) one or more
Persons have the right to require any Obligor or any Subsidiary so to purchase or repay such Indebtedness; <I>provided
however </I>that the foregoing clauses (i)-(iii) exclude any default arising solely from the occurrence of a Change of
Control <FONT STYLE="color: blue"><U>(other than wit</U>h <U>respec</U>t <U>t</U>o <U>Convertibl</U>e Debentures)</FONT>;
or</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.2pt; margin: 0pt 46.5pt 0pt 47pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any Obligor or any Subsidiary (other than any Unrestricted Entity and except as permitted in Section 11.2) (i) is generally not
paying, or admits in writing its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise
to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation
or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii)
makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other
officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent
or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by any Obligor or
any of its Subsidiaries (other than Unrestricted Entities and except as permitted in Section 11.2), a custodian, receiver, trustee
or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting
an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation
or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation
of any Obligor or any such Subsidiary, or any such petition shall be filed against any Obligor or any such Subsidiary and such
petition shall not be dismissed within 30 days; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.75pt 0pt 47pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any event occurs with respect to any Obligor or any Subsidiary (other than Unrestricted Entities and except as permitted under
Section 11.2) which under the laws of any jurisdiction is analogous to any of the events described in Section 11(g) or Section
11(h), <I>provided </I>that the applicable grace period, if any, which shall apply shall be the one applicable to the relevant
proceeding which most closely corresponds to the proceeding described in Section 11(g) or Section 11(h); or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.5pt 0pt 47pt">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
one or more final judgments or orders for the payment of money aggregating in excess of $50,000,000 (or its equivalent in the relevant
currency of payment), including any such final order enforcing a binding arbitration decision, a writ, execution or attachment
or similar process is issued or levied against an Obligor or any Subsidiary (other than Unrestricted Entities) and which is not,
within 30 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 30 days after the
expiration of such stay; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or
a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a
notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall
have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC
shall have notified either Obligor or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii)
there is any &ldquo;amount of unfunded benefit liabilities&rdquo; (within the meaning of section 4001(a)(18) of ERISA) under
one or more Plans, determined in accordance with Title IV of ERISA, (iv) the aggregate present value of accrued benefit
liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such Non-U.S. Plans
allocable to such liabilities, (v) any Obligor or any ERISA Affiliate shall have incurred or is reasonably expected to incur
any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee
benefit plans, (vi) any Obligor or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii) any Obligor or any
Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner
that would increase the liability of any Obligor or any Subsidiary thereunder, (viii) any Obligor or any Subsidiary fails to
administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules,
regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix) any Obligor or any
Subsidiary becomes subject to the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or
other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any such event or
events described in clauses (i) through (ix) above, either individually or together with any other such event or events,
could reasonably be expected to have a Material Adverse Effect. As used in this Section 11(k), the terms <B>&ldquo;employee
benefit plan&rdquo; </B>and <B>&ldquo;employee welfare benefit plan&rdquo; </B>shall have the respective meanings assigned to
such terms in section 3 of ERISA; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.5pt 0pt 47pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any Subsidiary Guarantee shall cease to be in full force and effect, any Subsidiary Guarantor or any Person acting on behalf of
any Subsidiary Guarantor shall contest in any manner the validity, binding nature or enforceability of any Subsidiary Guarantee,
or the obligations of any Subsidiary Guarantor under any Subsidiary Guarantee are not or cease to be legal, valid, binding and
enforceable in accordance with the terms of such Subsidiary Guarantee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 11.2. Bankruptcy
Exception</B>. The Events of Default set out in clauses (g), (h) and (i) of Section 11.1 above shall not apply to any case
involving a Subsidiary that is not an Obligor or a Subsidiary Guarantor, where (a) the events which would otherwise meet the
requirements of clauses (g), (h) or (i) above have occurred solely as the result of a reasonable strategic business decision,
by the Obligors or other parent of the applicable Subsidiary, (b) the applicable Subsidiary has a trailing 12 month average
EBITDA of less than two percent (2%) of Consolidated EBITDA prior to such strategic business decision, and (c) no other
Default or Event of Default has occurred and is continuing, or would result from taking any such course of action; provided,
however, that the foregoing exception to the Events of Default in clauses (g), (h)&nbsp;&nbsp; and (i) above will only be
permitted with respect to any Subsidiary, or group of Subsidiaries, up to a maximum aggregate amount of U.S.$10,000,000 (in
EBITDA) during the term of this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 12. REMEDIES ON DEFAULT, ETC</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 12.1. Acceleration</B>.
(a) If an Event of Default with respect to any Obligor described in Section 11(g), (h) or (i) (other than an Event of Default described
in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses
clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.9pt 0pt 11pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice
or notices to the Obligors, declare all the Notes then outstanding to be immediately due and payable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at
the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the
Obligors, declare all the Notes held by it or them to be immediately due and payable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">Upon any Notes becoming due and
payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid
principal amount of such Notes, plus (i) all accrued and unpaid interest thereon (including interest accrued thereon at the Default
Rate), (ii) the Net Loss (if any) and less the Net Gain (if any) and (iii) the Make-Whole Amount determined in respect of such
principal amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further
notice, all of which are hereby waived. The Obligors acknowledge, and the parties hereto agree, that each holder of a Note has
the right to maintain its investment in the Notes free from repayment by the Obligors (except as herein specifically provided for)
and that the provision for payment of a Make-Whole Amount or, solely with respect to a prepayment, Net Loss (if any) by the Company
in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation
for the deprivation of such right under such circumstances.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.45pt 0pt 11pt"><B>Section 12.2. Other Remedies</B>.
If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been
declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect
and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific
performance of any agreement contained herein or in any Note or Subsidiary Guarantee, or for an injunction against a violation
of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 12.3.
Rescission</B>. At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the
Required Holders, by written notice to the Obligors, may rescind and annul any such declaration and its consequences if (a)
the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, or Net Loss, if any,
on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such
overdue principal and Make-Whole Amount or Net Loss, if any, and (to the extent permitted by applicable law) any overdue
interest in respect of the Notes, at the Default Rate, (b) no Obligor nor any Subsidiary Guarantor nor any other Person shall
have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults,
other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been
waived pursuant to Section 18, and (d)&nbsp;&nbsp;&nbsp;&nbsp; no judgment or decree has been entered for the payment of any
monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any
subsequent Event of Default or Default or impair any right consequent thereon.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 12.4. No
Waivers or Election of Remedies, Expenses, Etc</B>. No course of dealing and no delay on the part of any holder of any Note
in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder&rsquo;s rights,
powers or remedies. No right, power or remedy conferred by this Agreement, any Subsidiary Guarantee or any Note upon any
holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter
available at law, in equity, by statute or otherwise. Without limiting the obligations of the Obligors under Section 16, the
Obligors will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and
expenses of such holder incurred in any enforcement or collection under this Section 12, including reasonable
attorneys&rsquo; fees, expenses and disbursements and any registration duty.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 13. TAX INDEMNIFICATION; FATCA INFORMATION</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 31.6pt">Section 13.1. Tax Gross-up<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.5pt 0pt 11pt">(a)&nbsp;&nbsp; All payments
whatsoever under this Agreement and the Notes and any payments with respect to a Guaranteed Obligation (together a &ldquo;<B>Relevant
Tax Payment</B>&rdquo;) will be made by the Company or the Parent Guarantor, as applicable, in Euros or Dollars, as applicable,
free and clear of, and without liability for withholding or deduction for or on account of, any present or future Taxes of whatever
nature imposed or levied on such payments made to any holder of Notes by or on behalf of any jurisdiction (other than the jurisdiction
in which such holder is resident for tax purposes) (a) in which the Company or the Parent Guarantor, as applicable, is incorporated,
organised, managed or controlled or otherwise resides for tax purposes or (b) where a branch or office through which the Company
or the Parent Guarantor, as applicable, is acting for purposes of this Agreement is located or from or through which the Company
or Parent Guarantor, as applicable, is making any payment (or any political subdivision or taxing authority of or in such jurisdiction)
((a) and (b) together, a &ldquo;<B>Taxing Jurisdiction</B>&rdquo;), unless the withholding or deduction of such Tax is required
by law or by the interpretation or administration of law.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(b)&nbsp;&nbsp; If any deduction
or withholding for any Tax of a Taxing Jurisdiction shall at any time be required in respect of a Relevant Tax Payment, the Company
or the Parent Guarantor, as applicable, will pay to the relevant Taxing Jurisdiction the full amount required to be withheld, deducted
or otherwise paid before penalties attach thereto or interest accrues thereon and pay to each holder of a Note such additional
amounts as may be necessary in order that the net amounts paid to such holder pursuant to the terms of this Agreement or the Notes
after such deduction, withholding or payment (including, without limitation, any required deduction or withholding of Tax on or
with respect to such additional amount), shall be not less than the amounts then due and payable to such holder under the terms
of this Agreement or the Notes before the assessment of such Tax, <I>provided</I> that no payment of any additional amounts shall
be required to be made:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.7pt 0pt 47pt">(i)&nbsp;&nbsp; for or on
account of any Tax that would not have been imposed but for the existence of any present or former connection between such
holder (or a fiduciary, settlor, beneficiary, affiliate of, member of, shareholder of, or possessor of a power over, such
holder, if such holder is an estate, trust, partnership or corporation or any Person (other than the holder) to whom the
Notes or any amount payable thereon is attributable for the purposes of such Tax) and the Taxing Jurisdiction, other than the
mere holding of the relevant Note or the receipt of payments thereunder or in respect thereof or the exercise of remedies in
respect thereof, including, without limitation, such holder (or such other Person described in the above parenthetical) being
or having been a citizen or resident thereof, or being or having been present or engaged in trade or business therein or
having or having had an establishment, office, fixed base or branch therein, <I>provided </I>that this exclusion shall not
apply with respect to a Tax that would not have been imposed but for the Company or the Parent Guarantor, as applicable,
after the date of the Closing, opening an office in, moving an office to, reincorporating in, or changing the Taxing
Jurisdiction from or through which payments on account of this Agreement or the Notes are made to, the Taxing Jurisdiction
imposing the relevant Tax;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.5pt 0pt 47pt">(ii)&nbsp;&nbsp;&nbsp; for or
on account of any Tax that would not have been imposed but for the delay or failure by such holder (following a written request
by the Company, Parent Guarantor or their legal counsel) in the filing with the relevant Taxing Jurisdiction of Forms (as defined
below) that are required to be and may validly be filed by such holder to avoid or reduce such Taxes (including for such purpose
any extensions, refilings or renewals of filings that may from time to time be required by the relevant Taxing Jurisdiction) and/or
in the delay or failure by such holder to take such other reasonably requested actions in order to mitigate the amount of any such
Tax, <I>provided </I>that the filing of such Forms (as defined below) and/or the taking of such other actions would not (in such
holder&rsquo;s reasonable judgment) impose any unreasonable burden (in time, resources or otherwise) on such holder or result in
any confidential or proprietary income tax return information being revealed, either directly or indirectly, to any Person and
such delay or failure could have been lawfully avoided by such holder, and <I>provided further</I>, that the submission of the
HMRC Documents (as defined below) shall not constitute the imposition of any such unreasonable burden or constitute the disclosure
of any confidential or proprietary income tax return information for the purpose hereof, and <I>provided further</I>, that such
holder shall be deemed to have satisfied the requirements of this clause (b)(ii) upon the good faith completion and submission
of such Forms (as defined below) (including extensions, refilings or renewals of filings), or taking of such actions, as may be
specified in a written request of the Parent Guarantor or its legal counsel no later than 60 days after receipt by such holder
of such written request (accompanied by copies of such Forms (as defined below) and related instructions, if any, all in the English
language or with an English translation thereof) <I>provided, however, </I>that in the case of a written request from the Parent
Guarantor or its legal counsel that an application be made for an extension or renewal of a direction from Her Majesty&rsquo;s
Revenue &amp; Customs (&ldquo;<B>HMRC</B>&rdquo;) made pursuant to an HMRC Form US Company 2002 or similar form (&ldquo;<B>HMRC
Documents</B>&rdquo;) such holder shall be deemed to have satisfied the requirements of this clause (b)(ii) upon the good faith
submission of such application to HMRC not less than six (6) months prior to the date on which such direction is to expire (subject
to the Obligor&rsquo;s compliance with the requirement below to provide at least 9 months but no more than 12 months prior written
notice) <I>provided </I>further that such holder shall be deemed to have satisfied the requirements of this clause (b)(ii) upon
providing the Company with such holder&rsquo;s valid HMRC DT Treaty Passport Scheme reference number and Taxing Jurisdiction in
Schedule A of this Agreement;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.9pt 0pt 47pt">(iii)&nbsp;&nbsp;&nbsp; for or
on account of any estate, inheritance, gift, sale, excise, transfer, personal property or similar tax assessment or other governmental
charge;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36.7pt; margin: 0pt 46.45pt 0pt 47pt">(iv)&nbsp;&nbsp;&nbsp; to any
holder of a Note that is registered in the name of a nominee if under the law of the relevant Taxing Jurisdiction (or the current
regulatory interpretation of such law) securities held in the name of a nominee do not qualify for an exemption from the relevant
Tax which would otherwise have applied and an Obligor shall have given timely notice of such law or interpretation to such holder;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.45pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 36.7pt"> (v) for any Tax imposed under FATCA;</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36.7pt; margin: 0pt 0.65in 0pt 47pt">(vi)&nbsp;&nbsp;&nbsp; if on
the date on which the payment falls due the payment could have been made to the relevant holder without such deduction or withholding
if the relevant holder had been a Qualifying Holder, but on that date such relevant holder is not or has ceased to be a Qualifying
Holder other than as a result of any change after the date it became a holder under this Agreement (or in the case of a Purchaser,
the date of this Agreement) in any law or tax treaty or any published practice or published concession of any relevant taxing authority;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.35pt; margin: 0pt 46.85pt 0pt 47pt">(vii)&nbsp;&nbsp;&nbsp; the
relevant holder is a Qualifying Holder solely by virtue of limb (c) of the definition of Qualifying Holder and (A) an officer of
HMRC has given (and not revoked) a direction (a &ldquo;<B>Direction</B>&rdquo;) under section 931 of the ITA which relates to the
payment and that holder has received from the Obligor making the payment a certified copy of that Direction, and (B) the payment
could have been made to the holder without any withholding or deduction if that Direction had not been made; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.85pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 33.35pt"> (viii) any combination of clauses (i), (ii), (iii), (iv), (v), (vi), and (vii) above.</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 46.85pt 0pt 11pt">and <I>provided further </I>that in no event shall
the Company or the Parent Guarantor, as applicable, be obligated to pay such additional amounts to any holder of a Note not resident
in the United States of America or any other jurisdiction in which an original Purchaser is resident for tax purposes on the date
of the Closing in excess of the amounts that the Company or the Parent Guarantor, as applicable, would be obligated to pay if such
holder had been a resident of the United States of America or such other jurisdiction, as applicable, for the purposes of, and
eligible for the benefits of, any double taxation treaty from time to time in effect between the United States of America or such
other Purchaser jurisdictions, as applicable, and the relevant Taxing Jurisdiction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 31.6pt">Section 13.2. Tax Cooperation<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 33.6pt"><FONT STYLE="color: #010101">(a) </FONT>(i)
A Purchaser that holds a passport under the HMRC DT Treaty Passports cheme, and which wishes that scheme to apply to the
Notes, shall confirm its scheme reference number and its jurisdiction of tax residence in Schedule A, and (ii) a Person that
becomes a holder of a Note pursuant to clause 14.2 and that holds a passport under the HMRC DT Treaty Passport scheme, and
which wishes that scheme to apply to such Note(s), shall confirm its scheme reference number and its jurisdiction of tax
residence in the information provided to the Company pursuant to Section 14.2, and, having done so, such holder of the Notes shall be under no obligation
pursuant to paragraph (e) below.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 43.7pt 0pt 65pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 33.6pt"><FONT STYLE="color: #010101">(b) </FONT>Where
a holder of a Note has included its HMRC DT Treaty Passport Schemer eference number and its jurisdiction of tax residence in
Schedule A (or, in the case of any transferee of a Note, in the information provided to the Company pursuant to Section
14.2), the Company shall file a duly completed form DTTP2 in respect of such holder with HMRC no later than 30 days prior to
the first interest payment date under the Notes (or, in the case of any transferee of a Note, within 30 days of completion of
the transfer thereof).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 33.6pt"><FONT STYLE="color: #010101">(c) </FONT>If
a holder of Notes has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with
paragraph (a) above and the Company has made a DTTP2 Filing in respect of such holder but (A) that DTTP2 Filing has been
rejected by HMRC, (B) the HMRC DT Treaty Passport has expired, or (C) HMRC has not given the Company authority to make
payments to such holder free of any withholding or deduction within 30 days of the date of the DTTP2 Filing, and in each
case, the Company has notified the relevant holder of the Note in writing, paragraph (e) below shall have effect in relation
to such holder from such time.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 33.6pt"><FONT STYLE="color: #010101">(d) </FONT>If
a holder of any Note has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with
paragraph (a) above, the Company shall not make a DTTP2 Filing or file any other form relating to the HMRC DT Treaty Passport
scheme in respect of that holder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 33.6pt"><FONT STYLE="color: #010101">(e) </FONT>Subject
to the limitations and provisos of Section 13.1(b)(ii) above, by acceptance of any Note, the holder of such Note agrees, that
it will from time to time with reasonable promptness (i) duly complete and deliver to or as reasonably directed by the
Company or the Parent Guarantor all such forms, certificates, documents and returns provided to such holder or its legal
counsel by the Company or the Parent Guarantor or their legal counsel (collectively, together with instructions for
completing the same, &ldquo;<B>Forms</B>&rdquo;) required to be filed by or on behalf of such holder in order to avoid or
reduce any such Tax pursuant to the provisions of an applicable statute, regulation or administrative practice of the
relevant Taxing Jurisdiction or of a tax treaty between the jurisdiction of the holder of such Note and such Taxing
Jurisdiction and (ii)&nbsp; provide the Company with such information with respect to such holder as the Company may
reasonably request in order to complete any such Forms, <I>provided </I>that nothing in this Section 13.2(e) shall require
any holder to provide information with respect to any such Form (other than HMRC Documents) or otherwise if in the good faith
opinion of such holder such Form (other than HMRC Documents) or disclosure of information would involve the disclosure of tax
return or other information that is confidential or proprietary to such holder, and <I>provided further </I>that each such
holder shall be deemed to have complied with its obligation under this paragraph with respect to any Form (other than HMRC
Documents) if such Form (other than HMRC Documents) shall have been duly completed and delivered by such holder to the
Company or mailed to the appropriate taxing authority, whichever is applicable, within 60 days following a written request of
the Company (which request shall be accompanied by copies of such Form and English translations of any such Form not in the
English language) and, in the case of a transfer of any Note, at least 90 days prior to the relevant interest payment
date.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 31.6pt">Section 13.3. Tax Credits Etc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">If any payment is made by the
Company or the Parent Guarantor, as applicable, to or for the account of the holder of any Note after deduction for or on account
of any Taxes, and increased payments are made by the Obligors pursuant to this Section 13, then, if such holder in its sole discretion
determines that it has received or been granted a refund of such Taxes, such holder shall, to the extent that it can do so without
prejudice to the retention of the amount of such refund, reimburse to the Company or the Parent Guarantor, as applicable, the amount
of such refund, as such holder shall, in its sole discretion, determine to be attributable to the relevant Taxes or deduction or
withholding. Nothing herein contained shall interfere with the right of the holder of any Note to arrange its tax affairs in whatever
manner it thinks fit and, in particular, no holder of any Note shall be under any obligation to claim relief from its corporate
profits or similar tax liability in respect of such Tax in priority to any other claims, reliefs, credits or deductions available
to it or (other than as set forth in Section 13.1(b) above) oblige any holder of any Note to disclose any information relating
to its tax affairs or any computations in respect thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">The Company or the Parent Guarantor,
as applicable, will furnish the holders of Notes, promptly and in any event within 60 days after the date of any payment by the
Company or the Parent Guarantor, as applicable, of any Tax in respect of any amounts paid under this Agreement or the Notes, the
original tax receipt (or a certificate of Tax deducted) issued by the relevant taxation or other authorities involved for all amounts
paid as aforesaid (or if such original tax receipt (or a certificate of Tax deducted) is not available or must legally be kept
in the possession of the Company or the Parent Guarantor, as applicable, a duly certified copy of the original tax receipt or any
other reasonably satisfactory evidence of payment), together with such other documentary evidence with respect to such payments
as may be reasonably requested from time to time by any holder of a Note.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">If the Company or the Parent
Guarantor, as applicable, is required by any applicable law, as modified by the practice of the taxation or other authority of
any relevant Taxing Jurisdiction, to make any deduction or withholding of any Tax in respect of which the Company or the Parent
Guarantor, as applicable, would be required to pay any additional amount under this Section 13, but for any reason does not make
such deduction or withholding with the result that a liability in respect of such Tax is assessed directly against the holder of
any Note, and such holder pays such liability, then the Company or the Parent Guarantor, as applicable, will promptly reimburse
such holder for such payment (including any related interest or penalties to the extent such interest or penalties arise by virtue
of a default or delay by the Company or the Parent Guarantor, as applicable,) upon demand by such holder accompanied by an official
receipt (or a duly certified copy thereof) issued by the taxation or other authority of the relevant Taxing Jurisdiction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">Notwithstanding anything to
the contrary in this Agreement, if the Company or the Parent Guarantor, as applicable, makes payment to or for the account of
any holder of a Note after deduction for or on account of any Taxes, and such holder is entitled to a refund of the Tax to
which such payment is attributable upon the making of a filing (other than a Form described above), then such holder shall,
as soon as practicable after receiving written request from the Company or the Parent Guarantor, as applicable, (which shall
specify in reasonable detail and supply the refund forms to be filed) use reasonable efforts to complete and deliver such
refund forms to or as directed by the Company or the Parent Guarantor, as applicable, subject, however, to the same
limitations and provisos with respect to Forms as are set forth above.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 31.6pt">Section 13.4. FATCA Information<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">By acceptance of any Note, the
holder of such Note agrees that such holder will from time to time with reasonable promptness duly complete and deliver to or as
reasonably directed by the Company, the Parent Guarantor or its agent from time to time (i) in the case of any such holder that
is a United States Person, such holder&rsquo;s United States tax identification number or other Forms reasonably requested by the
Company or the Parent Guarantor necessary to establish such holder&rsquo;s status as a United States Person under FATCA and as
may otherwise be necessary for the Company or the Parent Guarantor, as applicable, to comply with its obligations under FATCA and
(ii) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including
as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company or
the Parent Guarantor, as applicable to comply with its obligations under FATCA and to determine that such holder has complied with
such holder&rsquo;s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made
to such holder. Nothing in this Section 13.4 shall require any holder of Notes to provide information that is confidential or proprietary
to such holder unless such information is prescribed by applicable law for the Company to comply with its obligations under FATCA
and, in such event, the Obligors shall treat such information as confidential.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 31.6pt">Section 13.5. Qualifying Private Placement
Certificate<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">Any Purchaser or holder of a
Note may deliver a QPP Certificate to the Company and provided that such QPP Certificate has not been withdrawn by the holder of
the Note or cancelled by HMRC (unless such withdrawal or cancellation is as a consequence of the failure of the Company to comply
with its obligations under regulation 7 of the Income Tax (Qualifying Private Placement Regulations) 2015 (SI 2015/2002)), none
of Section 13.1(b)(ii) above, the further proviso to Section 13.1(b) above or Section 13.2 above shall apply in relation to such
holder (or such holder&rsquo;s Notes), unless and until (a) such holder has withdrawn such QPP Certificate or (b) the Company has
given such holder 30 days&rsquo; notice that such QPP Certificate has been withdrawn or cancelled by HMRC.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">The obligations of the Obligors
under this Section 13 shall survive the payment or transfer of any Note and the provisions of this Section 13 shall also apply
to successive transferees of the Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 14. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 14.1. Registration
of Notes</B>. The Company shall keep at its principal executive office a register for the registration and registration of transfers
of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee
of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name and
address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof
and (b) at any such beneficial owner&rsquo;s option, either such beneficial owner or its nominee may execute any amendment, waiver
or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any Note
shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and no Obligor shall be
affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional Investor
promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 14.2. Transfer and
Exchange of Notes</B>. Upon surrender of any Note to the Company at the address and to the attention of the designated officer
(all as specified in Section 19(a)(iii)), for registration of transfer or exchange (and in the case of a surrender for registration
of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder&rsquo;s
attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee
of such Note or part thereof), within 10 Business Days thereafter, the Company shall execute and deliver, at the Company&rsquo;s
expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate
principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person
as such holder may request and shall be substantially in the form of Schedule 1. Each such new Note shall be dated and bear interest
from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest
shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge
imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than &euro;100,000, <I>provided
</I>that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination
of less than &euro;100,000. Any applicable transferee, by its acceptance of a Note registered in its name (or the name of its nominee),
shall be deemed to have made the representation set forth in Section 6.2.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 14.3. Replacement
of Notes</B>. Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section
19(a)(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any
Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership
and such loss, theft, destruction or mutilation), and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.5pt 0pt 47pt">(a)&nbsp;&nbsp; in the case
of loss, theft or destruction, of indemnity reasonably satisfactory to it (<I>provided </I>that if the holder of such Note
is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $100,000,000
or a Qualified Institutional Buyer, such Person&rsquo;s own unsecured agreement of indemnity shall be deemed to be
satisfactory), or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 40.8pt"> (b)&nbsp;&nbsp; in the case of mutilation, upon surrender and cancellation thereof,</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.65in 0pt 11pt">within 10 Business Days thereafter, the Company at
its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest
shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated
Note if no interest shall have been paid thereon.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 15. PAYMENTS ON NOTES</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 15.1. Place of Payment</B>.
Subject to Section 15.2, payments of principal, Make-Whole Amount, if any, Net Loss, if any, and interest becoming due and payable
on the Notes shall be made in London, England at the principal office of HSBC Bank Plc in such jurisdiction. The Company may at
any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be
either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.7pt 0pt 11pt"><B>Section 15.2. Payment by Wire
Transfer</B>. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in
Section 15.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole
Amount, if any, or Net Loss, if any, interest and all other amounts becoming due hereunder by the method and at the address specified
for such purpose below such Purchaser&rsquo;s name in Schedule A, or by such other method or at such other address as such Purchaser
shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such
Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably
promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably
promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated
by the Company pursuant to Section 15.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee,
such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest
has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 14.2. The Company
will afford the benefits of this Section 15.2 to any Institutional Investor that is the direct or indirect transferee of any Note
purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have
made in this Section 15.2.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 16. EXPENSES, ETC</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 16.1. Transaction
Expenses</B><I>. </I>Whether or not the transactions contemplated hereby are consummated, the Company will pay all costs and expenses
(including reasonable attorneys&rsquo; fees of a special counsel and, if reasonably required by the Required Holders, local or
other counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions and in connection
with any amendments, waivers or consents under or in respect of this Agreement, any Subsidiary Guarantee or the Notes (whether
or not such amendment, waiver or consent becomes effective), including: (a) the costs and expenses incurred in enforcing or defending
(or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guarantee or the Notes or
in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement,
any Subsidiary Guarantee or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses, including financial
advisors&rsquo; fees, incurred in connection with the insolvency or bankruptcy of any Obligor or any Subsidiary or in connection
with any work-out or restructuring of the transactions contemplated hereby and by the Notes and any Subsidiary Guarantee, and (c)
the costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial
information with the SVO, <I>provided </I>that such costs and expenses under this clause (c) shall not exceed $1,500 for each Series
of Notes. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier
(LEI).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">The Company will pay, and will
save each Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any fees, costs or expenses, if
any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase
of the Notes), (ii) any and all wire transfer fees that any bank or other financial institution deducts from any payment under
such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (iii) any judgment,
liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys&rsquo; fees and expenses) or
obligation resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes
by the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 16.2. Certain Taxes</B><I>.
</I>The Company agrees to pay all stamp, documentary or similar taxes or fees which may be required to be paid in respect of the
execution and delivery or the enforcement of this Agreement or any Subsidiary Guarantee or the execution and delivery (but not
the transfer) or the enforcement of any of the Notes in the United States, Canada, United Kingdom or any other jurisdiction of
organization in which an Obligor or any Subsidiary Guarantor is organized or any other jurisdiction where any Obligor or any Subsidiary
Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Subsidiary Guarantee
or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by such
Obligor pursuant to this Section 16, and will save each holder of a Note to the extent permitted by applicable law harmless against
any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by such Obligor
hereunder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 16.3. Survival</B><I>.
</I>The obligations of the Obligors under this Section 16 will survive the payment or transfer of any Note, the enforcement, amendment
or waiver of any provision of this Agreement, Guarantee, any Subsidiary Guarantee or the Notes, and the termination of this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -85pt; margin: 0pt 115.55pt 0pt 95.95pt"><B>SECTION 17. SURVIVAL OF REPRESENTATIONS
AND WARRANTIES; ENTIRE AGREEMENT</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">All representations and warranties
contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser
of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder
of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All
statements contained in any certificate or other instrument delivered by or on behalf of any Obligor pursuant to this Agreement
shall be deemed representations and warranties of such Obligor under this Agreement. Subject to the preceding sentence, this Agreement,
the Notes and any Subsidiary Guarantees embody the entire agreement and understanding between each Purchaser and the Obligors and
supersede all prior agreements and understandings relating to the subject matter hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 18. AMENDMENT AND WAIVER</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 18.1. Requirements</B><I>.
</I>This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively
or prospectively), only with the written consent of the Obligors and the Required Holders, except that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.7pt 0pt 47pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
no amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 22 hereof, or any defined term (as it is used therein), will be effective
as to any Purchaser unless consented to by such Purchaser in writing;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
no amendment or waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding,
(i) subject to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal
of, or reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole
Amount, Net Loss or Net Gain, (ii) change the percentage of the principal amount of the Notes the holders of which are required
to consent to any amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section
2 upon the satisfaction of the conditions to Closing that appear in Section 4, or (iii) amend any of Sections 8 <B>(</B>except
as set forth in the second sentence of Section 8.2), 11(a), 11(b), 12, 13, 18, 21, 23.8 or 24.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 31.6pt">Section 18.2. Solicitation of Holders of Notes<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.5pt 0pt 11pt">(a)&nbsp;&nbsp; <I>Solicitation.
</I>The Obligors will provide each Purchaser and holder of a Note with sufficient information, sufficiently far in advance of the
date a decision is required, to enable such Purchaser and holder to make an informed and considered decision with respect to any
proposed amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or any Subsidiary Guarantee. The
Obligors will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section
18 or any Subsidiary Guarantee to each Purchaser and holder of a Note promptly following the date on which it is executed and delivered
by, or receives the consent or approval of, the requisite Purchasers or holders of Notes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(b)&nbsp;&nbsp; <I>Payment.
</I>The Obligors will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional
interest, fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of a Note as consideration
for or as an inducement to the entering into by such Purchaser or holder of any waiver or amendment of any of the terms and provisions
hereof or of any Subsidiary Guarantee or any Note unless such remuneration is concurrently paid, or security is concurrently granted
or other credit support concurrently provided, on the same terms, ratably to each Purchaser and each holder of a Note even if such
Purchaser or holder did not consent to such waiver or amendment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 0.65in 0pt 11pt">(c)&nbsp;&nbsp; <I>Consent in
Contemplation of Transfer</I>. Any consent given pursuant to this Section 18 or any Subsidiary Guarantee by a holder of a Note
that has transferred or has agreed to transfer its Note to (i) either Obligor, (ii) any Subsidiary or any other Affiliate or (iii)
any other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with
any Obligor and/or any of its Affiliates (either pursuant to a waiver under Section 18.1(c) or subsequent to Section 8.7 having
been amended pursuant to Section 18.1(c)), in each case in connection with such consent, shall be void and of no force or effect
except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have
been or would not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired
under the same or similar conditions) shall be void and of no force or effect except solely as to such holder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 18.3. Binding Effect,
Etc</B><I>. </I>Any amendment or waiver consented to as provided in this Section 18 or any Subsidiary Guarantee applies equally
to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Obligors without
regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or
affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent
thereon. No course of dealing between the Obligors and any Purchaser or holder of a Note and no delay in exercising any rights
hereunder or under any Note or Subsidiary Guarantee shall operate as a waiver of any rights of any Purchaser or holder of such
Note.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.75pt 0pt 11pt"><B>Section 18.4. Notes
Held by Company, Etc</B><I>. </I>Solely for the purpose of determining whether the holders of the requisite percentage of the
aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given
under this Agreement, any Subsidiary Guarantee or the Notes, or have directed the taking of any action provided herein or in
any Subsidiary Guarantee or the Notes to be taken upon the direction of the holders of a specified percentage of the
aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by any Obligor or any Affiliate of
any Obligor shall be deemed not to be outstanding.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 19. NOTICES; ENGLISH LANGUAGE</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except to the extent otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in writing
and sent (x) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized
commercial delivery service (charges prepaid) or (y) by an internationally recognized commercial delivery service (charges prepaid).
Any such notice must be sent:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.85pt 0pt 47pt">(i)&nbsp;&nbsp; if to any Purchaser
or its nominee, to such Purchaser or nominee at the address specified for such communications in Schedule A, or at such other address
as such Purchaser or nominee shall have specified to the Parent Guarantor in writing,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.9pt 0pt 47pt">(ii)&nbsp;&nbsp;&nbsp; if to
any other holder of any Note, to such holder at such address as such other holder shall have specified to the Parent Guarantor
in writing, and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.9pt 0pt 47pt">(iii)&nbsp;&nbsp;&nbsp; if to
either of the Obligors or any Subsidiary Guarantor, to the Parent Guarantor at its address set forth at the beginning hereof to
the attention of Christian Mayer, Vice President Finance and Treasurer, or at such other address as the Parent Guarantor shall
have specified to the holder of each Note in writing.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt">Notices under this Section 19 will be deemed given only
when actually received.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.85pt 0pt 11pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each document, instrument, financial statement, report, notice or other communication delivered in connection with this Agreement
shall be in English or accompanied by an English translation thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.5pt 0pt 11pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Agreement and the Notes have been prepared and signed in English and the parties hereto agree that the English version hereof
and thereof (to the maximum extent permitted by applicable law) shall be the only version valid for the purpose of the interpretation
and construction hereof and thereof notwithstanding the preparation of any translation into another language hereof or thereof,
whether official or otherwise or whether prepared in relation to any proceedings which may be brought in the State of New York
or any other jurisdiction in respect hereof or thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 20. REPRODUCTION OF DOCUMENTS</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">This Agreement and all
documents relating thereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents
received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other
information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic,
photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so
reproduced. The Obligors agree and stipulate that, to the extent permitted by applicable law, any such reproduction shall be
admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any
enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This Section 20
shall not prohibit an Obligor or any other holder of Notes from contesting any such reproduction to the same extent that it
could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 21. CONFIDENTIAL INFORMATION</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">For the purposes of this
Section 21, <B>&ldquo;Confidential Information&rdquo; </B>means information delivered to any Purchaser by or on behalf of any
Obligor or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is
proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such
Purchaser as being confidential information of such Obligor or such Subsidiary, <I>provided </I>that such term does not
include information that (a) was publicly known or otherwise known to such Purchaser prior to the time of such disclosure,
(b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such
Purchaser&rsquo;s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by an Obligor or any
Subsidiary or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly
available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures
adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, <I>provided </I>that
such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys,
trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented
by its Notes), (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential the
Confidential Information substantially in accordance with this Section 21, (iii) any other holder of any Note,
(iv)&nbsp;&nbsp; any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any
participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound
by this Section 21), (v) any Person from which it offers to purchase any security of an Obligor (if such Person has agreed in
writing prior to its receipt of such Confidential Information to be bound by this Section 21), (vi) any federal or state
regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar
organization, or any nationally recognized rating agency that requires access to information about such Purchaser&rsquo;s
investment portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to
effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or
other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if an Event of Default
has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be
necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser&rsquo;s
Notes, this Agreement or any Subsidiary Guarantee. Each holder of a Note, by its acceptance of a Note, will be deemed to have
agreed to be bound by and to be entitled to the benefits of this Section 21 as though it were a party to this Agreement. On
reasonable request by an Obligor in connection with the delivery to any holder of a Note of information required to be
delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this
Agreement or its nominee), such holder will enter into an agreement with the Obligors embodying this Section 21.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.55pt 0pt 11pt">In the event that as a condition
to receiving access to information relating to the Obligors or its Subsidiaries in connection with the transactions contemplated
by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking
(whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section
21, this Section 21 shall not be amended thereby and, as between such Purchaser or such holder and the Obligors, this Section 21
shall supersede any such other confidentiality undertaking.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 22. SUBSTITUTION OF PURCHASER</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">Each Purchaser shall have the
right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser&rsquo;s Affiliates (a <B>&ldquo;Substitute
Purchaser&rdquo;</B>) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Obligors,
which notice shall be signed by both such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser&rsquo;s
agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect
to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement
(other than in this Section 22), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser. In the
event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers
to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Obligors of notice of such
transfer, any reference to such Substitute Purchaser as a &ldquo;Purchaser&rdquo; in this Agreement (other than in this Section
22), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser, and such original
Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 11pt"><B>SECTION 23. MISCELLANEOUS</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 23.1. Successors and
Assigns</B><I>. </I>All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto
bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so
expressed or not, except that, subject to Section 10.2, the Obligors may not assign or otherwise transfer any of its rights or
obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns
permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 31.6pt">Section 23.2. Accounting Terms<FONT STYLE="font-weight: normal"><I>.</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.5pt 0pt 11pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of &ldquo;Indebtedness&rdquo;),
any election by either Obligor to measure any financial liability using fair value (as permitted by Financial Accounting Standards
Board Accounting Standards Codification Topic No. 825-10-25 &ndash; <I>Fair Value Option, </I>International Accounting Standard
39 &ndash; <I>Financial Instruments: Recognition and Measurement </I>or any similar accounting standard) shall be disregarded and
such determination shall be made as if such election had not been made.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.85pt 0pt 11pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All accounting terms (not otherwise defined in this Agreement) shall be interpreted, all accounting determinations shall be made,
and all financial statements shall be prepared, in accordance with GAAP as at December 31, 2017. In the event that any &ldquo;Accounting
Changes&rdquo; (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants,
standards or terms in this Agreement, then at the Parent Guarantor&rsquo;s request:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.85pt 0pt 47pt">(i)&nbsp;&nbsp; the holders
of the Notes shall enter into negotiations with the Parent Guarantor to be conducted reasonably and in good faith by all parties,
in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the desired result
that the criteria for evaluating the financial condition of the Obligors and Subsidiary Guarantors shall be the same after such
Accounting Changes as if such Accounting Changes had not been made. Until such time as such an amendment shall have been executed
and delivered by the Obligors and the holders of the Notes, all financial covenants, standards and terms in this Agreement shall
continue to be calculated or construed as if such Accounting Changes had not occurred; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.95pt 0pt 47pt">(ii)&nbsp;&nbsp;&nbsp; all
financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Changes
had not occurred, and the Parent Guarantor will continue to provide all financial information and calculations to enable this to
continue together with reconciliations to the public financial statements and information prepared in accordance with the Accounting
Changes;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.75pt 0pt 11pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&ldquo;Accounting Changes&rdquo; refers to changes in accounting principles (i) required by the promulgation of any rule, regulation,
pronouncement or opinion by the Financial Accounting Standards Board or the American Institute of Certified Public Accountants
or, if applicable, the SEC or (ii) otherwise proposed by the Parent Guarantor to, and approved by, Required Holders.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 23.3. Severability</B><I>.
</I>Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable
such provision in any other jurisdiction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.55pt 0pt 11pt"><B>Section 23.4. Construction,
Etc</B><I>. </I>Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent
of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision)
be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person,
or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly
by such Person.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">Defined terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words &ldquo;include,&rdquo; &ldquo;includes&rdquo; and &ldquo;including&rdquo;
shall be deemed to be followed by the phrase &ldquo;without limitation.&rdquo; The word &ldquo;will&rdquo; shall be construed to
have the same meaning and effect as the word &ldquo;shall.&rdquo; Unless the context requires otherwise (a) any definition of or
reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or
other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein) and, for purposes of the Notes, shall also include any such notes issued in substitution
therefor pursuant to Section 14, (b) subject to Section 23.1, any reference herein to any Person shall be construed to include
such Person&rsquo;s successors and assigns, (c) the words &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder,&rdquo;
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this
Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation
as amended, modified or supplemented from time to time.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 0.65in 0pt 11pt"><B>Section 23.5. Counterparts</B><I>.
</I>This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together
shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together
signed by all, of the parties hereto.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.85pt 0pt 11pt"><B>Section 23.6. Governing Law</B><I>.
</I>This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the
law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the
laws of a jurisdiction other than such State.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 23.7. Jurisdiction
and Process; Waiver of Jury Trial</B><I>. </I>(a) Each Obligor irrevocably submits to the non-exclusive jurisdiction of any New
York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising
out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, each Obligor irrevocably
waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction
of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Obligor agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding
of the nature referred to in Section 23.7(a) brought in any such court shall be conclusive and binding upon it subject to rights
of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York (or any
other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.55pt 0pt 11pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Obligor consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature
referred to in Section 23.7(a) by mailing a copy thereof by registered, certified, priority or express mail, postage prepaid, return
receipt or delivery confirmation requested, or delivering a copy thereof in the manner for delivery of notices specified in Section
19, to Corporation Service Company, 1180 Avenue of the Americas, New York, NY 10036, as its agent for the purpose of accepting
service of any process in the United States. The Company agrees that such service upon receipt (i) shall be deemed in every respect
effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by
applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively
presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial
delivery service.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.85pt 0pt 11pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Nothing in this Section 23.7 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or
limit any right that the holders of any of the Notes may have to bring proceedings against any Obligor in the courts of any appropriate
jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Obligor hereby irrevocably appoints Corporation Service Company to receive for it, and on its behalf, service of process in
the United States.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 34.9pt; margin: 0pt 46.9pt 0pt 11pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER
DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.75pt 0pt 11pt"><B>Section 23.8. Obligation
to Make Payments in Applicable Currency; Currency Indemnity</B><I>. </I>(a) Any payment on account of an amount that is payable
hereunder or under the Notes in Dollars which is made to or for the account of any holder of Notes, whether as a result of any
judgment or order or the enforcement thereof or the realization of any security or the liquidation of any Obligor, shall constitute
a discharge of the obligation of the Obligors under this Agreement and the Notes only to the extent of the amount of Dollars which
such holder could purchase in the foreign exchange markets in London, England, with the amount of such other currency in accordance
with normal banking procedures at the rate of exchange prevailing on the London Banking Day following receipt of the payment first
referred to above. If the amount of Dollars that could be so purchased is less than the amount of Dollars originally due to such
holder, the Obligors agree to the fullest extent permitted by law, to indemnify and hold harmless such holder, within five Business
Days of demand, from and against all loss or damage arising out of or as a result of such deficiency.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.5pt 0pt 11pt">(b)&nbsp;&nbsp; Any payment
on account of an amount that is payable hereunder or under the Notes in Euros which is made to or for the account of any holder
of Notes, whether as a result of any judgment or order or the enforcement thereof or the realization of any security or the liquidation
of any Obligor, shall constitute a discharge of the obligation of the Obligors under this Agreement or the Notes only to the extent
of the amount of Euros which such holder could purchase in the foreign exchange markets in London, England, with the amount of
such other currency in accordance with normal banking procedures at the rate of exchange prevailing on the London Banking Day following
receipt of the payment first referred to above. If the amount of Euros that could be so purchased is less than the amount of Dollars
originally due to such holder, the Obligors agree to the fullest extent permitted by law, to indemnify and hold harmless such holder,
within five Business Days of demand, from and against all loss or damage arising out of or as a result of such deficiency.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(c)&nbsp;&nbsp; Costs and expenses
payable pursuant to Section 16 (Expenses, etc.) shall be paid in Dollars irrespective of the currency in which such costs and expenses
are incurred and billed, subject to the same indemnity set forth in Section 23.8(a).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.85pt 0pt 11pt">(d)&nbsp;&nbsp; The indemnities
contained in this Clause 23.8 shall, to the fullest extent permitted by law, constitute obligations separate and independent from
the other obligations contained in this Agreement and the Notes, as the case may be, shall give rise to a separate and independent
cause of action, shall apply irrespective of any indulgence granted by such holder from time to time and shall continue in full
force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under the
Notes or under any judgment or order. As used herein the term &ldquo;<B>London Banking Day</B>&rdquo; shall mean any day other
than a Saturday or Sunday or a day on which commercial banks are required or authorised by law to be closed in London, England.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"><B>SECTION 24. PARENT GUARANTEE, ETC</B>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 20.6pt; margin: 0pt 46.5pt 0pt 11pt"><B>Section 24.1.
Guarantee</B><I>. </I>The Parent Guarantor hereby guarantees to each holder of any Note or Notes at any time outstanding (a)
the prompt payment in full, in Euros or Dollars in respect of any Swapped Note, when due (whether at stated maturity, by
acceleration, by mandatory or optional prepayment or otherwise) of the principal of, Make-Whole Amount (if any), Net Loss (if
any) and interest on the Notes (including, without limitation, interest on any overdue principal, Make-Whole Amount, Net Loss
and, to the extent permitted by applicable law, on any overdue interest and on payment of additional amounts described in
Section 13) and all other amounts from time to time owing by the Company under this Agreement and the Notes (including,
without limitation, costs, expenses and taxes in accordance with the terms hereof), and (b) the prompt performance and
observance by the Company of all covenants, agreements and conditions on its part to be performed and observed hereunder, in
each case strictly in accordance with the terms thereof (such payments and other obligations being herein collectively called
the &ldquo;<B>Guaranteed Obligations</B>&rdquo;). The Parent Guarantor hereby further agrees that if the Company shall
default in the payment or performance of any of the Guaranteed Obligations, the Parent Guarantor will (x) promptly pay or
perform the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or
renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity,
by acceleration, by mandatory or optional prepayment or otherwise) in accordance with the terms of such extension or renewal
and (y) pay to the holder of any Note such amounts, to the extent lawful, as shall be sufficient to pay the costs and
expenses of collection or of otherwise enforcing any of such holder&rsquo;s rights under this Agreement, including, without
limitation, reasonable counsel fees.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">All obligations of the Parent
Guarantor under Sections 24.1 and 24.2 shall survive the transfer of any Note, and any obligations of the Parent Guarantor under
Sections 24.1 and 24.2 with respect to which the underlying obligation of the Company is expressly stated to survive the payment
of any Note shall also survive payment of such Note.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; margin: 0pt 0 0pt 31.6pt">Section 24.2. Obligations Unconditional<FONT STYLE="font-weight: normal"><I>.</I></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 0.65in 0pt 11pt">(a)&nbsp;&nbsp; The obligations
of the Parent Guarantor under Section 24.1 constitute a present and continuing guaranty of payment and not collectibility and are
absolute, unconditional and irrevocable, irrespective of the value, genuineness, validity, regularity or enforceability of the
obligations of the Company under this Agreement, the Notes or any other agreement or instrument referred to herein or therein,
or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the
fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever which might otherwise constitute
a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 24.2 that the obligations
of the Parent Guarantor hereunder shall be absolute, unconditional and irrevocable under any and all circumstances. Without limiting
the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair
the liability of the Parent Guarantor hereunder which shall remain absolute, unconditional and irrevocable as described above:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.4pt; margin: 0pt 46.55pt 0pt 47pt">(1)&nbsp;&nbsp; any amendment
or modification of any provision of this Agreement (other than Section 24.1 or 24.2), any of the Notes or any Subsidiary Guarantee
or any assignment or transfer thereof, including without limitation the renewal or extension of the time of payment of any of the
Notes or the granting of time in respect of such payment thereof, or of any furnishing or acceptance of security or any additional
guarantee or any release of any security or guarantee so furnished or accepted for any of the Notes;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.4pt; margin: 0pt 46.55pt 0pt 47pt">(2)&nbsp;&nbsp; any waiver,
consent, extension, granting of time, forbearance, indulgence or other action or inaction under or in respect of this Agreement,
any of the Notes or any Subsidiary Guarantee, or any exercise or non-exercise of any right, remedy or power in respect hereof or
thereof;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.4pt; margin: 0pt 0.65in 0pt 47pt">(3)&nbsp;&nbsp; any bankruptcy,
receivership, insolvency, reorganization, arrangement, readjustment, composition, liquidation or similar proceedings with respect
to the Company, any Subsidiary Guarantor or any other Person or the properties or creditors of any of them;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.85pt 0pt 47pt">(4)&nbsp;&nbsp; the occurrence
of any Default or Event of Default under, or any invalidity or any unenforceability of, or any misrepresentation, irregularity
or other defect in, this Agreement, any of the Notes or any other agreement;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.4pt; margin: 0pt 46.55pt 0pt 47pt">(5)&nbsp;&nbsp; any transfer
of any assets to or from the Company, including without limitation any transfer or purported transfer to the Company from any Person,
any invalidity, illegality of, or inability to enforce, any such transfer or purported transfer, any consolidation or merger of
the Company with or into any Person, any change in the ownership of any capital stock or other equity or ownership interests of
the Company, or any change whatsoever in the objects, capital structure, constitution or business of the Company;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(6)&nbsp;&nbsp; any default,
failure or delay, willful or otherwise, on the part of the Company or any other Person to perform or comply with, or the impossibility
or illegality of performance by the Company or any other Person of, any term of this Agreement, the Notes or any other agreement;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.4pt; margin: 0pt 46.55pt 0pt 47pt">(7)&nbsp;&nbsp; any suit or
other action brought by, or any judgment in favor of, any beneficiaries or creditors of, the Company or any other Person for any
reason whatsoever, including without limitation any suit or action in any way attacking or involving any issue, matter or thing
in respect of this Agreement, any of the Notes or any other agreement;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 0.65in 0pt 47pt">(8)&nbsp;&nbsp; any lack or
limitation of status or of power, incapacity or disability of the Company or the Parent Guarantor or any trustee or agent of any
thereof; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.4pt; margin: 0pt 46.85pt 0pt 47pt">(9)&nbsp;&nbsp; any other thing,
event, happening, matter, circumstance or condition whatsoever, not in any way limited to the foregoing (other than the indefeasible
payment in full of the Guaranteed Obligations).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.85pt 0pt 11pt">(b)&nbsp;&nbsp; The Parent
Guarantor hereby unconditionally waives diligence, presentment, demand of payment, protest and all notices whatsoever and any requirement
that any holder of a Note exhaust any right, power or remedy against the Company under this Agreement or the Notes or any other
agreement or instrument referred to herein or therein, or against any other Person under any other guarantee of, or security for,
any of the Guaranteed Obligations.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.5pt 0pt 11pt">(c)&nbsp;&nbsp; In the
event that the Parent Guarantor shall at any time pay any amount on account of the Guaranteed Obligations or take any other
action in performance of its obligations hereunder, the Parent Guarantor shall not exercise any subrogation or other rights
hereunder or under the Notes and the Guarantor hereby waives all rights it may have to exercise any such subrogation or other
rights, and all other remedies that it may have against the Company, in respect of any payment made hereunder unless and
until the Guaranteed Obligations shall have been indefeasibly paid in full. Prior to the payment in full of the Guaranteed
Obligations, if any amount shall be paid to the Parent Guarantor on account of any such subrogation rights or other remedy,
notwithstanding the waiver thereof, such amount shall be received in trust for the benefit of the holders of the Notes and
shall forthwith be paid to such holders to be credited and applied upon the Guaranteed Obligations, whether matured or
unmatured, in accordance with the terms hereof. The Parent Guarantor agrees that its obligations under this Section 24 shall
be automatically reinstated if and to the extent that for any reason any payment (including payment in full) by or on behalf
of the Company is rescinded or must be otherwise restored by any holder of a Note, whether as a result of any proceedings in
bankruptcy or reorganization or otherwise, all as though such amount had not been paid.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 32.85pt; margin: 0pt 46.55pt 0pt 11pt">(d)&nbsp;&nbsp; If an event
permitting the acceleration of the maturity of the principal amount of the Notes shall at any time have occurred and be continuing
and such acceleration (and the effect thereof on the Guaranteed Obligations) shall at such time be prevented by reason of the pendency
against the Company or any other Person (other than the Parent Guarantor as to itself) of a case or proceeding under a bankruptcy
or insolvency law, the Parent Guarantor agrees that, for purposes of the guarantee in Section 24 and the Parent Guarantor&rsquo;s
obligations under this Agreement and its Guarantees, the maturity of the principal amount of the Notes shall be deemed to have
been accelerated (with a corresponding effect on the Guaranteed Obligations) with the same effect as if the holders of the Notes
had accelerated the same in accordance with the terms of this Agreement, and the Parent Guarantor shall forthwith pay such principal
amount, any interest thereon, any Make-Whole Amounts, Net Loss, if any, and any other amounts guaranteed hereunder without further
notice or demand.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 33.6pt; margin: 0pt 46.85pt 0pt 11pt">(e)&nbsp;&nbsp; The guarantee
in Section 24.1 is a continuing guarantee and shall apply to the Guaranteed Obligations whenever arising. Each default in the payment
or performance of any of the Guaranteed Obligations shall give rise to a separate claim and cause of action hereunder, and separate
claims or suits may be made and brought, as the case may be, hereunder as each such default occurs.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 35.95pt 0pt 0">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">If you are in agreement with
the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Obligors, whereupon this
Agreement shall become a binding agreement between you and each Obligor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">COLLIERS INTERNATIONAL EMEA FINCO PLC</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 33%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">By&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 28%"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Davoud Amel-Azizpour</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">By</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Name:&nbsp;&nbsp; </TD>
    <TD STYLE="white-space: nowrap">Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD STYLE="white-space: nowrap">VP, Legal Counsel and Corporate Secretary</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 245pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 1.9pt 0pt 11pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 1.9pt 0pt 11pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 1.9pt 0pt 11pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 1.9pt 0pt 11pt; font-size: 10pt; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 1.9pt 0pt 11pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 1.9pt 0pt 11pt; font-size: 10pt; text-align: justify">This Agreement is hereby accepted and agreed to as
of the date hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">AMERICAN GENERAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">THE VARIABLE ANNUITY LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">By:&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap">AIG Asset Management (U.S.) LLC, as Investment Adviser</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 33%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 28%"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Gerald F. Herman</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Managing Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 82.5pt 0pt 20pt"></P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 63.05pt 0pt 20pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 26.95pt"></TD><TD STYLE="padding-right: 55.45pt"></TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt"></P>

<!-- Field: Page; Sequence: 86; Value: 2 -->
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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1.9pt 0pt 11pt">This Agreement is hereby accepted and agreed to as
of the date hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">By:</TD>
    <TD STYLE="white-space: nowrap">Barings LLC, as Investment Adviser</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 33%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">By:</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 28%"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Name: </TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Thomas P. Shea</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Its:</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Managing Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 50.75pt 0pt 20pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt"></P>

<!-- Field: Page; Sequence: 87; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1.9pt 0pt 11pt">This Agreement is hereby accepted and agreed to as
of the date hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">By:</TD>
    <TD STYLE="white-space: nowrap">Northwestern Mutual Investment Management Company, LLC,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Its Investment Advisor</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 33%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">By:</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 28%"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">Its:</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Howard Stern</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">Managing Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 91.5pt 0pt 20pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 51.55pt"></P>

<P STYLE="margin: 0pt 0 0pt 51.55pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 51.55pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 51.55pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 51.55pt; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0 0pt 51.55pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1.9pt 0pt 11pt">This Agreement is hereby accepted and agreed to as
of the date hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">UNITED OF OMAHA LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 28%"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Lee Martin</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="padding-bottom: 1pt">Vice President</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">MUTUAL OF OMAHA INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: </TD>
    <TD>Lee Martin</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Vice President</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 11pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 1.9pt 0pt 11pt">This Agreement is hereby accepted and agreed to as
of the date hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CONNECTICUT GENERAL LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD>Cigna Investments, Inc. (authorized agent)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 28%"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: &nbsp;&nbsp;</TD>
    <TD>Elisabeth Piker</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Director</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">CIGNA HEALTH AND LIFE INSURANCE COMPANY</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 28%">Cigna Investments, Inc. (authorized agent)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD>Elisabeth Piker</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Managing Director</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: -9pt; margin: 0pt 65.65pt 0pt 20pt"></P>


<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0 0pt 11pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.2pt 0pt 107.35pt"><B>Information Relating to Purchasers</B></P>

<P STYLE="margin: 0pt 143.2pt 0pt 107.35pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.25pt">[REDACTED]</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.25pt"><B>DEFINED TERMS</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.95pt 0pt 11pt">As used herein, the following
terms have the respective meanings set forth below or set forth in the Section hereof following such term:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Acquisition Entity</B>&rdquo;
means an Eligible Business acquired by the Parent Guarantor or a Subsidiary thereof (other than Unrestricted Entities) as permitted
under this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Accounting Changes</B>&rdquo; is defined in Section 23.2.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">&ldquo;<B>Acquisition Expenses</B>&rdquo;
means one-time professional costs and expenses incurred by the Parent Guarantor or any of its Subsidiaries in connection with the
consummation of the acquisition of an Acquisition Entity, not exceeding the aggregate amount, on a Consolidated basis for the Parent
Guarantor and its Subsidiaries, of $15,000,000 in any Fiscal Year.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Additional Payments</B>&rdquo; is defined within Section 8.3(d).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 46.9pt 0pt 47pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.9pt 0pt 47pt; font-size: 10pt; text-align: justify">&ldquo;<B>Affected Noteholder</B>&rdquo; is defined
within the definition of &ldquo;Noteholder Sanctions Event.&rdquo;</P>

<P STYLE="margin: 0pt 46.9pt 0pt 47pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 46.75pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Affiliate</B>&rdquo; means, at any
time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more
intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the
Company, shall include any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting
or equity interests of the Company or any Subsidiary or any Person of which the Company and its Subsidiaries beneficially own
or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or equity interests. Unless the context
otherwise clearly requires, any reference to an &ldquo;Affiliate&rdquo; is a reference to an Affiliate of the Parent
Guarantor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.95pt 0pt 11pt">&ldquo;<B>Agreement</B>&rdquo;
means this Note Purchase Agreement, including all Schedules attached to this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Anti-Corruption Laws</B>&rdquo;
means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including the
U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">&ldquo;<B>Anti-Money Laundering
Laws</B>&rdquo; means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking,
terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting
Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 203.2pt 0pt 47pt">&ldquo;<B>Applicable Percentage</B>&rdquo; is defined in Section 8.8(a).
&ldquo;<B>Applicable Provision</B>&rdquo; is defined in Section 23.2(b).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.35pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.35pt">SCHEDULE B</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.2pt; font-size: 10pt; text-align: center">(to Note Purchase Agreement)</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.2pt; font-size: 10pt; text-align: center">&nbsp;</P>


<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Blocked Person</B>&rdquo;
means (i) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (ii)
a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic
Sanctions Laws or (iii) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled
by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (i)
or (ii).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Business Day</B>&rdquo;
means (a) for the purposes of Section 8.8(a) only, any day other than a Saturday, a Sunday or a day on which commercial banks in
Frankfurt, Germany are required or authorized to be closed or TARGET2 is not operating credit or transfer instructions in respect
of Euros, (b) for purposes of Section 8.8(b) only, any day other than a Saturday or Sunday or a day on which commercial banks in
New York City are authorized or required to be closed, (c) for purposes of any payments to be made in Euros only, any day other
than a day on which TARGET2 is not operating credit or transfer instructions in respect of Euros, or a day on which commercial
banks in New York, New York, London, England, or Toronto, Canada are required or authorized to be closed, and (d) for the purposes
of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which commercial banks in New York,
New York, London, England, or Toronto, Canada are required or authorized to be closed.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Called Principal</B>&rdquo; is defined in Section 8.8(a).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Capital Expenditures</B>&rdquo;
means capital expenditures of the Parent Guarantor and its Subsidiaries (other than in respect of acquisitions of Acquisition Entities),
determined in accordance with GAAP on a consolidated basis.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.95pt 0pt 11pt">&ldquo;<B>Capital Lease</B>&rdquo;
means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset
and the incurrence of a liability in accordance with GAAP.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Cash Amount</B>&rdquo;
means that portion of the consideration payable in cash in respect of any purchase of shares by the Parent Guarantor or a Subsidiary
in the capital stock of any Subsidiary pursuant to the exercise of any call option right in favor of the Parent Guarantor or Subsidiary,
as the case may be, under the terms of any Shareholders Agreement in respect of such Subsidiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt; color: blue"><U>&ldquo;<B>CD Change of Control</B>&rdquo; is defined in Section
8.11(d).</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 52.65pt 0pt 11pt; color: blue"><U>&ldquo;<B>CD Redemption</B>&rdquo;
means any payment in cash of principal on the Convertible Debenture</U>s <U>a</U>t <U>thei</U>r maturity.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 229.7pt 0pt 47pt">&ldquo;<B>Change in Tax Law</B>&rdquo; is defined in Section 8.3(d).</P>

<P STYLE="margin: 0pt 229.7pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 229.7pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Change
of Control</B>&rdquo; is defined in Section 8.11(d).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 47pt; font-size: 10pt">&ldquo;<B>Change of Control Notice</B>&rdquo; is defined in Section 8.11(a).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt; color: blue"><U>&ldquo;<B>Change
of Control Repurchase Conditions</B>&rdquo; means, as a condition to the holders of Convertible Debentures having the right to
redeem their Convertible Debentures upon a CD Change of Control (i) the Required Holders shall have consented to such payment being
made caused by the applicable CD Change of Control, (ii) the Obligors shall have repaid all Notes under this Agreement pursuant
to Section 8.2 under, and terminated, this Agreement, or (iii) the Obligors shall have made the applicable offer to prepay the
Notes pursuant to 8.11 and made <FONT STYLE="text-underline-style: double">pay</FONT>men</U>t <U>t</U>o <U>holder</U>s <U>tha</U>t
<U>accepte</U>d <U>suc</U>h offer.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Closing</B>&rdquo; is defined in Section 3.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.9pt 0pt 11pt">&ldquo;<B>Code</B>&rdquo; means
the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 147.9pt 0pt 47pt">&ldquo;<B>Company</B>&rdquo; is defined in the first paragraph of this
Agreement.</P>

<P STYLE="margin: 0pt 147.9pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 147.9pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Confidential Information</B>&rdquo; is defined in Section 21.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.75pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Consolidated</B>&rdquo;
means, when used to modify a financial term, test, statement, or report of a Person, the application or preparation of such term,
test, statement or report (as applicable) based upon the consolidation, in accordance with GAAP, of the financial condition operating
results of such Person and its Subsidiaries.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Consolidated EBITDA</B>&rdquo;
means for any period on a Consolidated basis for the Parent Guarantor and its Subsidiaries, Consolidated Earnings, (i) increased
by the sum of: (a) Consolidated Interest Charges; (b) Consolidated Income Tax Expense; (c) Consolidated Depreciation and Amortization
Expense; (d) the non-controlling interest share of Earnings as stated on the consolidated financial statements of the Parent Guarantor
(but only to the extent such non-controlling interest may be purchased by the Parent Guarantor at any time using only Parent Guarantor
shares); (e) the non-controlling interest redemption increment; (f) Consolidated Acquisition Expenses; and (g) non-cash charges
of equity compensations in the aggregate amount of $10,000,000, in any Fiscal Year on a Consolidated basis for Parent Guarantor
and its Subsidiaries<FONT STYLE="color: red"><B>,</B></FONT><FONT STYLE="color: blue">; </FONT>and (ii) to the extent not already
deducted, decreased by the amount of any losses or reserves for losses with respect to any recourse claims by a Mortgage Loan Buyer
against a Mortgage Subsidiary and its Subsidiaries in connection with the transfer of mortgage assets from such Mortgage Subsidiary
and its Subsidiaries to such Mortgage Loan Buyer; <I>provided that </I>the calculation of Consolidated EBITDA shall exclude (without
duplication) Unrestricted Entities.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">&ldquo;<B>Consolidated Total Assets</B>&rdquo;
means, for any period, the consolidated total assets of the Parent Guarantor and its Subsidiaries for such period, excluding (i)
Unrestricted Entities and (ii) for the purposes of Section 10.6(iii) and the definition of &ldquo;Material Credit Facility&rdquo;,
the mortgage assets of a Mortgage Subsidiary and its Subsidiaries, determined in accordance with GAAP, as set forth on the Consolidated
balance sheet of the Parent Guarantor for such period.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">&ldquo;<B>Control</B>&rdquo;
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms
&ldquo;<B>Controlled</B>&rdquo; and &ldquo;<B>Controlling</B>&rdquo; shall have meanings correlative to the foregoing.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">&ldquo;<B>Controlled Entity</B>&rdquo;
means (i) any of the Subsidiaries of the Parent Guarantor and any of their or the Parent Guarantor&rsquo;s respective Controlled
Affiliates and (ii) if the Parent Guarantor has a parent company, such parent company and its Controlled Affiliates.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 128.7pt 0pt 47pt">&ldquo;<B>Converted Swapped Note Called Interest</B>&rdquo;
is defined in Section 8.9.</P>

<P STYLE="margin: 0pt 128.7pt 0pt 47pt; font-size: 10pt; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 128.7pt 0pt 47pt; font-size: 10pt; text-align: justify">&ldquo;<B>Converted Swapped Note Called Principal</B>&rdquo; is defined in Section 8.9.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.75pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Convertible Debentures</B>&rdquo;
means any unsecured subordinated convertible debentures or notes issued by the Parent Guarantor from time to time which include
the following characteristics: (i) such debentures or notes are unsecured; (ii) there are no scheduled principal payments under
such debentures or notes prior to the maturity thereof; (iii) all amounts of principal and interest under such debentures or notes
are subordinate and junior to the obligations under this Agreement in right of payment <FONT STYLE="color: blue"><U>and remedies
in form and substance satisfactory to the Required Holders</U></FONT>; (iv) the maturity of such debentures <FONT STYLE="color: red"><B><STRIKE>or
notes must be</STRIKE></B></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>is</U></FONT> at least <FONT STYLE="color: red"><B><STRIKE>six</STRIKE></B></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>five</U></FONT>
(<FONT STYLE="color: red"><B><STRIKE>6</STRIKE></B></FONT><FONT STYLE="color: blue"><U>5</U></FONT>) <FONT STYLE="color: red"><B><STRIKE>months</STRIKE></B></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>years</U></FONT>
after <FONT STYLE="color: red"><B><STRIKE>May 30, 2028;</STRIKE></B></FONT><FONT STYLE="color: blue"><U>the date of issuance and</U></FONT>
(v) all payments of principal under such debentures or notes can be satisfied at the Parent Guarantor&rsquo;s option by way of
issuance of subordinate voting shares of the Parent Guarantor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Crown</B>&rdquo; means
the Crown Estate, acting by the Crown Estate Commissioners of England and Wales.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt"><B>&ldquo;Default</B>&rdquo;
means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both,
become an Event of Default.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">&ldquo;<B>Default Rate</B>&rdquo;
means that rate of interest per annum that is the greater of (i) 2.0% above the rate of interest stated in clause (a) of the first
paragraph of the Notes or (ii) 2.0% over the rate of interest publicly announced by HSBC Bank Plc, in London, England as its &ldquo;base&rdquo;
or &ldquo;prime&rdquo; rate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Depreciation and Amortization
Expense</B>&rdquo; means, for any period, depreciation, amortization and depletion charged to the income statement of a Person
for such Person, determined in accordance with GAAP.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 172.65pt 0pt 47pt">&ldquo;<B>Disclosure Documents</B>&rdquo; is defined in Section 5.3.</P>

<P STYLE="margin: 0pt 172.65pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 172.65pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Discounted Value</B>&rdquo; is defined in Section 8.8(a).</P>

<P STYLE="margin: 0pt 172.65pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 172.65pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Disposition</B>&rdquo; has the meaning ascribed thereto
in Section 10.7.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 47pt; font-size: 10pt">&ldquo;<B>Dollars</B>&rdquo; or &ldquo;<B>$</B>&rdquo; means lawful currency
of the United States of America.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Earnings</B>&rdquo;
means, for any Person for any period, Net Income for such Person, but excluding in each case for such Person for such period: (a)
any gain or loss recorded in income arising from the sale of capital assets, as determined in accordance with GAAP; (b) any gain
or loss recorded in income arising from any write-up or write-down of assets, as determined in accordance with GAAP; (c) any gain
or loss recorded in income arising for the acquisition of any securities of such Person, as determined in accordance with GAAP;
<FONT STYLE="color: red"><B><STRIKE>or</STRIKE></B></FONT> (d) any non-cash gain or loss recorded in income from discontinued operations
from and after the date of sale or discontinuance of such operations, as determined in accordance with GAAP; or (e) any other non-cash
gain or loss arising from items that do or do not have all the characteristics of extraordinary items but which results from transactions
or events that are not expected to occur frequently over several years or do not typify normal business activities of such Person,
as determined in accordance with GAAP, to the extent that any such gain or loss has been recorded in income and has been disclosed
separately in the income statement for such Person or the notes thereto.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>EBITDA</B>&rdquo;
means, for any Person for any period, Earnings of such Person, increased by the sum of: (a) Interest Charges; (b) Income Tax
Expense; and (c) Depreciation and Amortization Expenses; (d) the non-controlling interest share of Earnings as stated on any
consolidated financial statements of any such Person; (e) the non-controlling interest redemption increment; (f)&nbsp;
Acquisition Expenses; and (g) non-cash charges of equity compensations in the aggregate amount of $10,000,000 in any Fiscal
Year, in each case for such Person for such period.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>EDGAR</B>&rdquo; means
the SEC&rsquo;s Electronic Data Gathering, Analysis and Retrieval system, or any successor SEC electronic filing system for such
purposes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>EEA</B>&rdquo; is defined in Section 6.2</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.55pt 0pt 11pt">&ldquo;<B>Eligible Business</B>&rdquo;
means any business to be acquired by the Parent Guarantor or any of its Subsidiaries which is consistent with the nature of the
overall business focus of the Parent Guarantor and its Subsidiaries as a diversified services business group which services may
include the sale, installation, or fabrication of products that are ancillary to the services being provided.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">&ldquo;<B>Environmental Laws</B>&rdquo;
means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees,
permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection
of the environment or the release of any materials into the environment, including those related to Hazardous Materials.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>ERISA</B>&rdquo; means
the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time in effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>ERISA Affiliate</B>&rdquo;
means any trade or business (whether or not incorporated) that is treated as a single employer together with the Parent Guarantor
or the Company under section 414 of the Code.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Euro</B>&rdquo; or
&ldquo;<B>&euro;</B>&rdquo; means the single currency of the Participating Member States which have adopted the euro unit as their
single currency pursuant to the Treaty of Rome of March 25, 1957, establishing the European Community.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Event of Default</B>&rdquo; is defined in Section 11.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>FATCA</B>&rdquo; means
(a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations
thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the
United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause
(a), and (c) any agreements entered into pursuant to section 1471(b)(1) of the Code.</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Financial Contract
Obligations</B>&rdquo; means all obligations, present and future, direct or indirect, contingent or absolute, of the Obligors and/or
their Subsidiaries in respect of, in each case determined on a &ldquo;marked to market&rdquo; basis on the date of determining
the amount of such obligations:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0.65in 0pt 47pt; font-size: 10pt; text-align: left; text-indent: 40.05pt"> (a) a currency or interest rate swap agreement;</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0.65in 0pt 47pt; font-size: 10pt; text-align: left; text-indent: 40.05pt"> (b) a swap, future, forward or other foreign exchange agreement;</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0.65in 0pt 47pt; font-size: 10pt; text-align: left; text-indent: 40.05pt"> (c) a forward rate agreement;</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 40.05pt; margin: 0pt 0.65in 0pt 47pt">(d) any derivative,
combination or option in respect of, or agreement similar to, an agreement or contract referred to in paragraphs (a) to
(c);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 40.8pt; margin: 0pt 46.85pt 0pt 47pt">(e) any master agreement in
respect of any agreement or contract referred to in paragraphs (a) to (c);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 42.1pt; margin: 0pt 46.95pt 0pt 47pt">(f) a guarantee of the
liabilities under an agreement or contract referred to in paragraphs (a) to (c); or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0.65in 0pt 47pt; font-size: 10pt; text-align: left; text-indent: 40.05pt"> (g) an equity hedge agreement.</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.9pt 0pt 11pt">&ldquo;<B>Fiscal Year</B>&rdquo;
means a fiscal year of the Parent Guarantor; currently the Fiscal Year ends on December 31.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>GAAP</B>&rdquo; means
(a) generally accepted accounting principles (including International Financial Reporting Standards, as applicable) as in effect
from time to time in the United States of America and (b) for purposes of Section 9.6, with respect to any Subsidiary, generally
accepted accounting principles (including International Financial Reporting Standards, as applicable) as in effect from time to
time in the jurisdiction of organization of such Subsidiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Governmental Authority</B>&rdquo; means</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.85pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 40.05pt"> (a) the government of</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 83pt; font-size: 10pt; text-align: justify; text-indent: 39.35pt">(i)&nbsp;&nbsp; the United States
of America, Canada or the United Kingdom or any state or other political subdivision of either thereof, or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.5pt 0pt 83pt">(ii)&nbsp;&nbsp;&nbsp; any other
jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over
any properties of the Company or any Subsidiary, or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(b) any entity exercising
executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Governmental Official</B>&rdquo;
means any governmental official or employee, employee of any government-owned or government-controlled entity, political party,
any official of a political party, candidate for political office, official of any public international organization or anyone
else acting in an official capacity.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>GST Act</B>&rdquo;
means the <I>A New Tax System (Goods and Services Tax) Act </I>1999 (Cth) of Australia.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>GST Group</B>&rdquo; has the meaning given to it in the GST Act</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Guarantee</B>&rdquo;
means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments
for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation
of any other Person in any manner, whether directly or indirectly, including obligations incurred through an agreement, contingent
or otherwise, by such Person:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.75pt 0pt 47pt">(a)&nbsp;&nbsp; to purchase
such indebtedness or obligation or any property constituting security therefor;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(b)&nbsp;&nbsp; to advance
or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain any working capital or
other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds
for the purchase or payment of such indebtedness or obligation;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.5pt 0pt 47pt">(c)&nbsp;&nbsp; to lease properties
or to purchase properties or services primarily for the purpose of assuring the owner of such indebtedness or obligation of the
ability of any other Person to make payment of the indebtedness or obligation; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.95pt 0pt 47pt">(d)&nbsp;&nbsp; otherwise to
assure the owner of such indebtedness or obligation against loss in respect thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0.65in 0pt 11pt">In any computation of the indebtedness or other liabilities
of the obligor under any Guarantee, the indebtedness or other obligations that are the subject of such Guarantee shall be assumed
to be direct obligations of such obligor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Guaranteed Obligations</B>&rdquo; is defined in Section 24.1.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">&ldquo;<B>Hazardous Materials</B>&rdquo;
means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the
removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling,
transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted,
prohibited or penalized by any applicable law, including asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls,
petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Hedging Agreements</B>&rdquo;
means one or more non-speculative (i) interest rate, (ii) currency hedge, and/or (iii) equity hedge agreements entered into between
any Obligor or Subsidiary Guarantor and a lender (or any of its Affiliates) from time to time.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 88.85pt 0pt 47pt">&ldquo;<B>Hennick Family</B>&rdquo; means the spouse, children or estate
of Jay S. Hennick.</P>

<P STYLE="margin: 0pt 88.85pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 88.85pt 0pt 47pt; font-size: 10pt">&ldquo;<B>HMRC</B>&rdquo; is defined in Section 13.1(b).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.95pt 0pt 11pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.95pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>holder</B>&rdquo; means,
with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to
Section 14.1, <I>provided, however, </I>that if such Person is a nominee, then for the purposes of Sections 7, 12, 18.2 and 19
and any related definitions in this Schedule A, &ldquo;holder&rdquo; shall mean the beneficial owner of such Note whose name and
address appears in such register.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Immaterial Subsidiary</B>&rdquo;
means any Subsidiary that is not a Material Subsidiary or a Subsidiary Guarantor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">&ldquo;<B>Income Tax Expense</B>&rdquo;
means, for any period, the aggregate of all Taxes (including deferred Taxes) based on the income of a Person for such period, determined
in accordance with GAAP.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Incorporated Covenant</B>&rdquo; is defined in Section10.10(b).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Indebtedness</B>&rdquo; with respect to any Person means, at any time,
without duplication,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 40.8pt; margin: 0pt 46.9pt 0pt 47pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
its liabilities for borrowed money and its redemption obligations in respect of mandatorily redeemable Preferred Stock;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 40.05pt; margin: 0pt 46.9pt 0pt 47pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable arising in
the ordinary course of business but including all liabilities created or arising under any conditional sale or other title
retention agreement with respect to any such property);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.95pt 0pt 47pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has
assumed or otherwise become liable for such liabilities);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.85pt 0pt 47pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all its liabilities in respect of letters of credit or instruments serving a similar function issued or accepted for its account
by banks and other financial institutions (whether or not representing obligations for borrowed money);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.1pt; margin: 0pt 46.9pt 0pt 47pt"><B>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B>the aggregate Swap Termination Value of all Swap Contracts of such Person; <FONT STYLE="color: red"><B><STRIKE>and</STRIKE></B></FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 87.15pt"></TD><TD STYLE="width: 31.85pt">(g)</TD><TD STYLE="text-align: left"><FONT STYLE="color: blue"><U>Convertibl</U>e <U>Debentures</U>; and</FONT></TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.9pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 42.1pt"><FONT STYLE="color: blue">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>any
Guarantee of such Person with respect to liabilities of a type described in any of clauses (a) through (<FONT STYLE="color: red"><B><STRIKE>f</STRIKE></B></FONT><FONT STYLE="color: blue"><U>g</U></FONT>)
hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 46.85pt 0pt 11pt">Indebtedness of any Person shall include all obligations
of such Person of the character described in clauses (a) through (<FONT STYLE="color: red"><B><STRIKE>g</STRIKE></B></FONT><FONT STYLE="color: blue"><U>h</U></FONT>)
to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished
under GAAP.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Initial Swap Agreement</B>&rdquo; is defined in Section 8.8(b)(i).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">&ldquo;<B>Institutional Investor</B>&rdquo;
means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than 10%
of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other
financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar
financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Interest Charges</B>&rdquo;
means for any period, the total of all items properly classified as interest expense for a Person for such period, less the amount
of any interest income, both determined in accordance with GAAP, excluding any interest expense in respect of any Warehouse Line
and any interest income from any mortgage loans financed thereby.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Interest Coverage Ratio</B>&rdquo;
means, in respect of any period, the quotient obtained by dividing (a) Consolidated EBITDA for such period by (b) the sum of Consolidated
(for the Parent Guarantor and its Subsidiaries but excluding Unrestricted Entities) Interest Charges for such period.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt; color: red"><B><STRIKE>&ldquo;Interest Payment Date&rdquo; is defined in Section
6.3.</STRIKE></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 203.2pt 0pt 47pt">&ldquo;<B>ISDA Master Agreement</B>&rdquo; is defined in Section 8.9.</P>

<P STYLE="margin: 0pt 203.2pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 203.2pt 0pt 47pt; font-size: 10pt">&ldquo;<B>ITA</B>&rdquo; means the Income Tax Act 2007.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Lien</B>&rdquo; means,
with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title
of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement
or Capital Lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements,
voting trust agreements and all similar arrangements).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Make-Whole Amount</B>&rdquo; is defined in Section 8.8.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Material</B>&rdquo;
means material in relation to the business, operations, financial condition, assets, properties of the Obligors and their Subsidiaries
(other than Unrestricted Entities) taken as a whole.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">&ldquo;<B>Material Adverse Effect</B>&rdquo;
means a material adverse effect on (a) the business, operations, financial condition, assets or properties of the Obligors and
their Subsidiaries (other than Unrestricted Entities) taken as a whole, (b) the ability of the Company to perform its obligations
under this Agreement and the Notes, (c) the ability of the Parent Guarantor to perform its obligations under this Agreement, (d)
the ability of any Subsidiary Guarantor to perform its obligations under its Subsidiary Guarantee, or (e) the validity or enforceability
of this Agreement, the Notes or any Subsidiary Guarantee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Material Credit Facility</B>&rdquo; means, as to the Parent Guarantor
and its Subsidiaries,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.75pt 0pt 47pt">(a)&nbsp;&nbsp; the Second Amended
and Restated Credit Agreement Dated as of April 19, 2018 by and among Colliers International Group Inc., Colliers International
Holdings (USA), Inc., Globestar Limited, Colliers International EMEA Holdings Limited, Colliers International Holdings (Australia)
Limited, and the Toronto-Dominion Bank, among others (the &ldquo;<B>Revolving Credit Agreement</B>&rdquo;), including any renewals,
extensions, amendments, supplements, restatements, replacements or refinancing thereof; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(b)&nbsp;&nbsp; any other
agreement(s) creating or evidencing indebtedness for borrowed money (other than agreements creating or evidencing Permitted
Receivables Transactions) entered into on or after the date of Closing by the Parent Guarantor or any Subsidiary (other than
any Unrestricted Entities), or in respect of which the Parent Guarantor or any Subsidiary (other than any Unrestricted
Entity) is an obligor or otherwise provides a guarantee or other credit support (<B>&ldquo;Credit Facility&rdquo;</B>), in a
principal amount outstanding or available for borrowing equal to or greater than the greater of (x) 3.0% of Consolidated
Total Assets and (y) $50,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the
date of the closing of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit
Facilities equal or exceed such amounts, then the largest Credit Facility shall be deemed to be a Material Credit Facility;
provided, however, that &ldquo;Material Credit Facility&rdquo; shall exclude any Warehouse Line.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Material Subsidiary</B>&rdquo;
means any Subsidiary of the Obligors or any Subsidiary Guarantor that generates equal to or greater than two percent (2%) of Consolidated
EBITDA in any Fiscal Year (other than Unrestricted Entities).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 147.9pt 0pt 47pt">&ldquo;<B>Maturity Date</B>&rdquo; is defined in the first paragraph of
each Note.</P>

<P STYLE="margin: 0pt 147.9pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 147.9pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Memorandum</B>&rdquo; is defined in Section 5.3.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 47pt; font-size: 10pt"><B>&ldquo;MiFID II&rdquo; </B>is defined in Section 6.2.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>More Favorable Covenant</B>&rdquo; is defined in Section 10.10(a).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>Mortgage Loan Buyer</B>&rdquo; has the meaning
given to it in the definition of Mortgage Subsidiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Mortgage Subsidiary</B>&rdquo;
means a Subsidiary whose primary business is to originate and service loans secured by mortgages on real properties and, concurrently
with any mortgage loan agreement entered into by such Subsidiary and the borrower of such mortgage loan, enters into a binding
agreement of sale with a third party financial institution (a &ldquo;<B>Mortgage Loan Buyer</B>&rdquo;) in respect of the sale
of such mortgage loan to such Mortgage Loan Buyer (to the extent such agreement is not already in existence) and recourse in respect
of any such sale of such mortgage loan to a Mortgage Loan Buyer is limited solely to such Subsidiary and its Subsidiaries and not
the Obligors and their other Subsidiaries.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 50pt">&ldquo;<B>Most Favored Lender Notice</B>&rdquo; is defined in Section 10.10(d).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>Multiemployer Plan</B>&rdquo; means any Plan
that is a &ldquo;multiemployer plan&rdquo; (as such term is defined in section 4001(a)(3) of ERISA).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 137.05pt 0pt 47pt">&ldquo;<B>NAIC</B>&rdquo; means the National Association of Insurance
Commissioners.</P>

<P STYLE="margin: 0pt 137.05pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 137.05pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Net Gain</B>&rdquo; is defined in Section 8.9.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&nbsp;</P>

<P STYLE="margin: 0pt 43.7pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&ldquo;<B>Net Income</B>&rdquo; means, for any Person
for any period, the Net Income (loss) after tax of such Person for such period, determined in accordance with GAAP.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Net Loss</B>&rdquo; is defined in Section 8.9.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 216.8pt 0pt 47pt">&ldquo;<B>New Swap Agreement</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="margin: 0pt 216.8pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 216.8pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Non-Swapped Note</B>&rdquo; is defined in Section 8.8(a).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Non-U.S. Plan</B>&rdquo;
means any plan, fund or other similar program that (a) is established or maintained outside the United States of America by the
Parent Guarantor or any Subsidiary primarily for the benefit of employees of the Parent Guarantor or one or more Subsidiaries residing
outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral
of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA
or the Code.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>Normalizing Adjustments</B>&rdquo; has the
meaning ascribed to it in the definition of &ldquo;Total Debt/Consolidated EBITDA Ratio&rdquo;.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Noteholder Sanctions
Event</B>&rdquo; means, with respect to any holder of a Note (an &ldquo;<B>Affected Noteholder</B>&rdquo;), such Purchaser or holder
or any of its affiliates being in violation of or subject to sanctions (a) under any U.S. Economic Sanctions Laws as a result of
either Obligor or any Controlled Entity becoming a Blocked Person or, directly or indirectly, having any investment in or engaging
in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Blocked
Person or (b) under any similar laws, regulations or orders adopted by any State within the United States as a result of the name
of either Obligor or any Controlled Entity appearing on a State Sanctions List.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Notes</B>&rdquo; is defined in Section 1.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Obligor</B>&rdquo; and &ldquo;<B>Obligors</B>&rdquo; is defined in
the first paragraph of this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>OFAC</B>&rdquo; means the Office of Foreign
Assets Control of the United States Department of the Treasury.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.95pt 0pt 11pt">&ldquo;<B>OFAC Sanctions Program</B>&rdquo;
means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC Sanctions Programs
may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Officer&rsquo;s Certificate</B>&rdquo;
means a certificate of a Senior Financial Officer or of any other officer of the Company or the Parent Guarantor, as applicable,
whose responsibilities extend to the subject matter of such certificate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Original Swap Agreement</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Parent Guarantor</B>&rdquo; is defined in the first paragraph of this
Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>PBGC</B>&rdquo; means the Pension Benefit
Guaranty Corporation referred to and defined in ERISA.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Permitted Encumbrances</B>&rdquo; means:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.85pt 0pt 47pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens incurred and pledges and deposits made in connection with workers&rsquo; compensation, employment insurance, old age pensions
and similar legislation (other than ERISA and Canadian pension legislation);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens securing the performance of bids, tenders, leases, contracts (other than for the repayment of borrowed money), and statutory
obligations of like nature, incurred as an incident to and in the ordinary course of business;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.85pt 0pt 47pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;statutory Liens of landlords, undetermined or inchoate Liens and other Liens imposed by law, such as carriers&rsquo;, warehousemens&rsquo;,
mechanics&rsquo;, construction and materialmen&rsquo;s Liens, incurred in good faith in the ordinary course of business <I>provided
</I>that the aggregate amount of any carriers&rsquo;, warehousemens&rsquo;, mechanics&rsquo;, construction or materialmens&rsquo;
Liens shall at no time exceed an aggregate amount of $3,000,000 or the Equivalent Amount thereof and the amount thereof shall be
paid when same shall become due;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens securing the payment of Taxes, assessments and governmental charges or levies, either (i) not delinquent or (ii) being contested
in good faith by appropriate proceedings;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 0.65in 0pt 47pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;permits, right of way, zoning restrictions, easements, licenses, reservations, restrictions on the use of real property or minor
irregularities or minor title defects incidental thereto which do not in the aggregate materially detract from the value of the
property or assets of an Obligor or any of its Subsidiaries or materially impair the operation of the business of an Obligor or
any of its Subsidiaries;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.1pt; margin: 0pt 46.85pt 0pt 47pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens arising out of the leasing of personal property by it or any of its Subsidiaries in the ordinary course of business up to
an amount not exceeding in the aggregate $30,000,000 for all Obligors and their Subsidiaries or the Equivalent Amount thereof;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.2pt; margin: 0pt 46.85pt 0pt 47pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens incurred in the ordinary course of business for the purposes of securing the payment of any purchase price balance or the
refinancing of any purchase price balances not greater than in the aggregate $50,000,000 at any time or the Equivalent Amount of
any assets (other than current assets) acquired by an Obligor or any of its Subsidiaries <I>provided </I>that any such Liens are
restricted to the assets so acquired (&ldquo;<B>Permitted VTBS</B>&rdquo;);</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.85pt 0pt 47pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reservations, conditions, limitations and exceptions contained in or implied by statute in the original disposition from the Crown
and grants made by the Crown of interests so reserved or accepted;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 42.7pt; margin: 0pt 46.5pt 0pt 47pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;security given in the ordinary course of business by an Obligor, or any of its Subsidiaries to a public utility or any municipality
or governmental or public authority in connection with operations of an Obligor, or any of its Subsidiaries, (other than in</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">connection with borrowed money) securing not more than an aggregate amount equal
to</P>

<P STYLE="font-size: 10pt; margin: 0pt 52.65pt 0pt 47pt">$3,000,000 for all Obligors and their Subsidiaries or the Equivalent Amount
thereof at any time;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 40.05pt"> (j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens in respect of Permitted Loans;</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.5pt 0pt 47pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;purchase money security interests placed upon fixed assets to secure a portion of the purchase price thereof and liens securing
capital leases; <I>provided </I>that any such lien shall not encumber any property of the Parent Guarantor and/or its Subsidiaries
except the purchased asset or asset subject to the capital lease, as applicable;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 46.5pt 0pt 47pt; font-size: 10pt; text-align: justify; text-indent: 40.05pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens existing on the date of the Closing and described in Schedule 5.15, except to the extent the principal amount secured by
that Lien exceeds the amount stated in such Schedule 5.15;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 36.7pt; margin: 0pt 46.75pt 0pt 47pt">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens in respect of Permitted Foreign Subsidiary Facilities not exceeding at any time an aggregate amount of the greater of (x)
$20,000,000 and (y) 1.25% of Consolidated Total Assets, <I>provided </I>that such lien shall only be in respect of the Subsidiary
incurring such Permitted Foreign Subsidiary Facilities;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 47pt">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Liens on Receivables Facility Assets in connection with any Permitted Receivables Transaction;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.95pt 0pt 47pt">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Liens on mortgage assets and related assets of Mortgage Subsidiaries and their Subsidiaries securing Warehouse Lines; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 47pt">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other Liens not otherwise permitted by paragraphs (a) through (o) of this definition securing Indebtedness of any Obligor or any
Subsidiary, <I>provided </I>that (i) the Indebtedness secured thereby is permitted by Section 10.6(iii) hereto and (ii) the Obligors
will not, and will not permit any Subsidiary to grant any Lien securing Indebtedness outstanding under or pursuant to any Material
Credit Facility pursuant to this item (p) unless and until all obligations of the Obligors under this Agreement and the Notes or
the Subsidiary Guarantors under each Subsidiary Guarantee shall concurrently be secured equally and ratably with such Indebtedness
pursuant to documentation in form and substance reasonably satisfactory to the Required Holders.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Permitted Foreign Subsidiary
Facilities</B>&rdquo; means debt of any Subsidiary domiciled outside of Canada and the United States under credit facilities entered
into in the ordinary course of business of such Subsidiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Permitted Jurisdiction</B>&rdquo;
means (a) the United States of America, (b) the United Kingdom or any nation thereof, (c) Canada or any province thereof, and (d)
any other country that on April 30, 2004 was a member of the European Union (other than Greece, Italy, Portugal or Spain).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.7pt 0pt 11pt">&ldquo;<B>Permitted Loans</B>&rdquo;
means advances and accounts owing from (a) a Subsidiary of an Obligor to an Obligor, (b) a Subsidiary to another Subsidiary, (c)
an Obligor to another Obligor or a Subsidiary Guarantor, and (d) an Obligor to a Subsidiary of an Obligor, provided that, with
respect to this item (d) such advances and accounts are unsecured, shall not exceed $25,000,000 in the aggregate at any time and
shall not be outstanding for longer than 90 days from the date of incurrence thereof, and provided further that, in each case,
such advances and accounts shall be on commercially reasonable terms.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Permitted Receivables
Transaction</B>&rdquo; means one or more Receivables Transactions evidencing Indebtedness or other obligations of a Receivables
Entity so long as (i) the principal amount of such indebtedness obligations (or the principal amount of such other obligations)
owing by Receivables Entities to third parties do not in the aggregate exceed U.S.$200,000,000 at any one time outstanding and
(ii) with respect to any Receivables Transaction, at the closing of any such transaction and immediately after giving effect thereto,
no Default or Event of Default has occurred and is continuing and no Event of Default will occur as a consequence thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>Permitted VTBS</B>&rdquo; has the meaning
ascribed to it in the definition of Permitted Encumbrances.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>Person</B>&rdquo; means an individual, partnership,
corporation, limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Plan</B>&rdquo; means
an &ldquo;employee benefit plan&rdquo; (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within the
preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have
been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate
may have any liability.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Preferred Stock</B>&rdquo;
means any class of capital stock of a Person that is preferred over any other class of capital stock (or similar equity interests)
of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of such Person.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Priority Debt</B>&rdquo;
means (without duplication), as of the date of any determination thereof, the sum of (i) Indebtedness of any Obligor or any Subsidiary
secured by Liens permitted under clause (p) the definition of Permitted Encumbrances and (ii) all Indebtedness of Subsidiaries
other than (x) Indebtedness owing to the Parent Guarantor, the Company or any Subsidiary, (y) Indebtedness of Subsidiary Guarantors,
and (z) any Warehouse Line (to the extent permitted in the definition thereof).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>property</B>&rdquo; or &ldquo;<B>properties</B>&rdquo;
means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">&ldquo;<B>Purchaser</B>&rdquo;
or &ldquo;<B>Purchasers</B>&rdquo; means each of the purchasers that has executed and delivered this Agreement to the Company
and such Purchaser&rsquo;s successors and assigns (so long as any such assignment complies with Section 14.2), <I>provided,
however, </I>that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee)
of such Note as the result of a transfer thereof pursuant to Section 14.2 shall cease to be included within the meaning of
&ldquo;Purchaser&rdquo; of such Note for the purposes of this Agreement upon such transfer.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 52.65pt 0pt 11pt">&ldquo;<B>Qualified Institutional Buyer</B>&rdquo;
means any Person who is a &ldquo;qualified institutional buyer&rdquo; within the meaning of such term as set forth in Rule 144A(a)(1)
under the Securities Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Qualifying Holder</B>&rdquo; means:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.5pt 0pt 47pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a holder of a Note which has delivered a QPP Certificate to the Company which was not, and has not become, a withdrawn certificate
or a cancelled certificate for the purposes of the QPP Regulations; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 87.05pt"></TD><TD STYLE="width: 31.95pt">(b)</TD><TD STYLE="text-align: left">a holder of a Note which is a Treaty Holder; or</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 87.8pt"></TD><TD STYLE="width: 31.2pt">(c)</TD><TD STYLE="text-align: left">a holder of a Note which is either:</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 46.75pt 0pt 101pt">i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a company which is resident in the United Kingdom for United Kingdom tax purposes and which has confirmed the same by written notice
to the Company; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0pt 0.65in 0pt 101pt">ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a company which is not resident in the United Kingdom for United Kingdom tax purposes but which carries on a trade in the United
Kingdom through a permanent establishment and brings into account any interest payable in respect of such Note in computing its
chargeable profits (within the meaning of section 19 of the United Kingdom Corporation Tax Act 2009), and which has confirmed the
same by written notice to the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Quarter</B>&rdquo; means a fiscal quarter of any Fiscal Year.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>QPP Certificate</B>&rdquo; means a certificate given in the form set
out in Exhibit 4.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>QPP Regulations</B>&rdquo; means the Qualifying
Private Placement Regulation 2015 (SI 2015/2002).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>Receivables</B>&rdquo; means any amounts
owing to any Obligor or any Subsidiary thereof in connection with the provision of services (or the sale of goods) by such Obligor
or Subsidiary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Receivables Entity</B>&rdquo;
means a wholly owned Subsidiary which engages in no activities other than the transactions contemplated by a Receivables Transaction
and activities reasonably related thereto.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Receivables Facility
Assets</B>&rdquo; means Receivables subject to any Receivables Transaction, collection accounts, lockboxes, and other accounts
where amounts may be collected in respect of Receivables subject to any Receivables Transaction, and other assets related to any
such Receivables.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Receivables Transaction</B>&rdquo;
means any transaction involving any Obligor and/or any Subsidiary thereof, and any Receivables Entity providing for sales, transfers,
conveyances and/or pledges of Receivables Facility Assets that does not provide for recourse against any Obligor or any Subsidiary
thereof (other than any Receivables Entity), other than representations, warranties, covenants and indemnities which are reasonably
customary in structured finance transactions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 203.2pt 0pt 47pt">&ldquo;<B>Reinvestment Yield</B>&rdquo; is defined in Section 8.8(a).</P>

<P STYLE="margin: 0pt 203.2pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 203.2pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Rejection Notice</B>&rdquo; is defined in Section 8.3(a).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">&nbsp;</P>

<P STYLE="margin: 0pt 0.65in 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Related Fund</B>&rdquo;
means, with respect to any holder of any Note, any fund or entity that (i) invests in Securities or bank loans, and (ii) is advised
or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 147.9pt 0pt 47pt">&ldquo;<B>Remaining Average Life</B>&rdquo; is defined in Section 8.8(a).</P>

<P STYLE="margin: 0pt 147.9pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 147.9pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Remaining Scheduled Payments</B>&rdquo; is defined in Section 8.8(a).</P>

<P STYLE="margin: 0pt 147.9pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 147.9pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Replacement Swap Agreement</B>&rdquo;
is defined in Section 8.8(b)(iii).</P>

<P STYLE="margin: 0pt 147.9pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 147.9pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Reported</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">&nbsp;</P>

<P STYLE="margin: 0pt 0.65in 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Required Holders</B>&rdquo;
means at any time (i) prior to the Closing, the Purchasers and (ii) on or after the Closing, the holders of at least 50% in principal
amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company, the Parent Guarantor or any of their
Affiliates).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Responsible Officer</B>&rdquo;
means any Senior Financial Officer and any other officer of the Company or the Parent Guarantor with responsibility for the administration
of the relevant portion of this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Revolving Credit Agreement</B>&rdquo;
has the meaning ascribed to it in the definition of Material Credit Facility.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 137.05pt 0pt 47pt">&ldquo;<B>Sanctions Prepayment Date</B>&rdquo; is defined in Section
8.4(a).</P>

<P STYLE="margin: 0pt 137.05pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 137.05pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Sanctions Prepayment Offer</B>&rdquo; is defined in Section 8.4(a).</P>

<P STYLE="margin: 0pt 137.05pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 137.05pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Sanctions Prepayment Response Date</B>&rdquo;
is defined in Section 8.4(a).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 47pt; font-size: 10pt">&ldquo;<B>SEC</B>&rdquo; means the Securities and Exchange Commission of the
United States.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Securities</B>&rdquo;
or &ldquo;<B>Security</B>&rdquo; shall have the meaning specified in section 2(1) of the Securities Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>Securities Act</B>&rdquo; means the Securities
Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 43.7pt 0pt 11pt">&ldquo;<B>SEDAR</B>&rdquo; means the Canadian Securities
Administrator&rsquo;s System for Electronic Document Analysis and Retrieval, or any successor electronic filing system for such
purposes.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 52.65pt 0pt 11pt">&ldquo;<B>Senior Financial Officer</B>&rdquo; means
the chief financial officer, principal accounting officer, treasurer or comptroller of the Company or the Parent Guarantor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Settlement Date</B>&rdquo; is defined in Section 8.8(a).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Shareholders&rsquo;
Agreements</B>&rdquo; means the shareholders&rsquo; agreements, limited liability/operating/company agreements and/or partnership
agreements (or like agreements) for the Obligors and each of the Subsidiaries and any such additional shareholders&rsquo; agreement
limited liability/operating/company agreements and/or partnership agreement (or like agreement) entered into at the time of the
acquisition of an Acquisition Entity.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.9pt 0pt 11pt">&ldquo;<B>Significant Subsidiaries</B>&rdquo;
means the Subsidiary Guarantors and the Material Subsidiaries, and each a &ldquo;<B>Significant Subsidiary</B>.&rdquo;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt; color: blue"><U>&ldquo;<B>Specified Default</B>&rdquo; mean</U>s a <U>Defaul</U>t
<U>unde</U>r <U>Sectio</U>n <U>11.1(a)</U>, <U>(b)</U>, <U>(f)</U>, <U>(g)</U>, <U>(h)</U>, <U>(i</U>) <U>o</U>r (l).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 39.35pt; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>State Sanctions List</B>&rdquo;
means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons that
engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed
under U.S. Economic Sanctions Laws.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Subsidiary</B>&rdquo;
means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and
one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the
absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person,
and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person
or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture
can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries).
Unless the context otherwise clearly requires, any reference to a &ldquo;Subsidiary&rdquo; is a reference to a Subsidiary of the
Parent Guarantor.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Subsidiary Guarantor</B>&rdquo;
means each Subsidiary that has executed and delivered a Subsidiary Guarantee.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.9pt 0pt 11pt">&ldquo;<B>Subsidiary Guarantee</B>&rdquo;
means a Subsidiary Guarantee of any Subsidiary Guarantor, substantially in the form of Exhibit 3.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Substitute Purchaser</B>&rdquo; is defined in Section 22.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Successor Subsidiary</B>&rdquo; is defined in Section 10.2.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 172.65pt 0pt 47pt">&ldquo;<B>SVO</B>&rdquo; means the Securities Valuation Office of the
NAIC.</P>

<P STYLE="margin: 0pt 172.65pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 172.65pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Swap Agreement</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 47pt; font-size: 10pt">&ldquo;<B>Swap Breakage Amount</B>&rdquo; is defined in Section 8.9.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.5pt 0pt 11pt">&ldquo;<B>Swap Contract</B>&rdquo;
means (a) any and all interest rate swap transactions, basis swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond
or bond price or bond index swaps or options or forward foreign exchange transactions, cap transactions, floor transactions, currency
options, spot contracts or any other similar transactions or any of the foregoing (including any options to enter into any of the
foregoing), and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions
of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. or any
International Foreign Exchange Master Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 47pt">&ldquo;<B>Swapped Note</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 139.35pt 0pt 47pt">&ldquo;<B>Swapped Note Accrued Interest Amount</B>&rdquo; is defined
in Section 8.9.</P>

<P STYLE="margin: 0pt 139.35pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 139.35pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Swapped Note Applicable Percentage</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="margin: 0pt 139.35pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 139.35pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Swapped Note Called
Interest</B>&rdquo; is defined in Section 8.9.</P>

<P STYLE="margin: 0pt 139.35pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 139.35pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Swapped Note Called Principal</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="margin: 0pt 139.35pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 114pt 0pt 47pt">&ldquo;<B>Swapped Note Called Notional Amount</B>&rdquo; is defined in Section
8.8(b).</P>

<P STYLE="margin: 0pt 114pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 114pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Swapped Note Discounted Value</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="margin: 0pt 114pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 114pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Swapped Note Reinvestment Yield</B>&rdquo;
is defined in Section 8.8(b).</P>

<P STYLE="margin: 0pt 114pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 114pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Swapped Note Remaining Average Life</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="margin: 0pt 114pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 43.7pt 0pt 47pt">&ldquo;<B>Swapped Note Remaining Scheduled Swap Payments</B>&rdquo; is
defined in Section 8.8(b).</P>

<P STYLE="margin: 0pt 43.7pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 43.7pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Swapped Note Settlement Date</B>&rdquo; is defined in Section 8.8(b).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.85pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Swap Termination
Value</B>&rdquo; means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have
been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date
prior to the date referenced in clause (a), the amounts(s) determined as the mark-to-market values(s) for such Swap
Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized
dealer in such Swap Contracts.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.95pt 0pt 11pt">&ldquo;<B>TARGET2</B>&rdquo;
means the Trans-European Automated Real-Time Gross Settlement Express Transfer payment system that utilizes a single shared platform
and was launched on November 19, 2007.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.9pt 0pt 11pt">&ldquo;<B>Tax</B>&rdquo; means
any tax (whether income, documentary, sales, stamp, registration, issue, capital, property, excise or otherwise), duty, assessment,
levy, impost, fee, compulsory loan, charge or withholding.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 212pt 0pt 47pt">&ldquo;<B>Taxing Jurisdiction</B>&rdquo; is defined in Section 13.1.</P>

<P STYLE="margin: 0pt 212pt 0pt 47pt; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 212pt 0pt 47pt; font-size: 10pt">&ldquo;<B>Tax
Prepayment Notice</B>&rdquo; is defined in Section 8.3(a).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&nbsp;</P>

<P STYLE="margin: 0pt 46.85pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Total Debt</B>&rdquo;
shall include all Indebtedness of the Parent Guarantor and its Subsidiaries on a Consolidated basis excluding the Unrestricted
Entities, but otherwise determined in accordance with GAAP after deduction of unrestricted cash-on-hand plus the aggregate of all
Cash Amounts; <I>provided </I>that &ldquo;Total Debt&rdquo; shall exclude <FONT STYLE="text-underline-style: double; color: blue"><U>(x)</U></FONT>
any Convertible Debentures up to a maximum aggregate <FONT STYLE="text-underline-style: double; color: blue"><U>principal</U></FONT>
amount of U.S.$<FONT STYLE="color: red"><B><STRIKE>100,000,000 and</STRIKE></B></FONT><FONT STYLE="text-underline-style: double; color: blue"><U>250,000,000</U></FONT><U>
<FONT STYLE="color: blue">during the term of thi</FONT></U><FONT STYLE="color: blue">s <U>Agreemen</U>t <U>an</U>d (y) </FONT>any
Warehouse Line (to the extent permitted in the definition thereof).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.45pt 0pt 11pt">&ldquo;<B>Total Debt/Consolidated
EBITDA Ratio</B>&rdquo; means, at any time, the quotient obtained by dividing (a) Total Debt (as numerator) by (b) Consolidated
EBITDA (as denominator), for the purpose of this ratio, calculated on the basis of the immediately preceding four consecutive Quarters
so as to include all Persons that have become Subsidiaries during the relevant periods in a manner permitted by the terms of this
Agreement, with EBITDA from Acquisition Entities to be included in the calculations by using the trailing 12 month EBITDA for the
Acquisition Entity or entities and so as to exclude the EBITDA of a former Subsidiary that ceased being a Subsidiary during the
previous four Quarters; In addition, the Consolidated EBITDA may be adjusted to include a full year impact of the cost savings
in respect of any such Acquisition Entity which are readily identifiable and can be immediately implemented, such as elimination
of salaries for redundant employees and elimination of various administrative functions which will, in the reasonable opinion of
the Parent Guarantor, become unnecessary or otherwise performed more cost effectively (such cost savings being collectively &ldquo;<B>Normalizing
Adjustments</B>&rdquo;); <I>provided </I>that such adjustments shall only be made if (i) the Parent Guarantor has provided to the
holders details of such Normalizing Adjustments following the completion of the acquisition of such Acquisition Entity, and (ii)
the Required Holders have not provided written notice to the Parent Guarantor within 15 Business Days of the receipt of such details
that such Required Holders do not so consent to the Normalizing Adjustments.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Treaty Holder</B>&rdquo;
means a holder of a Note which is not a Qualifying Holder under subparagraph (a) of the definition thereof but:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 87.8pt"></TD><TD STYLE="width: 31.2pt">(a)</TD><TD STYLE="text-align: left">is treated as a resident of a Treaty State for the purposes of the Treaty;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.05pt; margin: 0pt 46.9pt 0pt 47pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;does not carry on a business in the United Kingdom through a permanent establishment with which that holder&rsquo;s holding of
the Notes is effectively connected; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 40.8pt; margin: 0pt 46.85pt 0pt 47pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fulfils any conditions which must be fulfilled under the double taxation agreement for residents of that Treaty State to obtain
full exemption from United Kingdom taxation on interest (subject to the completion of procedural formalities).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">&ldquo;<B>Treaty State</B>&rdquo;
means a jurisdiction having a double taxation agreement (a &ldquo;<B>Treaty</B>&rdquo;) with the United Kingdom which makes provision
for full exemption from tax imposed by the United Kingdom on interest.</P>

<P STYLE="margin: 0pt 46.85pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 46.95pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>United States Person</B>&rdquo; has
the meaning set forth in Section 7701(a)(30) of the Code.</P>

<P STYLE="margin: 0pt 46.95pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 46.95pt 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">&ldquo;<B>Unrestricted Entities</B>&rdquo; means Eligible
Businesses in which the Parent Guarantor or any Subsidiary has invested (whether or not such entity is controlled by the
Parent Guarantor or any Subsidiary) having an aggregate initial investment value to the Parent Guarantor and its Subsidiaries
(determined at the time of each such investment, including at the time of any subsequent investments in any particular entity
in which the Parent Guarantor or any of its Subsidiaries already has an interest) not exceeding the greater of (x)
$100,000,000 and (y) 5.0% of Consolidated Total Assets.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.95pt 0pt 11pt">&ldquo;<B>USA PATRIOT Act</B>&rdquo;
means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and
Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time to time in effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">&ldquo;<B>U.S. Economic Sanctions
Laws</B>&rdquo; means those laws, executive orders, enabling legislation or regulations administered and enforced by the United
States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including
the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability
and Divestment Act and any other OFAC Sanctions Program.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.7pt 0pt 11pt">&ldquo;<B>Warehouse
Line</B>&rdquo; means one or more secured, first priority revolving lines of credit in favour of a Mortgage Subsidiary, by
and among such Mortgage Subsidiary and the financial institution(s) party thereto from time to time, for the purpose of
funding mortgage loans originated by such Mortgage Subsidiary; <I>provided </I>that (A) the principal amount of Indebtedness
obligations (or the principal amount of such other obligations) owing to third parties under the Warehouse Line does not in
the aggregate exceed at any one time outstanding the greater of (x) U.S.$300,000,000 or (y) 10% of Consolidated Total Assets,
(B) recourse in respect of such Indebtedness obligations and other obligations is limited solely to a Mortgage Subsidiary and
not the Obligors and their other Subsidiaries and (C) concurrently with any mortgage loan agreement entered into by such
Mortgage Subsidiary and the borrower of such mortgage loan, such Mortgage Subsidiary enters into a binding agreement of sale
with a Mortgage Loan Buyer in respect of the sale of such mortgage loan to such Mortgage Loan Buyer (to the extent such
agreement is not already in existence).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 52.65pt 0pt 11pt">&ldquo;<B>Wholly-Owned Subsidiary</B>&rdquo; means
any corporation or other entity of which 100% of the securities or other ownership interests are owned directly or indirectly by
an Obligor.</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 52.65pt 0pt 11pt; font-size: 10pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.2pt 0pt 107.35pt"><B>[FORM OF NOTE]</B></P>

<P STYLE="margin: 0pt 143.2pt 0pt 107.35pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><B>COLLIERS INTERNATIONAL EMEA FINCO PLC</B></P>

<P STYLE="margin: 0pt 137.05pt 0pt 104.45pt; font-size: 10pt; text-indent: 19.3pt"><B>&nbsp;</B></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><B>2.23%
GUARANTEED SENIOR NOTE DUE MAY 30, 2028</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">No. [ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD>
    <TD STYLE="text-align: right; width: 50%"><B>[Date]</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&euro;[ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]</TD>
    <TD STYLE="text-align: right">PPN G2270@ AA8</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 0; font-size: 10pt"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0.65in 0pt 11pt; font-size: 10pt; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED, the undersigned,
<B>COLLIERS INTERNATIONAL EMEA FINCO </B>PLC (herein called the <B>&ldquo;Company&rdquo;</B>), a corporation organized and existing
under the laws of England and Wales, hereby promises to pay to [ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;],
or registered assigns, the principal sum of [ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]
E<FONT STYLE="font-size: 10pt">UROS </FONT>(or so much thereof as shall not have been prepaid) on May 30, 2028 (the <B>&ldquo;Maturity
Date&rdquo;</B>), with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof
at the rate of 2.23% per annum from the date hereof, payable semiannually, on the 30th day of May and November in each year, commencing
with the May or November next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become
due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance
of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time
to time equal to the greater of (i) 4.23% or (ii) 2.00% over the rate of interest publicly announced by HSBC Bank Plc from time
to time in London, England as its &ldquo;base&rdquo; or &ldquo;prime&rdquo; rate, payable semiannually as aforesaid (or, at the
option of the registered holder hereof, on demand).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">Payments of principal of, interest
on and any Make-Whole Amount with respect to this Note are to be made in Euros at HSBC Bank Plc or at such other place as the Company
shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.
If this Note is a Swapped Note, payment of any Make-Whole Amount and/or Net Loss with respect to this Note are to be made in lawful
money of the United States of America.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">This Note is one of a series of
Guaranteed Senior Notes (herein called the <B>&ldquo;Notes&rdquo;</B>) issued pursuant to the Note Purchase Agreement, dated May
17, 2018 (as from time to time amended, the <B>&ldquo;Note Purchase Agreement&rdquo;</B>), among the Company, Colliers International
Group Inc. and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be
deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 21 of the Note Purchase
Agreement and (ii) made the representations set forth in Section 6 of the Note Purchase Agreement. Unless otherwise indicated,
capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

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<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">EXHIBIT 1</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.2pt; font-size: 10pt; text-align: center">(to Note Purchase Agreement)</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.2pt; font-size: 10pt; text-align: center">&nbsp;</P>


<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.75pt 0pt 11pt">This Note is a registered Note
and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such holder&rsquo;s attorney duly authorized in writing,
a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment
for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: justify; text-indent: 0.5in; margin: 0pt 46.9pt 0pt 11pt">This Note is
subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase
Agreement, but not otherwise.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0.65in 0pt 11pt">If an Event of Default occurs
and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including
any applicable Make-Whole Amount and Net Loss, if any) and with the effect provided in the Note Purchase Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 46.85pt 0pt 11pt">This Note shall be construed
and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the
State of New York, excluding choice-of-law principles of the law of such State that would permit the application of the laws of
a jurisdiction other than such State.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap"><B>COLLIERS INTERNATIONAL EMEA FINCO PLC</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 33%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 5%">By&nbsp;&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; width: 28%"></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-indent: 10pt; padding-bottom: 1pt"><B>[Title]</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.3pt">E1- 2</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.3pt"><B>Form of Subsidiary Guarantee</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.25pt">[REDACTED]</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 143.25pt 0pt 107.25pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.35pt"><B>FORM OF QPP CERTIFICATE</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="margin: 0pt 57.85pt 0pt 11pt; font-size: 10pt; text-align: left; text-indent: 10pt; width: 10%">To:</TD>
    <TD STYLE="width: 90%">Colliers International EMEA Finco PLC as the Company</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="margin: 0pt 57.85pt 0pt 11pt; font-size: 10pt; text-align: left; text-indent: 10pt">From:</TD>
    <TD>[Name of creditor (as that term is defined in the QPP Regulations)]</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="margin: 0pt 57.85pt 0pt 11pt; font-size: 10pt; text-align: left; text-indent: 10pt">
Dated:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0pt 0; font-size: 10pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 46.85pt 0pt 11pt">Colliers International EMEA Finco
PLC &ndash; Note Purchase Agreement</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.3pt">dated May 17, 2018 (the &ldquo;<B>Agreement</B>&rdquo;)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0in; margin: 0pt 57.85pt 0pt 11pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We refer to the Agreement. This is a QPP Certificate. Terms defined in the Agreement have the same meaning in this QPP Certificate
unless given a different meaning in this QPP Certificate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 57.85pt 0pt 11pt; font-size: 10pt; text-align: left; text-indent: 0in"> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We confirm that:</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47pt"></TD><TD STYLE="width: 36pt">(a)</TD><TD STYLE="text-align: left">we are beneficially entitled to all interest payable to us as holder of the Notes;</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47pt"></TD><TD STYLE="width: 36pt">(b)</TD><TD STYLE="text-align: left">we are a resident of a qualifying territory, being [ <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>]; and</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 47pt"></TD><TD STYLE="width: 36pt">(c)</TD><TD STYLE="text-align: left; padding-right: 55.2pt">we are beneficially entitled to the interest which is payable to us on the
Notes for genuine commercial reasons, and not as part of a tax advantage scheme.</TD></TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 180.4pt 0pt 11pt; font-size: 10pt">These confirmations together form a creditor certificate.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0in; margin: 0pt 70.9pt 0pt 11pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In this QPP Certificate the terms &ldquo;<B>resident</B>&rdquo;, &ldquo;<B>qualifying territory</B>&rdquo;, &ldquo;<B>scheme</B>&rdquo;,
&ldquo;<B>tax advantage scheme</B>&rdquo; and &ldquo;<B>creditor certificate</B>&rdquo; have the meaning given to them in the QPP
Regulations.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 180.4pt 0pt 11pt">[Name of creditor (as that term is defined in the QPP Regulations]</P>

<P STYLE="margin: 0pt 180.4pt 0pt 11pt; font-size: 10pt">&nbsp;&nbsp;</P>

<P STYLE="margin: 0pt 180.4pt 0pt 11pt; font-size: 10pt">By:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 51.05pt 0pt 11pt"><I>[This QPP Certificate is required where a holder of Notes is a person
eligible for the UK withholding tax exemption for qualifying private placements; a separate QPP Certificate should be provided
by each such purchaser.]</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">EXHIBIT 3</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(to Note Purchase Agreement)</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>SCHEDULE 5.3</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>DISCLOSURE MATERIALS</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: left; padding-right: 72.75pt">Annual Information Form for the year ended December 31, 2017, dated February
28, 2018</TD></TR>                  <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; padding-right: 72.75pt">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: left; padding-right: 60.35pt">Management Information Circular for the April 10, 2018 annual and special
meeting of shareholders dated February 28, 2018</TD></TR>                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; padding-right: 60.35pt">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: left">Bank compliance certificate for period ended December 31, 2017 dated March 2, 2018</TD></TR>                                                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: left">Second Amended and Restated Credit Agreement dated as of April 19, 2018</TD></TR>                                                                                                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: left; padding-right: 82.75pt">Management&rsquo;s Discussion and Analysis for the periods ended December
31, 2016, December 31, 2017 and March 31, 2018</TD></TR>                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: left; padding-right: 82.75pt">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 11pt"></TD><TD STYLE="width: 36pt">&bull;</TD><TD STYLE="text-align: left">Schedule of EBITDA by subsidiary as of December 31, 2017</TD></TR></TABLE>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">SCHEDULE 5.3</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(to Note Purchase Agreement)</P>



<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"></P>

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<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center"><B>SCHEDULE 5.4</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>SIGNIFICANT SUBSIDIARIES OF THE PARENT GUARANTOR
AND OWNERSHIP OF SUBSIDIARY STOCK</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">[REDACTED]</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>SCHEDULE 5.5</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.3pt"><B></B></P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left">&bull; The consolidated financial statements of the Parent Guarantor and its Subsidiaries contained
in the Parent Guarantor&rsquo;s Annual Report on Form 40-F for the year ended December 31, 2016 and 2015.</P>

<P STYLE="text-align: left">&bull; The consolidated financial statements of the Parent Guarantor and its Subsidiaries
contained in the Parent Guarantor&rsquo;s Annual Report on Form 40-F for the years ended December 31, 2017 and 2016.</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0"></P>

<P STYLE="text-align: left">&bull; The consolidated financial statements of the Parent Guarantor and its Subsidiaries
contained in the Parent Guarantor&rsquo;s Report of Foreign Issuer on Form 6-K for the quarter ended March 31, 2018.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.3pt"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.3pt"><B>SCHEDULE 5.15</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 81.7pt 0pt 45.9pt"><B>EXISTING INDEBTEDNESS OF THE PARENT GUARANTOR
AND ITS SIGNIFICANT SUBSIDIARIES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.3pt">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">[REDACTED]</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.3pt">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center">&nbsp;</P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>SCHEDULE 8.8</B></P>

<P STYLE="margin: 0pt 143.25pt 0pt 107.3pt; font-size: 10pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.2pt 0pt 107.35pt"><B>DESCRIPTION OF INITIAL SWAP AGREEMENT</B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 143.25pt 0pt 107.25pt">[REDACTED]</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
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<DOCUMENT>
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<DOCUMENT>
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end
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