<SEC-DOCUMENT>0001206774-20-002721.txt : 20200902
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<ACCEPTANCE-DATETIME>20200902163028
ACCESSION NUMBER:		0001206774-20-002721
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20200901
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200902
DATE AS OF CHANGE:		20200902

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEW JERSEY RESOURCES CORP
		CENTRAL INDEX KEY:			0000356309
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS DISTRIBUTION [4924]
		IRS NUMBER:				222376465
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08359
		FILM NUMBER:		201157238

	BUSINESS ADDRESS:	
		STREET 1:		1415 WYCKOFF RD
		STREET 2:		PO BOX 1468
		CITY:			WALL
		STATE:			NJ
		ZIP:			07719
		BUSINESS PHONE:		7329381000

	MAIL ADDRESS:	
		STREET 1:		1415 WYCKOFF ROAD
		STREET 2:		P O BOX 1468
		CITY:			WALL
		STATE:			NJ
		ZIP:			07719
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<p style="text-align: center"><span style="font-size: 18pt; font-family: Times New Roman; font-weight: bold">UNITED STATES<br /></span><span style="font-size: 18pt; font-family: Times New Roman; font-weight: bold">SECURITIES AND EXCHANGE COMMISSION</span></p>

<p style="text-align: center"><span style="font-size: 12pt; font-family: Times New Roman; font-weight: bold">Washington, DC 20549</span></p>

<p style="text-align: center"><span style="font-size: 18pt; font-family: Times New Roman; font-weight: bold">FORM <span id="xdx_904_edei--DocumentType_c20200831__20200901_zDEHgq0mRZOf"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" name="dei:DocumentType">8-K</ix:nonNumeric></span></span></p>

<p style="text-align: center"><span style="font-size: 12pt; font-family: Times New Roman; font-weight: bold">CURRENT REPORT</span></p>

<p style="text-align: center"><span style="font-size: 12pt; font-family: Times New Roman; font-weight: bold">PURSUANT TO SECTION 13 OR 15(d) OF THE<br />SECURITIES EXCHANGE ACT OF 1934</span></p>

<p style="text-align: center"><span style="font-size: 12pt; font-family: Times New Roman">Date of Report (Date of earliest event reported): <span id="xdx_901_edei--DocumentPeriodEndDate_c20200831__20200901_zfRDNrB1QVU7"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate">September 1, 2020</ix:nonNumeric></span></span></p>

<p style="text-align: center"><span style="font-size: 18pt; font-family: Times New Roman; font-weight: bold">NEW JERSEY RESOURCES CORPORATION<br /></span><span style="font-size: 10pt; font-family: Times New Roman">(Exact Name of registrant as specified in its charter)</span></p>

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   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold"><span id="xdx_907_edei--EntityIncorporationStateCountryCode_c20200831__20200901_zySYlijksUTk"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode">New Jersey</ix:nonNumeric></span></span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center">&#160;&#160;&#160;&#160;&#160;</td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold"><span id="xdx_909_edei--EntityFileNumber_c20200831__20200901_zeF2mPx0R8t8"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" name="dei:EntityFileNumber">001-08359</ix:nonNumeric></span></span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center">&#160;&#160;&#160;&#160;&#160;</td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold"><span id="xdx_90A_edei--EntityTaxIdentificationNumber_c20200831__20200901_ztr2tPqrCln8"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" name="dei:EntityTaxIdentificationNumber">22-2376465</ix:nonNumeric></span></span></td></tr>

<tr style="vertical-align: bottom">

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman">(State or Other</span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman">(Commission</span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman">(IRS Employer</span></td></tr>

<tr style="vertical-align: bottom">

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman">Jurisdiction</span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman">File Number)</span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman">Identification No.)</span></td></tr>

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   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman">of Incorporation)</span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center"></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center"></td></tr>

<tr style="vertical-align: bottom">

   <td style="width: 32%; white-space: nowrap; text-align: center"></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center">&#160;</td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center"></td></tr></table>


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   <td style="width: 49%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold"><span id="xdx_905_edei--EntityAddressAddressLine1_c20200831__20200901_zFfJaeTAnvYl"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" name="dei:EntityAddressAddressLine1">1415 Wyckoff Road</ix:nonNumeric></span></span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center">&#160;&#160;&#160;&#160;&#160;</td>

   <td style="width: 49%; white-space: nowrap; text-align: left"></td></tr>

<tr style="vertical-align: bottom">

   <td style="width: 49%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold"><span id="xdx_902_edei--EntityAddressCityOrTown_c20200831__20200901_zKSR5O8IlZNf"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" name="dei:EntityAddressCityOrTown">Wall</ix:nonNumeric></span>, <span id="xdx_90F_edei--EntityAddressStateOrProvince_c20200831__20200901_z9uL9oARSKKj"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince">New Jersey</ix:nonNumeric></span></span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold"></span></td>

   <td style="width: 49%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold"><span id="xdx_902_edei--EntityAddressPostalZipCode_c20200831__20200901_zl2CtwR9mnIa"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" name="dei:EntityAddressPostalZipCode">07719</ix:nonNumeric></span></span></td></tr>

<tr style="vertical-align: bottom">

   <td style="width: 49%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman">(Address of Principal Executive Offices)</span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 49%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman">(Zip Code)</span></td></tr></table>


<p style="text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">(<span id="xdx_90E_edei--CityAreaCode_c20200831__20200901_z53kQJ9Cevr3"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" name="dei:CityAreaCode">732</ix:nonNumeric></span>) <span id="xdx_905_edei--LocalPhoneNumber_c20200831__20200901_zkWBNycYJsfb"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" name="dei:LocalPhoneNumber">938-1480</ix:nonNumeric></span><br /></span><span style="font-size: 10pt; font-family: Times New Roman">(Registrant&#8217;s telephone number, including area code)</span></p>

<p style="text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></p>

<table cellspacing="0" cellpadding="0" border="0" style="line-height: normal; width: 100%">



<tr>

   <td style="vertical-align: top; width: 1%; white-space: nowrap"><span style="font-size: 10pt; font-family: Times New Roman"><span id="xdx_903_edei--WrittenCommunications_c20200831__20200901_zCu6Q7QobPz5"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" format="ixt:booleanfalse" name="dei:WrittenCommunications">[ ]</ix:nonNumeric></span></span></td>

   <td style="vertical-align: top; width: 1%">&#160;&#160;&#160;</td>

   <td style="vertical-align: top; width: 98%"><span style="font-size: 10pt; font-family: Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></td></tr>

<tr>

   <td style="vertical-align: top; width: 1%; white-space: nowrap"></td>

   <td style="vertical-align: top; width: 1%"></td>

   <td style="vertical-align: top; width: 98%">&#160;</td></tr>

<tr>

   <td style="vertical-align: top; width: 1%; white-space: nowrap"><span style="font-size: 10pt; font-family: Times New Roman"><span id="xdx_90D_edei--SolicitingMaterial_c20200831__20200901_z3ZBNmxwvDu"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" format="ixt:booleanfalse" name="dei:SolicitingMaterial">[ ]</ix:nonNumeric></span></span></td>

   <td style="vertical-align: top; width: 1%"></td>

   <td style="vertical-align: top; width: 98%"><span style="font-size: 10pt; font-family: Times New Roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></td></tr>

<tr>

   <td style="vertical-align: top; width: 1%; white-space: nowrap"></td>

   <td style="vertical-align: top; width: 1%"></td>

   <td style="vertical-align: top; width: 98%">&#160;</td></tr>

<tr>

   <td style="vertical-align: top; width: 1%; white-space: nowrap"><span style="font-size: 10pt; font-family: Times New Roman"><span id="xdx_90F_edei--PreCommencementTenderOffer_c20200831__20200901_zlcKZ7HFwJti"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">[ ]</ix:nonNumeric></span></span></td>

   <td style="vertical-align: top; width: 1%"></td>

   <td style="vertical-align: top; width: 98%"><span style="font-size: 10pt; font-family: Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></td></tr>

<tr>

   <td style="vertical-align: top; width: 1%; white-space: nowrap"></td>

   <td style="vertical-align: top; width: 1%"></td>

   <td style="vertical-align: top; width: 98%">&#160;</td></tr>

<tr>

   <td style="vertical-align: top; width: 1%; white-space: nowrap"><span style="font-size: 10pt; font-family: Times New Roman"><span id="xdx_90D_edei--PreCommencementIssuerTenderOffer_c20200831__20200901_z3YLr9XNcny6"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">[ ]</ix:nonNumeric></span></span></td>

   <td style="vertical-align: top; width: 1%"></td>

   <td style="vertical-align: top; width: 98%"><span style="font-size: 10pt; font-family: Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR </span><span style="font-size: 10pt; font-family: Times New Roman">240.13e-4(c))</span></td></tr></table>

<p style="text-align: center; margin-bottom: 0pt"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">Securities registered pursuant to Section 12(b) of the Act:</span></p>

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<tr style="vertical-align: bottom">

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">Title of each class</span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center">&#160;&#160;&#160;&#160;&#160;</td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">Trading Symbol(s)</span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center">&#160;&#160;&#160;&#160;&#160;</td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">Name of each exchange on</span></td></tr>

<tr style="vertical-align: bottom">

   <td style="width: 32%; white-space: nowrap; text-align: left"></td>

   <td style="width: 2%; white-space: nowrap; text-align: left"></td>

   <td style="width: 32%; white-space: nowrap; text-align: left"></td>

   <td style="width: 2%; white-space: nowrap; text-align: left"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">which registered</span></td></tr>

<tr style="vertical-align: bottom">

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman"><span id="xdx_906_edei--Security12bTitle_c20200831__20200901_zbzKBrfE8dpb"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" name="dei:Security12bTitle">Common Stock - $2.50 par value</ix:nonNumeric></span></span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman"><span id="xdx_90B_edei--TradingSymbol_c20200831__20200901_zSOYpDzSh9hk"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" name="dei:TradingSymbol">NJR</ix:nonNumeric></span></span></td>

   <td style="width: 2%; white-space: nowrap; text-align: center"></td>

   <td style="width: 32%; white-space: nowrap; text-align: center"><span style="font-size: 10pt; font-family: Times New Roman"><span id="xdx_90E_edei--SecurityExchangeName_c20200831__20200901_z4nUrJIs9yR9"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></span></td></tr></table>


<p style="text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></p>

<p style="text-align: right"><span style="font-size: 10pt; font-family: Times New Roman">Emerging growth company </span><span style="font-size: 10pt; font-family: Times New Roman"><span id="xdx_905_edei--EntityEmergingGrowthCompany_c20200831__20200901_zuJrOMJKVQfb"><ix:nonNumeric contextRef="From2020-08-31to2020-09-01" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">[ ]</ix:nonNumeric></span></span></p>

<p style="text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="font-size: 10pt; font-family: Times New Roman">[ ]</span></p>

<hr style="height: 2px; width: 100%; color: Gray; background-color: Gray; margin-left: auto; margin-right: auto; border-width: 0" />



<div style="page-break-before: always"></div>

<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">Item 1.01 Entry into a Material Definitive Agreement.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">The information included in Item 2.03 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman; font-style: italic">NJR Private Placement</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">On September 1, 2020, New Jersey Resources Corporation (&#147;NJR&#148;) and certain institutional investors in the private placement market (&#147;NJR Purchasers&#148;) entered into a Note Purchase Agreement (&#147;NJR Note Purchase Agreement&#148;), under which NJR sold to the NJR Purchasers &#36;200 million aggregate principal amount of its senior notes consisting of (i) &#36;120 million aggregate principal amount of NJR&#146;s 3.13% Senior Notes, Series 2020C, due September 1, 2031 (&#147;NJR Series C Notes&#148;) and (ii) &#36;80 million aggregate principal amount of NJR&#146;s 3.25% Senior Notes, Series 2020D, due September 1, 2033 (&#147;NJR Series D Notes&#148; and, together with the NJR Series C Notes, &#147;NJR Notes&#148;). The NJR Notes are unsecured and guaranteed by certain unregulated subsidiaries of NJR. The proceeds of the NJR Notes will be used for general corporate purposes, including, but not limited to, funding capital expenditures related to solar projects and refinancing of existing debt.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">Interest will accrue on the NJR Series C Notes at 3.13% per annum and will be payable on March 1 and September 1 of each year, beginning on March 1, 2021, and on the maturity date of September 1, 2031. Interest will accrue on the NJR Series D Notes at 3.25% per annum and will be payable on March 1 and September 1 of each year, beginning on March 1, 2021, and on the maturity date of September 1, 2033. NJR may prepay at any time all, or from time to time any part of, the NJR Notes, in an amount not less than &#36;1,000,000 in aggregate principal amount of the NJR Notes then outstanding in the case of a partial prepayment, at 100% of the aggregate principal amount so prepaid together with interest accrued thereon to the date of such prepayment and the make-whole amount (as defined in the NJR Note Purchase Agreement) determined for the prepayment date with respect to such principal amount. The NJR Notes will not be registered under the Securities Act of 1933, as amended (&#147;Securities Act&#148;), or under the securities laws of any jurisdiction. The NJR Notes will be subject to certain restrictions on transfer and may only be sold in transactions exempt from, or not subject to, the registration requirements of the Securities Act.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">The NJR Note Purchase Agreement contains customary representations and warranties of NJR and the NJR Purchasers and also contains customary events of default and certain covenants which will limit NJR&#146;s ability beyond agreed upon thresholds, to, among other things: (i) incur additional debt (including a covenant which limits the amount of consolidated total debt of NJR at the end of a fiscal quarter to 65% of the consolidated total capitalization of NJR, as those terms are defined in the NJR Note Purchase Agreement, and a covenant limiting priority debt to 20% of NJR&#146;s consolidated total capitalization, as those terms are defined in the NJR Note Purchase Agreement); (ii) incur liens; (iii) make dispositions of assets; (iv) enter into transactions with affiliates; and (v) merge, consolidate, transfer, sell or lease all or substantially all of NJR&#146;s assets. These covenants are subject to a number of important exceptions and qualifications set forth in the NJR Note Purchase Agreement.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman; font-style: italic">NJNG Private Placement</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">On September 1, 2020, New Jersey Natural Gas Company (&#147;NJNG&#148;), a wholly-owned subsidiary of NJR, and certain institutional investors in the private placement market (&#147;NJNG Purchasers&#148;) entered into a Note Purchase Agreement (&#147;NJNG Note Purchase Agreement&#148;), under which NJNG sold to the NJNG Purchasers &#36;75 million aggregate principal amount of its senior notes consisting of (i) &#36;25 million aggregate principal amount of NJNG&#146;s 2.87% Senior Notes, Series 2020D, due September 1, 2050 (&#147;NJNG Series D Notes&#148;) and (ii) &#36;50 million aggregate principal amount of NJNG&#146;s 2.97% Senior Notes, Series 2020E, due September 1, 2060 (&#147;NJNG Series E Notes&#148; and, together with the NJNG Series D Notes, &#147;NJNG Notes&#148;).</span></p>
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<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">The NJNG Notes will be secured by an equal principal amount of NJNG&#146;s First Mortgage Bonds issued under the Amended and Restated Indenture of Mortgage, Deed of Trust and Security dated September 1, 2014 between NJNG and U.S. Bank National Association, in its capacity as Trustee, as amended and supplemented by the First Supplemental Indenture, dated as of April 1, 2015, the Second Supplemental Indenture dated as of June 1, 2016, the Third Supplemental Indenture dated as of May 1, 2018, the Fourth Supplemental Indenture dated as of April 1, 2019, the Fifth Supplemental Indenture dated as of July 1, 2019, the Sixth Supplemental Indenture dated as of August 1, 2019, the Seventh Supplemental Indenture dated as of June 1, 2020, the Eighth Supplemental Indenture dated as of July 1, 2020, and further amended and supplemented by the Ninth Supplemental Indenture dated as of August 1, 2020. Accordingly, the NJNG Notes are secured ratably with NJNG&#146;s First Mortgage Bonds in the collateral pledged to secure such bonds. The proceeds of the NJNG Notes will be used for general corporate purposes.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">Interest will accrue on the NJNG Series D Notes at 2.87% per annum and will be payable on March 1 and September 1 of each year, beginning on March 1, 2021, and on the maturity date of September 1, 2050. Interest will accrue on the NJNG Series E Notes at 2.97% per annum and will be payable on March 1 and September 1 of each year, beginning on March 1, 2021, and on the maturity date of September 1, 2060. NJNG may prepay at any time all, or from time to time any part of, the NJNG Notes, in an amount not less than &#36;1,000,000 in aggregate principal amount of the NJNG Notes then outstanding in the case of a partial prepayment, at 100% of the aggregate principal amount so prepaid together with interest accrued thereon to the date of such prepayment and the make-whole amount (as such term is defined in the NJNG Note Purchase Agreement) determined for the prepayment date with respect to such principal amount. The NJNG Notes will also be subject to required prepayments upon the occurrence of certain events. The NJNG Notes will not be registered under the Securities Act, or under the securities laws of any jurisdiction. The NJNG Notes will be subject to certain restrictions on transfer and may only be sold in transactions exempt from, or not subject to, the registration requirements of the Securities Act.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">The NJNG Note Purchase Agreement contains customary representations and warranties of NJNG and the NJNG Purchasers and also contains customary events of default and certain covenants which will limit NJNG&#146;s ability beyond agreed upon thresholds, to, among other things: (i) incur liens; (ii) make dispositions of assets; (iii) enter into transactions with affiliates; and (iv) merge, consolidate, transfer, sell or lease all or substantially all of NJNG&#146;s assets. These covenants are subject to a number of important exceptions and qualifications set forth in the NJNG Note Purchase Agreement.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">NJR will not be obligated directly or contingently with respect to the NJNG Notes or the First Mortgage Bonds.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">The above descriptions of the NJR Note Purchase Agreement and the NJNG Note Purchase Agreement are qualified in their entirety by reference to the entire NJR Note Purchase Agreement and the entire NJNG Note Purchase Agreement attached hereto as Exhibits 4.1 and 4.2, respectively, and incorporated herein by reference. The description of the Ninth Supplemental Indenture is qualified in its entirety by reference to the entire Ninth Supplemental Indenture attached hereto as Exhibit 4.3 and incorporated herein by reference.</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">Cautionary Statements Regarding Forward-Looking Statements</span></p>
<p style="text-align: left">
<span style="font-size: 10pt; font-family: Times New Roman">This filing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR&#146;s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as &#147;anticipates,&#148; &#147;estimates,&#148; &#147;expects,&#148; &#147;projects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;believes,&#148; &#147;may,&#148; &#147;should&#148; and similar expressions may identify forward-looking information and such forward-looking statements are made based upon management&#146;s current expectations and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management&#146;s expectations or that the effect of future developments on NJR will be those anticipated by management. Forward-looking information in this filing includes, but is not limited to, certain statements regarding the use of proceeds.</span></p>
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<p style="text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">Additional information and factors that could cause actual results to differ materially from NJR&#8217;s expectations are contained in NJR&#8217;s filings with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;), including NJR&#8217;s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC&#8217;s web site, http:.//www.sec.gov. Information included in this filing is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR&#8217;s results of operations and financial condition in connection with its preparation of management&#8217;s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.</span></p>

<p style="text-align: left"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">Item 9.01 Financial Statements and Exhibits.</span></p>

<p style="text-indent: 15pt; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">(d) Exhibits.</span></p>

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   <td style="border-bottom: #000000 1pt solid; padding-bottom: 2pt; width: 1%; white-space: nowrap; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">Number</span></td>

   <td style="width: 1%; white-space: nowrap; text-align: left; padding-bottom: 2pt">&#160;&#160;&#160;&#160;&#160;</td>

   <td style="border-bottom: #000000 1pt solid; padding-bottom: 2pt; width: 98%; white-space: nowrap; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">Description</span></td></tr>

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   <td style="padding-top: 2pt; background-color: #c0c0c0; vertical-align: top; width: 1%; text-align: left"><a href="njr3801241-ex41.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt; font-family: Times New Roman">4.1</span></a></td>

   <td style="padding-top: 2pt; background-color: #c0c0c0; vertical-align: top; width: 1%; text-align: left"></td>

   <td style="padding-top: 2pt; background-color: #c0c0c0; vertical-align: top; width: 98%; text-align: left"><a href="njr3801241-ex41.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt; font-family: Times New Roman">$200,000,000 Note Purchase Agreement, dated as of September 1, 2020, by and among New Jersey Resources Corporation and the Purchasers party thereto</span></a></td></tr>

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   <td style="background-color: #c0c0c0; vertical-align: top; width: 1%; text-align: left">&#160;</td>

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   <td style="background-color: #c0c0c0; vertical-align: top; width: 98%; text-align: left"></td></tr>

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   <td style="vertical-align: top; width: 1%; text-align: left"><a href="njr3801241-ex42.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt; font-family: Times New Roman">4.2</span></a></td>

   <td style="vertical-align: top; width: 1%; text-align: left"></td>

   <td style="vertical-align: top; width: 98%; text-align: left"><a href="njr3801241-ex42.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt; font-family: Times New Roman">$75,000,000 Note Purchase Agreement, dated as of September 1, 2020, by and among New Jersey Natural Gas Company and the Purchasers party thereto</span></a></td></tr>

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   <td style="vertical-align: top; width: 1%; text-align: left">&#160;</td>

   <td style="vertical-align: top; width: 1%; text-align: left"></td>

   <td style="vertical-align: top; width: 98%; text-align: left"></td></tr>

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   <td style="background-color: #c0c0c0; vertical-align: top; width: 1%; text-align: left"><a href="njr3801241-ex43.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt; font-family: Times New Roman">4.3</span></a></td>

   <td style="background-color: #c0c0c0; vertical-align: top; width: 1%; text-align: left"></td>

   <td style="background-color: #c0c0c0; vertical-align: top; width: 98%; text-align: left"><a href="njr3801241-ex43.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt; font-family: Times New Roman">Ninth Supplemental Indenture, dated as of August 1, 2020, by and between New Jersey Natural Gas Company and U.S. Bank National Association, as Trustee</span></a></td></tr>

<tr style="vertical-align: bottom">

   <td style="background-color: #c0c0c0; vertical-align: top; width: 1%; text-align: left">&#160;</td>

   <td style="background-color: #c0c0c0; vertical-align: top; width: 1%; text-align: left"></td>

   <td style="background-color: #c0c0c0; vertical-align: top; width: 98%; text-align: left"></td></tr>

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   <td style="vertical-align: top; width: 1%; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">104</span></td>

   <td style="vertical-align: top; width: 1%; text-align: left"></td>

   <td style="vertical-align: top; width: 98%; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">Cover page in Inline XBRL format</span></td></tr>

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   <td style="vertical-align: top; width: 1%; text-align: left">&#160;</td>

   <td style="vertical-align: top; width: 1%; text-align: left"></td>

   <td style="vertical-align: top; width: 98%; text-align: left"></td></tr></table>


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<p style="text-align: center"><span style="font-size: 10pt; font-family: Times New Roman; font-weight: bold">SIGNATURE</span></p>

<p style="text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">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.</span></p>

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   <td colspan="3" style="width: 50%; white-space: nowrap; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">NEW JERSEY RESOURCES CORPORATION</span></td></tr>

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   <td style="width: 50%; white-space: nowrap; text-align: left">&#160;</td>

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   <td colspan="2" style="width: 49%; white-space: nowrap; text-align: left"></td></tr>

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   <td style="width: 50%; white-space: nowrap; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">Date: September 2, 2020</span></td>

   <td style="width: 1%; white-space: nowrap; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">By:&#160;&#160;&#160;&#160;&#160;</span></td>

   <td style="border-bottom: #000000 1pt solid; width: 25%; white-space: nowrap; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">/s/ Patrick J. Migliaccio</span></td>

   <td style="width: 24%; white-space: nowrap; text-align: left">&#160;</td></tr>

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   <td style="width: 50%; white-space: nowrap; text-align: left"></td>

   <td style="width: 1%; white-space: nowrap; text-align: left"></td>

   <td colspan="2" style="width: 49%; white-space: nowrap; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">Patrick J. Migliaccio</span></td></tr>

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   <td colspan="2" style="width: 49%; white-space: nowrap; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">Senior Vice President and Chief Financial</span></td></tr>

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   <td colspan="2" style="width: 49%; white-space: nowrap; text-align: left"><span style="font-size: 10pt; font-family: Times New Roman">Officer</span></td></tr>

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   <td style="width: 1%; white-space: nowrap; text-align: left">&#160;</td>

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<DESCRIPTION>$200,000,000 NOTE PURCHASE AGREEMENT, DATED AS OF SEPTEMBER 1, 2020
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   <TD STYLE="width: 100%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Execution Version</FONT></TD></TR></TABLE>
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<P style="TEXT-ALIGN: center"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">New Jersey Resources Corporation</FONT></P>
<BR>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">$120,000,000 3.13% Senior Notes, Series 2020C, due September 1, 2031 <BR>$80,000,000 3.25% Senior Notes, Series 2020D, due September 1, 2033</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Note Purchase Agreement</FONT></P>
<BR>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Dated as of September 1, 2020</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face=serif>TABLE OF CONTENTS</FONT></B></P>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left">&nbsp;</TD>

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   <TD STYLE="width: 1%; text-align: right"><B><FONT size=2 face=serif>Page</FONT></B></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 98%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: right"><B><FONT size=2 face=serif></FONT></B></TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face=serif>SECTION </FONT><FONT size=2 face=serif>1</FONT><FONT size=2 face=serif>.</FONT> <FONT size=2 face=serif>AUTHORIZATION OF NOTES</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>1</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 1.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Authorization of Notes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>1</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left">&nbsp;<FONT size=2 face=serif></FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif></FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif></FONT></TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face=serif>SECTION 2. SALE AND PURCHASE OF NOTES; GUARANTY</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>1</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 2.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Sale and Purchase of Notes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>1</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 2.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Guaranty Agreement</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>2</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left">&nbsp;</TD>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face=serif>SECTION 3.</FONT> <FONT size=2 face=serif>CLOSING</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>2</FONT></TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left">&nbsp;<FONT size=2 face=serif></FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif></FONT></TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face=serif>SECTION 4.</FONT> <FONT size=2 face=serif>CONDITIONS TO CLOSING</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>2</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Representations and Warranties</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>2</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Performance; No Default</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>3</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Compliance Certificates</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>3</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.4.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Guaranty Agreement</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>3</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.5.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Opinions of Counsel</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>3</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.6.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Purchase Permitted by Applicable Law, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>4</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.7.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Sale of Other Notes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>4</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.8.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Payment of Special Counsel Fees</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>4</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.9.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Private Placement Number</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>4</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.10.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Changes in Corporate Structure</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>4</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.11.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Funding Instructions</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>4</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 4.12.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Proceedings and Documents</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>4</FONT></TD></TR>

<TR STYLE="background-color: Silver">

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face=serif>SECTION 5.</FONT> <FONT size=2 face=serif>REPRESENTATIONS AND WARRANTIES OF THE COMPANY</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>5</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Organization; Power and Authority</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>5</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Authorization, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>5</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Disclosure</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>5</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.4.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Organization and Ownership of Shares of Subsidiaries</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>6</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.5.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Financial Statements</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>6</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.6.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Compliance with Laws, Other Instruments, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>6</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.7.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Governmental Authorizations, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>7</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.8.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Litigation; Observance of Statutes and Orders</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>7</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.9.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Taxes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>7</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.10.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Title to Property; Leases</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>7</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.11.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Licenses, Permits, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>8</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.12.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Compliance with ERISA</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>8</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.13.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Private Offering by the Company</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>9</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.14.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Use of Proceeds; Margin Regulations</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>9</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.15.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Existing Debt</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>9</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.16.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Foreign Assets Control Regulations, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>10</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.17.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Status under Certain Statutes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>11</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face=serif>Section 5.18.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face=serif>Environmental Matters</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face=serif>11</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0px"><FONT size=2 face=serif>-i-</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">TABLE OF CONTENTS<BR></FONT></B><FONT size=2 face="Times New Roman">(continued)</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"></TD>

   <TD STYLE="width: 98%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: right"><B><FONT size=2 face="Times New Roman">Page</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 98%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: right"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 5.19.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Notes Rank Pari Passu</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">12</FONT></TD></TR>

<TR STYLE="background-color: Silver">

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 6. REPRESENTATIONS OF THE PURCHASERS</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">12</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 6.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Purchase for Investment</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">12</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 6.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Source of Funds</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">12</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 7. INFORMATION AS TO COMPANY</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">14</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 7.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Financial and Business Information</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">14</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 7.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Officer&#8217;s Certificate</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">17</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 7.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Inspection</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">17</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 8. PREPAYMENT OF THE NOTES</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">18</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 8.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Maturity; Required Prepayments</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">18</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 8.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Optional Prepayments with Make-Whole Amount</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">18</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 8.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Allocation of Partial Prepayments</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">19</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 8.4.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Maturity; Surrender, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">19</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 8.5.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Purchase of Notes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">19</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 8.6.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Make-Whole Amount for Notes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">20</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 8.7.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Offer to Prepay upon Asset Disposition</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">21</FONT></TD></TR>

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   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 9. AFFIRMATIVE COVENANTS</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">22</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 9.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Compliance with Law</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">22</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 9.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Insurance</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">22</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 9.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Maintenance of Properties</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">22</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 9.4.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Payment of Taxes and Claims</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">23</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 9.5.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Corporate Existence, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">23</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 9.6.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Ownership of Subsidiaries</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">23</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 9.7.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Guaranty Agreement</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">23</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 9.8.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">New Jersey Natural Gas Regulated Nature</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 9.9.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Notes to Rank Pari Passu</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">25</FONT></TD></TR>

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   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 10. NEGATIVE COVENANTS</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Leverage Ratio</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Limitation on Priority Debt</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">26</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Liens</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">26</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.4.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Restricted Payments</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">28</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.5.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Restrictions on Dividends of Subsidiaries, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">28</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.6.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Sale of Assets, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">29</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.7.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Merger, Consolidation, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">29</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.8.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Disposal of Ownership of a Restricted Subsidiary</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">31</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.9.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Limitations on Subsidiaries, Partnerships and Joint Ventures</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">31</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.10.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">[Reserved]</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">31</FONT></TD></TR></TABLE>


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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">TABLE OF CONTENTS<BR></FONT></B><FONT size=2 face="Times New Roman">(continued)</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"></TD>

   <TD STYLE="width: 98%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: right"><B><FONT size=2 face="Times New Roman">Page</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 98%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: right"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.11.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Nature of Business</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">31</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.12.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Transactions with Affiliates</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.13.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Designation of Restricted and Unrestricted Subsidiaries</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 10.14.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Economic Sanctions, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">33</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left">&nbsp;</TD>

   <TD STYLE="width: 98%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: right"></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 11. EVENTS OF DEFAULT</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">33</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left">&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: right"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 12. REMEDIES ON DEFAULT, ETC</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">36</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 12.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Acceleration</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">36</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 12.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Other Remedies</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">36</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 12.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Rescission</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">37</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 12.4.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">No Waivers or Election of Remedies, Expenses, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">37</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 13. REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">37</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 13.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Registration of Notes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">37</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 13.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Transfer and Exchange of Notes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">37</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 13.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Replacement of Notes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">38</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 14. PAYMENTS ON NOTES</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">38</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 14.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Place of Payment</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">38</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 14.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Home Office Payment</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">38</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 14.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">FATCA Information</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">39</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 15. EXPENSES, ETC</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">39</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 15.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Transaction Expenses</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">39</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 15.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Certain Taxes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">40</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 15.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Survival</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">40</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 16. SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">40</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left">&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: right"></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 17. AMENDMENT AND WAIVER</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">40</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 17.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Requirements</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">40</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 17.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Solicitation of Purchasers and Holders of Notes</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">41</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 17.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Binding Effect, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">41</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 17.4.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Notes Held by Company, Etc</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">42</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 18. NOTICES</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">42</FONT></TD></TR>

<TR STYLE="background-color: Silver">

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 19. REPRODUCTION OF DOCUMENTS</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">42</FONT></TD></TR>

<TR>

   <TD COLSPAN="3" STYLE="width: 100%">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 20. CONFIDENTIAL INFORMATION</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">43</FONT></TD></TR></TABLE>


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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">TABLE OF CONTENTS<BR></FONT></B><FONT size=2 face="Times New Roman">(continued)</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 98%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: right"><B><FONT size=2 face="Times New Roman">Page</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: right">&nbsp;</TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 21. SUBSTITUTION OF PURCHASER</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">44</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD COLSPAN="2" STYLE="width: 99%; text-align: left">&nbsp;</TD>

   <TD STYLE="width: 1%; text-align: right"></TD></TR>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">SECTION 22. MISCELLANEOUS</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">45</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 22.1.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Successors and Assigns</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">45</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 22.2.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Submission to Jurisdiction; Waiver of Jury Trial</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">45</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 22.3.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Payments Due on Non-Business Days</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">45</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 22.4.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Accounting Terms</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">46</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 22.5.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Severability</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">46</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 22.6.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Construction</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">46</FONT></TD></TR>

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   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 22.7.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Counterparts; Electronic Contracting</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">46</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD STYLE="padding-left: 15pt; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Section 22.8.</FONT></TD>

   <TD STYLE="width: 98%; text-align: left"><FONT size=2 face="Times New Roman">Governing Law</FONT></TD>

   <TD STYLE="width: 1%; text-align: right"><FONT size=2 face="Times New Roman">47</FONT></TD></TR></TABLE>


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<P style="TEXT-ALIGN: left"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Attachments to Note Purchase Agreement:</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Schedule A</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Information Relating to Purchasers</FONT></TD></TR>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

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   <TD width="1%" noWrap align=left><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Schedule B</FONT></TD>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

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   <TD width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Defined Terms</FONT></TD></TR>

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   <TD width="1%" noWrap align=left>&nbsp;</TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Schedule 5.3</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

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   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Disclosure Materials</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Schedule 5.4</FONT></TD>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

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   <TD width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Subsidiaries of the Company and Ownership of Subsidiary Stock</FONT></TD></TR>

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   <TD width="1%" noWrap align=left>&nbsp;</TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Schedule 5.5</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

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   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Financial Statements</FONT></TD></TR>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

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   <TD width="1%" noWrap align=left><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Schedule 5.8</FONT></TD>

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   <TD width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Certain Litigation</FONT></TD></TR>

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   <TD width="1%" noWrap align=left>&nbsp;</TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Schedule 5.11</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Patents, Etc</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Schedule 5.15</FONT></TD>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

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   <TD width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Existing Debt</FONT></TD></TR>

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   <TD width="1%" noWrap align=left>&nbsp;</TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Exhibit 1</FONT><FONT size=2 face="Times New Roman">(a)</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

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   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Form of 3.13% Senior Notes, Series 2020C, due September 1, 2031</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Exhibit 1</FONT><FONT size=2 face="Times New Roman">(b)</FONT></TD>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

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   <TD width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Form of 3.25% Senior Notes, Series 2020D, due September 1, 2033</FONT></TD></TR>

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   <TD width="1%" noWrap align=left>&nbsp;</TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Exhibit 2</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Form of Subsidiary Guaranty Agreement</FONT></TD></TR>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"></TD>

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   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Exhibit 4.5</FONT><FONT size=2 face="Times New Roman">(a)</FONT></TD>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

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   <TD width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Form of Opinion of Assistant General Counsel and Special Counsel for the Company and the Guarantors</FONT></TD></TR>

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   <TD width="1%" noWrap align=left>&nbsp;</TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Exhibit 4.5</FONT><FONT size=2 face="Times New Roman">(b)</FONT></TD>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

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   <TD STYLE="width: 96%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">Form of Opinion of Special Counsel for the Purchasers</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">-v-</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New Jersey Resources Corporation</FONT></B><BR><B><FONT size=2 face="Times New Roman">1415 Wyckoff Road<BR>Wall, New Jersey 07719</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">$120,000,000 3.13% Senior Notes, Series 2020C, due September 1, 2031<BR>$80,000,000 3.25% Senior Notes, Series 2020D, due September 1, 2033</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face="Times New Roman">Dated as of September 1, 2020</FONT></P>

<div style="TEXT-ALIGN: left"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">To Each of the Purchasers Listed in</FONT></div>
<DIV STYLE="text-indent: 15pt; text-align: left"><FONT size=2 face="Times New Roman">Schedule </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">A Hereto:</FONT></div>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Ladies and Gentlemen:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New Jersey Resources Corporation</FONT><FONT size=2 face="Times New Roman">, a New Jersey corporation (the <i>&#8220;Company&#8221;</i>), agrees with each of you as follows: </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Section 1. </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Authorization of Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman"><EM>Section 1.1. Authorization of Notes</EM>. The Company will authorize the issue and sale of $200,000,000 aggregate principal amount of its senior notes consisting of (a) $120,000,000 aggregate principal amount of its 3.13% Senior Notes, Series 2020C, due September 1, 2031 (as amended, restated or otherwise modified from time to time pursuant to <STRONG>Section 17</STRONG>, the &#8220;<EM>Series C Notes</EM>&#8221;) and (b) $80,000,000 aggregate principal amount of its 3.25% Senior Notes, Series 2020D, due September 1, 2033 (as amended, restated or otherwise modified from time to time pursuant to <STRONG>Section 17</STRONG>, the &#8220;<EM>Series D Notes</EM>&#8221;; and together with the Series C Notes, the &#8220;<EM>Notes</EM>&#8221;, such term to include any such notes issued in substitution for any such Series C Notes or Series D Notes pursuant to <STRONG>Section 13</STRONG>). The Series C Notes and the Series D Notes shall be substantially in the form set out in <STRONG>Exhibit 1(a)</STRONG> and <STRONG>Exhibit 1(b), </STRONG>respectively, with such changes therefrom, if any, as may be approved by the Purchasers and the Company. Certain capitalized and other terms used in this Agreement are defined in <STRONG>Schedule B</STRONG>. References to a &#8220;Schedule&#8221; or an &#8220;Exhibit&#8221; are references to a Schedule or Exhibit, as applicable, attached to this Agreement unless otherwise specified. References to a &#8220;Section&#8221; are references to a Section of this Agreement unless otherwise specified.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Section 2. </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Sale and Purchase of Notes; Guaranty.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman"><EM>Section 2.1. Sale and Purchase of Notes. </EM>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 <STRONG>Section 3</STRONG>, Notes of the series and in the principal amount specified opposite such Purchaser&#8217;s name in <STRONG>Schedule A</STRONG> at the purchase price of 100% of the principal amount thereof. The Purchasers&#8217; obligations hereunder are several and not joint obligations and no Purchaser shall have any obligation or liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"> <I><FONT size=2 face="Times New Roman">Section 2.2. Guaranty Agreement. </FONT></I><FONT size=2 face="Times New Roman">The
obligations of the Company hereunder and under the Notes are absolutely, unconditionally and irrevocably guaranteed by each
Restricted Subsidiary existing on the Closing Date (as defined below) and each other Subsidiary from time to time required to
guaranty the Notes pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 9.7 </FONT></B><FONT size=2 face="Times New Roman">(each
a </FONT><I><FONT size=2 face="Times New Roman">&#147;Guarantor&#148; </FONT></I><FONT size=2 face="Times New Roman">and,
collectively, the </FONT><I><FONT size=2 face="Times New Roman">&#147;Guarantors&#148;</FONT></I><FONT size=2 face="Times New Roman">),
pursuant to that certain Subsidiary Guaranty Agreement dated as of the Closing Date (as the same may be amended,
supplemented, restated or otherwise modified from time to time, the </FONT><I><FONT size=2 face="Times New Roman">&#147;Guaranty
Agreement&#148;</FONT></I><FONT size=2 face="Times New Roman">) substantially in the form of Exhibit 2, and subject to the
provisions of </FONT><B><FONT size=2 face="Times New Roman">Section 9.7(c)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">Section 3. </FONT><FONT style="font-variant: small-caps"  size=2 face="Times New Roman">Closing.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Schiff Hardin LLP, 1185 Sixth Avenue, Suite 3000, New York, New York 10036 at 11:00 a.m., New York, New York time (the </FONT><I><FONT size=2 face="Times New Roman">&#147;Closing&#148;</FONT></I><FONT size=2 face="Times New Roman">), on September 1, 2020 (the </FONT><I><FONT size=2 face="Times New Roman">&#147;Closing Date&#148;</FONT></I><FONT size=2 face="Times New Roman">). 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 of each series (or such greater number of Notes of such series in denominations of at least &#36;100,000 as such Purchaser may request) dated the Closing Date and registered in such Purchaser&#146;s name (or in the name of its nominee), 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 in accordance with the funding instructions provided pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 4.11</FONT></B><FONT size=2 face="Times New Roman">. If at the Closing the Company shall fail to tender the Notes to any Purchaser to be purchased by such Purchaser as provided above in this </FONT><B><FONT size=2 face="Times New Roman">Section 3</FONT></B><FONT size=2 face="Times New Roman">, or any of the conditions specified in </FONT><B><FONT size=2 face="Times New Roman">Section 4 </FONT></B><FONT size=2 face="Times New Roman">shall not have been fulfilled to such Purchaser&#146;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 or such nonfulfillment.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">Section 4. </FONT><FONT style="font-variant: small-caps" size=2 face="Times New Roman">Conditions to Closing.</font></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">Each Purchaser&#146;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&#146;s satisfaction, prior to or at the Closing, of the following conditions:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 4.1. Representations and Warranties. </FONT></I><FONT size=2 face="Times New Roman">(a) The representations and warranties of the Company in this Agreement shall be true and correct as of the date of this Agreement and at the time of the Closing, except for such representations and warranties as of a specified date (which representations and warranties shall be correct in all material respects as of such specified date).</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(b) The representations and warranties of each Guarantor in the Guaranty Agreement shall be correct as of the date of this Agreement and at the time of the Closing, except for such representations and warranties as of a specified date (which representations and warranties shall be correct in all material respects as of such specified date).</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 4.2. Performance; No Default. </FONT></I><FONT size=2 face="Times New Roman">The Company and each Guarantor shall have performed and complied with all agreements and conditions contained in this Agreement or in the Guaranty Agreement, as applicable, required to be performed or complied with by it prior to or at 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 </FONT><B><FONT size=2 face="Times New Roman">Section 5.14</FONT></B><FONT size=2 face="Times New Roman">), no Default or Event of Default shall have occurred and be continuing.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 4.3. Compliance Certificates</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Officer&#146;s Certificate. </FONT></I><FONT size=2 face="Times New Roman">(1) The Company shall have delivered to such Purchaser an Officer&#146;s Certificate, dated the Closing Date, certifying that the conditions specified in </FONT><B><FONT size=2 face="Times New Roman">Sections 4.1</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">4.2 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">4.10 </FONT></B><FONT size=2 face="Times New Roman">have been fulfilled.</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify">
<FONT size=2 face="Times New Roman">(2) Each Guarantor shall have delivered to such Purchaser an Officer&#146;s Certificate, dated the Closing Date, certifying that the conditions specified in </FONT><B><FONT size=2 face="Times New Roman">Section 4.1(b) </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">4.2 </FONT></B><FONT size=2 face="Times New Roman">have been fulfilled.</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify">
<FONT size=2 face="Times New Roman">(3) A duly authorized Senior Financial Officer shall execute and deliver to each such Purchaser an Officer&#146;s Certificate dated the Closing Date stating that such officer has reviewed the provisions of this Agreement and setting forth the information and computations (in sufficient detail) required to establish whether after giving effect to the issuance of the Notes and after giving effect to the application of the proceeds thereof, the Company is in compliance with the requirements of </FONT><B><FONT size=2 face="Times New Roman">Section 10.1 </FONT></B><FONT size=2 face="Times New Roman">on such date.</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Secretary&#146;s Certificate. </FONT></I><FONT size=2 face="Times New Roman">(1) The Company shall have delivered to such Purchaser a certificate of its Secretary, dated the Closing Date, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement and (ii) the Company&#146;s organizational documents then in effect.</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify">
<FONT size=2 face="Times New Roman">(2) Each Guarantor shall have delivered to such Purchaser a certificate of its Secretary, dated the Closing Date, certifying as to (i) the resolutions attached thereto and other corporate or similar proceedings relating to the authorization, execution and delivery of the Guaranty Agreement and (ii) such Guarantor&#146;s organizational documents then in effect.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 4.4. Guaranty Agreement. </FONT></I><FONT size=2 face="Times New Roman">The Guaranty Agreement shall have been duly authorized, executed and delivered by each Guarantor and shall be in full force and effect and such Purchaser shall have received a duly executed copy thereof.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 4.5. Opinions of Counsel. </FONT></I><FONT size=2 face="Times New Roman">Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the Closing Date (a) from Alex Gonzalez, Esq., Assistant General Counsel of NJR Service Corporation, and of Troutman Pepper Hamilton Sanders LLP, special counsel for the Company and the Guarantors, covering the matters set forth in Exhibit 4.5(a) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or special counsel to the Purchasers may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to such Purchaser) and (b) from Schiff Hardin LLP, special counsel to the Purchasers of the Notes, in connection with such transactions, substantially in the form set forth in Exhibit 4.5(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 4.6. Purchase Permitted by Applicable Law, Etc. </FONT></I><FONT size=2 face="Times New Roman">On the Closing Date, such Purchaser&#146;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, without limitation, 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 of this Agreement. If requested by such Purchaser, such Purchaser shall have received an Officer&#146;s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable it to determine whether such purchase is so permitted.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 4.7. Sale of Other Notes. </FONT></I><FONT size=2 face="Times New Roman">Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes of each series to be purchased by it at the Closing as specified in </FONT><B><FONT size=2 face="Times New Roman">Schedule A</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 4.8. Payment of Special Counsel Fees. </FONT></I><FONT size=2 face="Times New Roman">Without limiting the provisions of </FONT>
<B><FONT size=2 face="Times New Roman">Section 15.1</FONT></B><FONT size=2 face="Times New Roman">, the Company shall have paid on or before the Closing the reasonable fees, charges and disbursements of special counsel to the Purchasers referred to in </FONT><B><FONT size=2 face="Times New Roman">Section 4.5(b) </FONT></B><FONT size=2 face="Times New Roman">to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 4.9. Private Placement Number. </FONT></I><FONT size=2 face="Times New Roman">A Private Placement Number issued by Standard &amp; Poor&#146;s CUSIP Global Services (in cooperation with the SVO) shall have been obtained for each series of Notes being issued at the Closing.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 4.10. Changes in Corporate Structure. </FONT></I><FONT size=2 face="Times New Roman">The Company shall not have changed its jurisdiction of incorporation or been a party to any merger or consolidation and shall not have 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 </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.5</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 4.11. Funding Instructions. </FONT></I><FONT size=2 face="Times New Roman">At least three Business Days prior to the Closing Date, such Purchaser shall have received written instructions executed by an authorized financial officer of the Company on letterhead of the Company directing the manner of the payment of funds and setting forth (a) the name and address of the transferee bank, (b) such transferee bank&#146;s ABA number, (c) the account name and number into which the purchase price for the applicable Notes is to be deposited and (d) the name and telephone number of the account representative at the Company responsible for (1) verifying receipt of such funds and (2) verifying the information set forth in the instructions.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 4.12. Proceedings and Documents. </FONT></I><FONT size=2 face="Times New Roman">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 special counsel to the Purchasers, and such Purchaser and special counsel to the Purchasers shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or special counsel to the Purchasers may reasonably request.</FONT></P>
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<FONT size=2 face="Times New Roman">Section 5. </FONT><FONT style="font-variant: small-caps" size=2 face="Times New Roman">Representations and Warranties of the Company.</font></P>
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<FONT size=2 face="Times New Roman">The Company represents and warrants to each Purchaser that:</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.1. Organization; Power and Authority. </FONT></I><FONT size=2 face="Times New Roman">The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and 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. The Company has the corporate power and authority to own or lease the properties it purports to own or lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.2. Authorization, Etc. </FONT></I><FONT size=2 face="Times New Roman">(a) 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, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#146; rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).</FONT></P>
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<FONT size=2 face="Times New Roman">(b) The Guaranty Agreement has been duly authorized by all necessary corporate or other action on the part of each Guarantor, and the Guaranty Agreement constitutes a legal, valid and binding obligation of each Guarantor enforceable against each Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#146; rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.3. Disclosure. </FONT></I><FONT size=2 face="Times New Roman">The Company, through its agents, Mizuho Securities USA LLC and PNC Capital Markets LLC, has delivered to each Purchaser a copy of an Investor Presentation, dated August 12, 2020 (the </FONT><I><FONT size=2 face="Times New Roman">&#147;Investor Presentation&#148;</FONT></I><FONT size=2 face="Times New Roman">), relating to the transactions contemplated hereby. Except as disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.3</FONT></B><FONT size=2 face="Times New Roman">, this Agreement, the Investor Presentation, the documents, certificates or other writings identified in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.3 </FONT></B><FONT size=2 face="Times New Roman">and the financial statements listed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.5 </FONT></B><FONT size=2 face="Times New Roman">(collectively, the </FONT><I><FONT size=2 face="Times New Roman">&#147;Disclosure Documents&#148;</FONT></I><FONT size=2 face="Times New Roman">), 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 September 30, 2019 there has been no change in the financial condition, operations, business or properties of the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas except changes that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.4. Organization and Ownership of Shares of Subsidiaries. </FONT></I><FONT size=2 face="Times New Roman">(a) </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.4 </FONT></B><FONT size=2 face="Times New Roman">is (except as noted therein) a complete and correct lists of (i) the Company&#146;s Subsidiaries as of the Closing Date, showing, as to each Subsidiary, the correct 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 Company and each other Subsidiary and whether or not such Subsidiary is a Restricted Subsidiary, an Inactive Subsidiary and/or a Regulated Entity and (ii) the Company&#146;s directors and executive officers.</FONT></P>
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<FONT size=2 face="Times New Roman">(b) All of the outstanding shares of capital stock or similar equity interests of each Restricted Subsidiary and New Jersey Natural Gas shown in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.4 </FONT></B><FONT size=2 face="Times New Roman">as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.4</FONT></B><FONT size=2 face="Times New Roman">).</FONT></P>
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<FONT size=2 face="Times New Roman">(c) Each Restricted Subsidiary identified in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.4 </FONT></B><FONT size=2 face="Times New Roman">and New Jersey Natural Gas is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and 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. Each such Restricted Subsidiary and New Jersey Natural Gas has the corporate or other power and authority to own or lease the properties it purports to own or lease, to transact the business it transacts and proposes to transact and, in the case of each Restricted Subsidiary that is a Guarantor, to execute and deliver the Guaranty Agreement and to perform the provisions thereof.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.5. Financial Statements. </FONT></I><FONT size=2 face="Times New Roman">The Company has delivered to each Purchaser copies of the consolidated financial statements of the Company and its Subsidiaries listed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.5</FONT></B><FONT size=2 face="Times New Roman">. All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company 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 Company and its Subsidiaries did not have, on the date of such financial statements, any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.6. Compliance with Laws, Other Instruments, Etc. </FONT></I><FONT size=2 face="Times New Roman">The execution, delivery and performance by the Company of this Agreement and the Notes and the execution and delivery by each Guarantor of the Guaranty Agreement will not (a) 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, any Restricted Subsidiary or New Jersey Natural Gas under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other Material agreement or instrument to which the Company, any Restricted Subsidiary or New Jersey Natural Gas is bound or by which the Company, any Restricted Subsidiary or New Jersey Natural Gas or any of their respective properties may be bound or affected, (b) 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, any Restricted Subsidiary or New Jersey Natural Gas or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company, any Restricted Subsidiary or New Jersey Natural Gas.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.7. Governmental Authorizations, Etc. </FONT></I><FONT size=2 face="Times New Roman">No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required to be done or made, as the case may be, by the Company or any Guarantor in connection with the execution, delivery or performance by (a) the Company of this Agreement or the Notes or (b) any Guarantor of the Guaranty Agreement, in each case, other than such consents, approvals, authorizations, registrations, filings or declarations that have been obtained or made prior to the Closing Date.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.8. Litigation; Observance of Statutes and Orders. </FONT></I><FONT size=2 face="Times New Roman">(a) Except as disclosed in</FONT>
<B><FONT size=2 face="Times New Roman">Schedule 5.8</FONT></B><FONT size=2 face="Times New Roman">, there are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company, any Restricted Subsidiary or New Jersey Natural Gas or any property of the Company, any Restricted Subsidiary or New Jersey Natural Gas in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.</FONT></P>
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<FONT size=2 face="Times New Roman">(b) None of the Company, any Restricted Subsidiary or New Jersey Natural Gas is in default under any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including, without limitation, ERISA (with respect to any Plan), Environmental Laws or the USA PATRIOT Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.9. Taxes. </FONT></I><FONT size=2 face="Times New Roman">The Company and its Subsidiaries have filed all income tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not, individually or in the aggregate, Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP. The charges, accruals and reserves on the books of the Company and its Subsidiaries in respect of Federal, state or other taxes for all fiscal periods are adequate. The Federal income tax liabilities of the Company and its Subsidiaries have been determined by the Internal Revenue Service and paid for all fiscal years up to and including the fiscal year ended September 30, 2014.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.10. Title to Property; Leases. </FONT></I><FONT size=2 face="Times New Roman">The Company, its Restricted Subsidiaries and New Jersey Natural Gas have good and sufficient title related to the ownership of their respective Material properties, including all such Material properties reflected in the most recent audited balance sheet referred to in </FONT><B><FONT size=2 face="Times New Roman">Section 5.5 </FONT></B><FONT size=2 face="Times New Roman">or purported to have been acquired by the Company, any Restricted Subsidiary or New Jersey Natural Gas after said date (except as sold or otherwise disposed of in the ordinary course of business or otherwise to the extent not prohibited hereunder), in each case free and clear of Liens prohibited by this Agreement, except for those defects in title and Liens that, individually or in the aggregate, would not have a Material Adverse Effect. All Material leases are valid and subsisting and are in full force and effect in all material respects.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.11. Licenses, Permits, Etc. </FONT></I><FONT size=2 face="Times New Roman">Except as disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.11</FONT></B><FONT size=2 face="Times New Roman">, the Company, its Restricted Subsidiaries and New Jersey Natural Gas own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks, trade names and domain names or rights thereto, that are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would not have a Material Adverse Effect.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.12. Compliance with ERISA. </FONT></I><FONT size=2 face="Times New Roman">(a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred 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 (as defined in Section 3 of ERISA) with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, and no event, transaction or condition has occurred or exists with respect to any Plan that would reasonably be expected to result in the incurrence of any such liability under Title I or IV of ERISA or the penalty or excise tax provisions of the Code by the Company or any ERISA Affiliate, or in the imposition of any Lien under Section 430 of the Code or Section 4068 of ERISA on any of the rights, properties or assets of the Company or any ERISA Affiliate, other than any such liabilities or Liens as would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect.</FONT></P>
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<FONT size=2 face="Times New Roman">(b) The present value of the aggregate benefit liabilities under each of the Plans which are subject to Title IV of ERISA (other than Multiemployer Plans), determined as of the end of such Plan&#146;s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan&#146;s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plans allocable to such benefit liabilities by more than &#36;25,000,000. The term &#147;benefit liabilities&#148; has the meaning specified in Section 4001 of ERISA and the terms &#147;current value&#148; and &#147;present value&#148; have the meanings specified in Section 3 of ERISA.</FONT></P>
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<FONT size=2 face="Times New Roman">(c) The Company and its ERISA Affiliates have not incurred withdrawal liabilities under Section 4201 or 4204 of ERISA (and are not subject to contingent withdrawal liabilities under Section 4204) in respect of Multiemployer Plans that, individually or in the aggregate, are reasonably expected to result in a Material Adverse Effect.</FONT></P>
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<FONT size=2 face="Times New Roman">(d) The accumulated post-retirement benefit obligation (determined as of the last day of the Company&#146;s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by Section 4980B of</FONT></P>
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<FONT size=2 face="Times New Roman">the Code) of the Company, its Restricted Subsidiaries and New Jersey Natural Gas is not reasonably expected to result in a Material Adverse Effect.</FONT></P>
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<FONT size=2 face="Times New Roman">(e) The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of Section 406(a)(1)(A)-(D) of ERISA or in connection with which a tax could be imposed pursuant to Section 4975(c)(1)(A)-(D) of the Code. The representation by the Company in the first sentence of this </FONT><B><FONT size=2 face="Times New Roman">Section 5.12(e) </FONT></B><FONT size=2 face="Times New Roman">with respect to each Purchaser is made in reliance upon and subject to the accuracy of such Purchaser&#146;s representation in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2 </FONT></B><FONT size=2 face="Times New Roman">as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such Purchaser.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.13. Private Offering by the Company. </FONT></I><FONT size=2 face="Times New Roman">Neither the Company nor anyone authorized to act on its behalf has offered the Notes or the Guaranty Agreement or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than 60 other Institutional Investors of the type described in clause (c) of the definition thereof, each of which has been offered the Notes and the Guaranty Agreement at a private sale for investment. Neither the Company nor anyone authorized to act on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes or the execution and performance of the Guaranty Agreement to the registration requirements of Section 5 of the Securities Act.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.14. Use of Proceeds; Margin Regulations. </FONT></I><FONT size=2 face="Times New Roman">The Company will apply the proceeds of the sale of (i) the Series C Notes for general corporate purposes, including, but not limited to, funding capital expenditures related to solar projects and (ii) the Series D Notes for general corporate purposes, including, but not limited to the refinancing of existing debt. 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). Margin stock does not constitute more than 25% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin stock will constitute more than 25% of the value of such assets. As used in this </FONT><B><FONT size=2 face="Times New Roman">Section</FONT></B><FONT size=2 face="Times New Roman">, the terms &#147;margin stock&#148; and &#147;purpose of buying or carrying&#148; shall have the meanings assigned to them in said Regulation U.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.15. Existing Debt. </FONT></I><FONT size=2 face="Times New Roman">(a) Except as described therein, </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.15 </FONT></B><FONT size=2 face="Times New Roman">sets forth a complete and correct list of all outstanding Debt of the Company, its Restricted Subsidiaries and New Jersey Natural Gas as of June 30, 2020, since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Debt of the Company, its Restricted Subsidiaries or New Jersey Natural Gas, except as described in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.15</FONT></B><FONT size=2 face="Times New Roman">. None of the Company, any Restricted Subsidiary or New Jersey Natural Gas is in default in the payment of any principal or interest on any Debt of the Company, such Restricted Subsidiary or New Jersey Natural Gas and no event or condition exists with respect to any Debt of the Company, any Restricted Subsidiary or New Jersey Natural Gas the outstanding principal amount of which exceeds &#36;10,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt to become due and payable before its stated maturity or before its regularly scheduled dates of payment.</FONT></P>
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<FONT size=2 face="Times New Roman">(b) Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Debt of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Debt of the Company or any Guarantor, except as provided in any Bank Credit Agreement and as otherwise specifically indicated in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.15</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.16. Foreign Assets Control Regulations, Etc.</FONT></I></P>
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<FONT size=2 face="Times New Roman">(a) Neither the Company 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.</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(b) Neither the Company 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 Company&#146;s 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.</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(c) No part of the proceeds from the sale of the Notes hereunder:</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 45pt; text-align: justify">
<FONT size=2 face="Times New Roman">(i) constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company 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;</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 45pt; text-align: justify">
<FONT size=2 face="Times New Roman">(ii) 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</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 45pt; text-align: justify">
<FONT size=2 face="Times New Roman">(iii) 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.</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(d) The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company 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.</FONT></P>
<P STYLE="text-align: center">
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<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 5.17. Status under Certain Statutes. </FONT></I><FONT size=2 face="Times New Roman">Neither the Company nor any Subsidiary is an &#147;investment company&#148; registered or required to be registered under the Investment Company Act of 1940 or an &#147;affiliated person&#148; of an &#147;investment company&#148; or an &#147;affiliated person&#148; of such &#147;affiliated person&#148; or under the &#147;control&#148; of an &#147;investment company&#148; as such terms are defined in the Investment Company Act of 1940, as amended, and shall not become such an &#147;investment company&#148; or such an &#147;affiliated person&#148; or under such &#147;control.&#148; Neither the Company nor any Subsidiary is a &#147;holding company&#148; or a &#147;subsidiary company&#148; of a &#147;holding company,&#148; or an &#147;affiliate&#148; of a &#147;holding company&#148; or of a &#147;subsidiary company&#148; of a &#147;holding company&#148; within the meaning of the Public Utility Holding Company Act of 2005, as amended. Based upon the immediately preceding sentence, neither the Company nor the issue and sale of the Notes is subject to regulation under the Public Utility Holding Company Act of 2005, as amended. Neither the Company nor any Subsidiary is subject to the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. Neither the Company nor any Subsidiary (other than New Jersey Natural Gas) is subject to any Federal or state statute or regulation limiting its ability to incur Debt.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 5.18. Environmental Matters. </FONT></I><FONT size=2 face="Times New Roman">Except as disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.8</FONT></B><FONT size=2 face="Times New Roman">, none of the Company, any Restricted Subsidiary or New Jersey Natural Gas has actual knowledge of any claim or has received any written notice of any claim, and no proceeding has been instituted raising any claim against the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas or any of their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect. Except as otherwise disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.8</FONT></B><FONT size=2 face="Times New Roman">:</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(a) none of the Company, any Restricted Subsidiary or New Jersey Natural Gas has actual 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 would not reasonably be expected to result in a Material Adverse Effect;</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(b) none of the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them or has disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect; and</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(c) all buildings on all real properties now owned, leased or operated by the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect.</FONT></P>
<P STYLE="text-align: center">
<FONT size=2 face="Times New Roman">- 11 -</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 5.19. Notes Rank Pari Passu. </FONT></I><FONT size=2 face="Times New Roman">The obligations of the Company under this Agreement and the Notes rank at least </FONT><I><FONT size=2 face="Times New Roman">pari passu </FONT></I><FONT size=2 face="Times New Roman">in right of payment with all other unsecured Senior Debt (actual or contingent) of the Company, including, without limitation, all unsecured Senior Debt of the Company described in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.15 </FONT></B><FONT size=2 face="Times New Roman">hereto.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">Section 6. </FONT><FONT style="font-variant: small-caps"  size=2 face="Times New Roman">Representations of the Purchasers.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 6.1. Purchase for Investment. </FONT></I><FONT size=2 face="Times New Roman">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, provided that the disposition of such Purchaser&#146;s or such pension or trust fund&#146;s property shall at all times be within such Purchaser&#146;s or such pension or trust fund&#146;s control. Each Purchaser represents that it is an &#147;accredited investor,&#148; as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act. 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. Each Purchaser also represents that the Company has made available to it, a reasonable time prior to the consummation of the transactions contemplated hereby, the opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Notes that it is purchasing or shall purchase and to obtain any additional information which the Company possesses or could acquire without unreasonable effort or expense; provided that the foregoing shall not be construed as limiting the ability of any Purchaser to rely on the representations and warranties contained herein and in the Guaranty Agreement.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 6.2. Source of Funds. </FONT></I><FONT size=2 face="Times New Roman">Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a </FONT><I><FONT size=2 face="Times New Roman">&#147;Source&#148;</FONT></I><FONT size=2 face="Times New Roman">) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(a) the Source is an &#147;insurance company general account&#148; (as the term is defined in the United States Department of Labor&#146;s Prohibited Transaction Exemption (</FONT><I><FONT size=2 face="Times New Roman">&#147;PTE&#148;</FONT></I><FONT size=2 face="Times New Roman">) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the </FONT><I><FONT size=2 face="Times New Roman">&#147;NAIC Annual Statement&#148;</FONT></I><FONT size=2 face="Times New Roman">)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser&#146;s state of domicile; or</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(b) the Source is a separate account that is maintained solely in connection with such Purchaser&#146;s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or</FONT></P>
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<FONT size=2 face="Times New Roman">- 12 -</FONT></P>
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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(c) the Source is either (1) an insurance company pooled separate account, within the meaning of PTE 90-1 or (2) a bank collective investment fund, within the meaning of PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(d) the Source constitutes assets of an &#147;investment fund&#148; (within the meaning of Part VI of PTE 84-14 (the </FONT><I><FONT size=2 face="Times New Roman">&#147;QPAM Exemption&#148;</FONT></I><FONT size=2 face="Times New Roman">)) managed by a &#147;qualified professional asset manager&#148; or &#147;QPAM&#148; (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan&#146;s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a Person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be &#147;related&#148; within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(e) the Source constitutes assets of a &#147;plan(s)&#148; (within the meaning of Part IV(h) of PTE 96-23 (the </FONT><I><FONT size=2 face="Times New Roman">&#147;INHAM Exemption&#148;</FONT></I><FONT size=2 face="Times New Roman">)) managed by an &#147;in-house asset manager&#148; or &#147;INHAM&#148; (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of &#147;control&#148; in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (1) the identity of such INHAM and (2) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(f) the Source is a governmental plan; or</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or</FONT></P>
<P STYLE="text-align: center">
<FONT size=2 face="Times New Roman">- 13 -</FONT></P>
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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(h) the Source does not include assets of (i) any employee benefit plan, other than a plan exempt from the coverage of ERISA, or (ii) any &#147;plan&#148; as defined in Section 4975(e)(1) of the Code.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">As used in this </FONT><B><FONT size=2 face="Times New Roman">Section 6.2</FONT></B><FONT size=2 face="Times New Roman">, the terms &#147;employee benefit plan,&#148; &#147;governmental plan,&#148; and &#147;separate account&#148; shall have the respective meanings assigned to such terms in Section 3 of ERISA.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">Section 7. </FONT><FONT style="font-variant: small-caps"  size=2 face="Times New Roman">Information as to Company.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 7.1. Financial and Business Information. </FONT></I><FONT size=2 face="Times New Roman">The Company shall deliver to each Purchaser and each holder of Notes that is an Institutional Investor:</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Quarterly Statements </FONT></I><FONT size=2 face="Times New Roman">&#151; within 60 days after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of:</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify">
<FONT size=2 face="Times New Roman">(1) a consolidated and consolidating balance sheet of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries (if any) as at the end of such quarter, and</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify">
<FONT size=2 face="Times New Roman">(2) consolidated and consolidating statements of income and cash flows of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries (if any) for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,</FONT></P>
<P STYLE="margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">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 quarterly 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 normal year-end adjustments, provided that delivery within the time period specified above of copies of the Company&#146;s Quarterly Report on Form 10-Q prepared in compliance with the requirements therefor and filed with the U.S. Securities and Exchange Commission shall be deemed to satisfy the requirements of this </FONT><B><FONT size=2 face="Times New Roman">Section 7.1(a)</FONT></B><FONT size=2 face="Times New Roman">, and provided, further, that the Company shall be deemed to have made such delivery of such Form 10-Q if it shall have timely made such Form 10-Q available on &#147;EDGAR&#148; and on its home page on the worldwide web (at the date of this Agreement located at: http//www.njresources.com under &#147;Investor Relations &#150; Financial Reports&#148;) and shall have given such holder prompt notice of such availability on EDGAR and on its home page in connection with each delivery (such availability and notice thereof being referred to as</FONT>
<I><FONT size=2 face="Times New Roman">&#147;Electronic Delivery&#148;</FONT></I><FONT size=2 face="Times New Roman">);</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Annual Statements </FONT></I><FONT size=2 face="Times New Roman">&#151; within 120 days after the end of each fiscal year of the Company, duplicate copies of:</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify">
<FONT size=2 face="Times New Roman">(1) a consolidated and consolidating balance sheet of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries (if any) as at the end of such year, and</FONT></P>
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<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify">
<FONT size=2 face="Times New Roman">(2) consolidated and consolidating statements of income and cash flows of the Company and its Subsidiaries and New Jersey Natural Gas and its Subsidiaries (if any), for such year,</FONT></P>
<P STYLE="margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, with such consolidated financial statements accompanied by an opinion thereon (without a &#147;going concern&#148; 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 certified public accountants of recognized national 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, provided that the delivery within the time period specified above of the Company&#146;s Annual Report on Form 10-K for such fiscal year (together with the Company&#146;s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance with the requirements therefor and filed with the U.S. Securities and Exchange Commission shall be deemed to satisfy the requirements of this </FONT><B><FONT size=2 face="Times New Roman">Section 7.1(b)</FONT></B><FONT size=2 face="Times New Roman">, and provided, further, that the Company shall be deemed to have made such delivery of such Form 10-K if it shall have timely made Electronic Delivery thereof;</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(c) </FONT><I><FONT size=2 face="Times New Roman">SEC and Other Reports </FONT></I><FONT size=2 face="Times New Roman">&#151; with reasonable promptness, upon their becoming available, one copy of (1) each financial statement, report, notice or proxy statement sent by the Company, any Restricted Subsidiary or New Jersey Natural Gas to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public securities holders generally and (2) each regular or periodic report, each registration statement that shall have become effective (without exhibits except as expressly requested by such holder), and each final prospectus and all amendments thereto filed by the Company, any Restricted Subsidiary or New Jersey Natural Gas with the U.S. Securities and Exchange Commission, excluding in any event confidential correspondence delivered by any of the foregoing Persons to the U.S. Securities and Exchange Commission; provided that the Company shall be deemed to have made such delivery of such reports, registration statements, prospectuses and amendments if it shall have timely made Electronic Delivery thereof.</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(d) </FONT><I><FONT size=2 face="Times New Roman">Notice of Default or Event of Default </FONT></I><FONT size=2 face="Times New Roman">&#151; with reasonable promptness, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;</FONT></P>

<P STYLE="text-align: center">
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<!-- Part 04 -->
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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(e) </FONT><I><FONT size=2 face="Times New Roman">ERISA Matters </FONT></I><FONT size=2 face="Times New Roman">&#151; with reasonable promptness, and in any event within five 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 Company or an ERISA Affiliate proposes to take with respect thereto: </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) with respect to any Plan, the occurrence of 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 of this Agreement; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) the taking by the PBGC of steps to institute, or the threatening in writing 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 the Company 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; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) the occurrence of any event or transaction that results in the incurrence of any liability by the Company 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 with respect to any Plan, or in the imposition of any Lien under Section 430 of the Code or Section 4068 of ERISA, or any successor thereto, on any of the rights, properties or assets of the Company or any ERISA Affiliate, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect; </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) </FONT><I><FONT size=2 face="Times New Roman">Unrestricted Subsidiaries </FONT></I><FONT size=2 face="Times New Roman">&#8212; at such time as either (1) the aggregate amount of the total assets of all Unrestricted Subsidiaries (for this purpose, excluding New Jersey Natural Gas) exceeds 10% of the consolidated total assets of the Company and its Subsidiaries determined in accordance with GAAP or (2) one or more Unrestricted Subsidiaries (for this purpose, excluding New Jersey Natural Gas) account for more than 10% of the consolidated gross revenues of the Company and its Subsidiaries determined in accordance with GAAP, and within the respective periods provided in paragraphs (a) and (b) above, financial statements of the character and for the dates and periods as in said paragraphs (a) and (b) covering each Unrestricted Subsidiary (or groups of Unrestricted Subsidiaries on a consolidated basis, excluding New Jersey Natural Gas) together with consolidating statements reflecting eliminations or adjustments required in order to reconcile such financial statements to the corresponding consolidated financial statements of the Company and its Subsidiaries delivered pursuant to paragraphs (a) and (b) above; provided, that to the extent that the financial statements required by paragraphs (a) and (b) above shall already provide such consolidating financial information for such Unrestricted Subsidiaries or group of Unrestricted Subsidiaries (or such Unrestricted Subsidiary or group of Unrestricted Subsidiaries represent one or more reportable segments, and the footnotes to the financial statements required by paragraphs (a) and (b) include consolidating information with respect to such segment or segments in a manner substantially consistent with Note 15 to the Company&#8217;s Annual Report on Form 10-K for the year ended September 30, 2019 and Note 15 to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020), then this paragraph (f) shall not be applicable; and</FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) </FONT><I><FONT size=2 face="Times New Roman">Requested Information </FONT></I><FONT size=2 face="Times New Roman">&#8212; with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas (including, but without limitation, actual copies of the Company&#8217;s Form 10-Q and Form 10-K) or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by any such Purchaser or holder of Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 7.2. Officer&#8217;s Certificate. </FONT></I><FONT size=2 face="Times New Roman">Each set of financial statements delivered to a Purchaser or a holder of Notes pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 7.1(a) </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">Section 7.1(b) </FONT></B><FONT size=2 face="Times New Roman">shall be accompanied by a certificate of a Senior Financial Officer setting forth (which, in the case of Electronic Delivery of any such financial statements, shall be by separate concurrent delivery of such certificate to each holder of Notes): </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Covenant Compliance </FONT></I><FONT size=2 face="Times New Roman">&#8212; the information (including reasonably detailed calculations) required in order to establish whether the Company was in compliance with the requirements of </FONT><B><FONT size=2 face="Times New Roman">Section 10.1 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">Section 10.2 </FONT></B><FONT size=2 face="Times New Roman">during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence). In the event that the Company or any Subsidiary 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 </FONT><B><FONT size=2 face="Times New Roman">Section 22.4</FONT></B><FONT size=2 face="Times New Roman">) as to the period covered by any such financial statement, such Senior Financial Officer&#8217;s certificate as to such period shall include a reconciliation from GAAP with respect to such election; and </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Event of Default </FONT></I><FONT size=2 face="Times New Roman">&#8212; a statement 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 Company and its Subsidiaries from the beginning of the quarterly 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 that is continuing as of the end of such quarterly or annual period, as the case may be, and, if any such condition or event then exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 7.3. Inspection. </FONT></I><FONT size=2 face="Times New Roman">The Company shall permit the representatives of each Purchaser and each holder of Notes that is an Institutional Investor: </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">No Default </FONT></I><FONT size=2 face="Times New Roman">&#8212; if no Default under </FONT><B><FONT size=2 face="Times New Roman">Section 11(b) </FONT></B><FONT size=2 face="Times New Roman">or an Event of Default then exists, at the expense of such Purchaser or such holder and upon reasonable prior written notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company, its Restricted Subsidiaries and New Jersey Natural Gas with the Company&#8217;s officers, and, with the consent of the Company (which consent will not be unreasonably withheld) to visit the other offices and properties of the Company, each Restricted Subsidiary and New Jersey Natural Gas, all at such reasonable times during normal business hours and as often as may be reasonably requested in writing; and </FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Default </FONT></I><FONT size=2 face="Times New Roman">&#8212; if a Default under </FONT><B><FONT size=2 face="Times New Roman">Section 11(b) </FONT></B><FONT size=2 face="Times New Roman">or an Event of Default then exists, at the expense of the Company, upon prior written notice to the Company, to visit and inspect any of the offices or properties of the Company, any Restricted Subsidiary or New Jersey Natural Gas, 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 Company authorizes said accountants to discuss the affairs, finances and accounts of the Company, its Restricted Subsidiaries and New Jersey Natural Gas), all at such times during normal business hours and as often as may be requested.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 8. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Prepayment of the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.1. Maturity; Required Prepayments</FONT></I><FONT size=2 face="Times New Roman">. As provided therein, the entire unpaid principal balance of the Notes of each series shall be due and payable on the respective stated maturity date thereof. The Notes shall not be subject to required prepayments.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.2. Optional Prepayments with Make-Whole Amount. </FONT></I><FONT size=2 face="Times New Roman">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 of any series, in an amount not less than $1,000,000 in aggregate principal amount of the Notes of such series then outstanding in the case of a partial prepayment, at 100% of the aggregate principal amount so prepaid together with interest accrued thereon to the date of such prepayment and the Make-Whole Amount, if any, determined for the prepayment date with respect to such principal amount; provided that, any time on or after June 1, 2031, with respect to the Series C Notes and any time on or after June 1, 2033, with respect to the Series D Notes, the Company may, at its option, upon notice as provided below, prepay all or any part of the applicable series of Notes at 100% of the aggregate principal amount so prepaid together with interest accrued thereon to the date of such prepayment. The Company will give each holder of Notes of any series to be prepaid pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.2 </FONT></B><FONT size=2 face="Times New Roman">written notice of such optional prepayment under this </FONT><B><FONT size=2 face="Times New Roman">Section 8.2 </FONT></B><FONT size=2 face="Times New Roman">not less than 30 days and not more than 60 days prior to the date fixed for such prepayment. 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 </FONT><B><FONT size=2 face="Times New Roman">Section 8.3</FONT></B><FONT size=2 face="Times New Roman">), 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 of any series to be prepaid pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.2 </FONT></B><FONT size=2 face="Times New Roman">a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. If a Default or Event of Default shall exist or would result from the optional prepayment of the Notes of any series under this </FONT><B><FONT size=2 face="Times New Roman">Section 8.2</FONT></B><FONT size=2 face="Times New Roman">, the Company may not elect to prepay by series and such prepayment shall be applied on a pro rata basis to all outstanding Notes of any series upon the same terms and conditions but taking into account the different maturity dates and interest rates for each series of Notes.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.3. Allocation of Partial Prepayments. </FONT></I><FONT size=2 face="Times New Roman">In the case of each partial prepayment of the Notes of any series pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 8.2 </FONT></B><FONT size=2 face="Times New Roman">hereof, the principal amount of the Notes of such series to be prepaid shall be allocated among all of the Notes of such series at the time outstanding in proportion, as nearly as reasonably practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. All partial purchases of the Notes of any series made pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 8.5(b) </FONT></B><FONT size=2 face="Times New Roman">and partial prepayments of the Notes made pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 8.7 </FONT></B><FONT size=2 face="Times New Roman">shall be applied only to the Notes of the holders who have elected to participate in such purchase or prepayment of the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.4. Maturity; Surrender, Etc. </FONT></I><FONT size=2 face="Times New Roman">In the case of each prepayment of Notes pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8</FONT></B><FONT size=2 face="Times New Roman">, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, 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, 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.5. Purchase of Notes. </FONT></I><FONT size=2 face="Times New Roman">The Company will not, and will not permit any Affiliate to, purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes of any series except (a) upon the payment or prepayment of the Notes of such series in accordance with the terms of this Agreement and such Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes of such series at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder of the Notes of the series being offered for purchase with sufficient information which, in the opinion of the Company, when taken together with information with respect to the Company and its Subsidiaries that may be available on the website of the U.S. Securities and Exchange Commission (presently www.sec.gov), would enable such holder 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 Notes of any series being offered to be purchased then outstanding accept such offer, the Company shall promptly notify the remaining holders of the Notes of such series of such fact and the expiration date for the acceptance by holders of Notes of such series 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 it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. Notwithstanding the forgoing, neither the Company nor any Affiliate may offer to purchase any series of Notes if a Default or Event of Default shall exist or would result therefrom unless such Person shall offer to purchase all outstanding Notes on a pro rata basis upon the same terms and conditions but taking into account the different maturity dates and interest rates for each series of Notes.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.6. Make-Whole Amount for Notes. </FONT></I><FONT size=2 face="Times New Roman">The term </FONT><I><FONT size=2 face="Times New Roman">&#8220;Make-Whole Amount&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Note of a series, 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 Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings: </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Called Principal&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Note, the principal of such Note that is to be prepaid pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 8.2 </FONT></B><FONT size=2 face="Times New Roman">or has become or is declared to be immediately due and payable pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, as the context requires.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Discounted Value&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates 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 Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Reinvestment Yield&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the ask-side yield(s) reported as of 10:00 a.m. (New York, New York time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as &#8220;Page PX1&#8221; (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (&#8220;Reported&#8221;) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such 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 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 Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then &#8220;Reinvestment Yield&#8221; means, with respect to the Called Principal of any Note, 0.50% over 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 Settlement Date with respect to such Called Principal, 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 Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such 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 Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.</FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Remaining Average Life&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Called Principal, the number of years 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, computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Remaining Scheduled Payments&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal and 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 interest payments are due to be made under the terms of the Notes, 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 </FONT><B><FONT size=2 face="Times New Roman">Section 8.2 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Settlement Date&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 8.2 </FONT></B><FONT size=2 face="Times New Roman">or has become or is declared to be immediately due and payable pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, as the context requires.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.7. Offer to Prepay upon Asset Disposition.</FONT></I></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Notice and Offer. </FONT></I><FONT size=2 face="Times New Roman">In the event of a Transfer where the Company has elected to apply all or a portion of the Net Proceeds Amount of such Transfer as a Debt Prepayment Application pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 10.6(b)</FONT></B><FONT size=2 face="Times New Roman">, the Company shall, no later than the 305th day following the date of such Transfer, give written notice of such event (an &#8220;</FONT><I><FONT size=2 face="Times New Roman">Asset Disposition Prepayment Event</FONT></I><FONT size=2 face="Times New Roman">&#8221;) to each holder of Notes. Such notice shall contain, and shall constitute, an irrevocable offer to prepay a Ratable Portion of the Notes held by such holder on the date (which shall be a Business Day) specified in such notice (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Asset Disposition Prepayment Date</FONT></I><FONT size=2 face="Times New Roman">&#8221;) which date shall be not less than 30 days and not more than 60 days after such notice.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Acceptance and Payment. </FONT></I><FONT size=2 face="Times New Roman">A holder of Notes may accept or reject the offer to prepay pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.7 </FONT></B><FONT size=2 face="Times New Roman">by causing a notice of such acceptance or rejection to be delivered to the Company at least 10 days prior to the Asset Disposition Prepayment Date. A failure by a holder of the Notes to respond to an offer to prepay made pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.7 </FONT></B><FONT size=2 face="Times New Roman">shall be deemed to constitute a rejection of such offer by such holder. If so accepted, such offered prepayment in respect of the Ratable Portion of the Notes of each holder that has accepted such offer shall be due and payable on the Asset Disposition Prepayment Date. Such offered prepayment shall be made at 100% of the aggregate Ratable Portion of the Notes of each holder that has accepted such offer, together with interest on that portion of the Notes then being prepaid accrued to the Asset Disposition Prepayment Date, but without any Make-Whole Amount. If any holder of a Note rejects or is deemed to have rejected such offer of prepayment, the Company may use the Ratable Portion for such Note for general corporate purposes.</FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><I><FONT size=2 face="Times New Roman">Officer&#8217;s Certificate. </FONT></I><FONT size=2 face="Times New Roman">Each offer to prepay the Notes pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.7 </FONT></B><FONT size=2 face="Times New Roman">shall be accompanied by a certificate, executed by a Senior Financial Officer and dated the date of such offer, specifying: (1) the Asset Disposition Prepayment Date; (2) that such offer is being made pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.7 </FONT></B><FONT size=2 face="Times New Roman">and that the failure by a holder to respond to such offer by the deadline established in </FONT><B><FONT size=2 face="Times New Roman">Section 8.7(b) </FONT></B><FONT size=2 face="Times New Roman">shall result in such offer to such holder being deemed rejected; (3) the Ratable Portion of each such Note offered to be prepaid; (4) the interest that would be due on the Ratable Portion of each such Note offered to be prepaid, accrued to the Asset Disposition Prepayment Date; (5) that the conditions of this </FONT><B><FONT size=2 face="Times New Roman">Section 8.7 </FONT></B><FONT size=2 face="Times New Roman">have been satisfied and (6) in reasonable detail, a description of the nature and date of the Asset Disposition Prepayment Event giving rise to such offer of prepayment.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 9. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Affirmative Covenants.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">So long as any of the Notes are outstanding, the Company covenants that:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.1. Compliance with Law. </FONT></I><FONT size=2 face="Times New Roman">The Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without limitation, ERISA (with respect to any Plan), Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in </FONT><B><FONT size=2 face="Times New Roman">Section 5.16</FONT></B><FONT size=2 face="Times New Roman">, 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 would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.2. Insurance. </FONT></I><FONT size=2 face="Times New Roman">The Company will, and will cause each of its Restricted Subsidiaries and New Jersey Natural Gas 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 in the same industry and similarly situated.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.3. Maintenance of Properties. </FONT></I><FONT size=2 face="Times New Roman">The Company will, and will cause each of its Restricted Subsidiaries and New Jersey Natural Gas 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, provided that this Section shall not prevent the Company, any Restricted Subsidiary or New Jersey Natural Gas 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 Company has concluded that such discontinuance would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.4. Payment of Taxes and Claims. </FONT></I><FONT size=2 face="Times New Roman">The Company will, and will cause each of its Subsidiaries to, file all income tax or similar tax returns required to be filed in any jurisdiction and pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges or levies payable by any of them, to the extent the same have become due and payable and before they have become delinquent, provided that neither the Company nor any Subsidiary need pay any such tax, assessment, governmental charge or levy if (1) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (2) the nonpayment of all such taxes, assessments, governmental charges and levies would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.5. Corporate Existence, Etc. </FONT></I><FONT size=2 face="Times New Roman">Subject to </FONT><B><FONT size=2 face="Times New Roman">Sections 10.6 </FONT></B><FONT size=2 face="Times New Roman">through </FONT><B><FONT size=2 face="Times New Roman">10.8</FONT></B><FONT size=2 face="Times New Roman">, inclusive, (a) the Company will at all times preserve and keep in full force and effect its corporate existence, and (b) the Company will at all times preserve and keep in full force and effect the corporate existence of each of its Restricted Subsidiaries and New Jersey Natural Gas (unless merged into the Company or a Wholly-Owned Restricted Subsidiary) and all rights and franchises of the Company, its Restricted Subsidiaries and New Jersey Natural Gas unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.6. Ownership of Subsidiaries. </FONT></I><FONT size=2 face="Times New Roman">The Company shall at all times own (a) 100% of the issued and outstanding common stock of New Jersey Natural Gas and 51% or more of the issued and outstanding Voting Stock of New Jersey Natural Gas and (b) subject to </FONT><B><FONT size=2 face="Times New Roman">Sections 10.6, 10.7 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">10.8</FONT></B><FONT size=2 face="Times New Roman">, 51% or more of the issued and outstanding Voting Stock of each Guarantor.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.7. Guaranty Agreement. </FONT></I><FONT size=2 face="Times New Roman">(a) The Company shall promptly, and in any event within 15 Business Days after (1) the formation or acquisition of a new Restricted Subsidiary (other than a Regulated Entity), (2) the occurrence of any other event creating a new Restricted Subsidiary (other than a Regulated Entity), (3) the designation of an Unrestricted Subsidiary (other than a Regulated Entity) as a Restricted Subsidiary or (4) an Unrestricted Subsidiary or a Regulated Entity becoming or being a guarantor or co-obligor in respect of any Bank Credit Agreement, cause such Subsidiary to execute and deliver a supplement to the Guaranty Agreement (a </FONT><I><FONT size=2 face="Times New Roman">&#8220;Guaranty Supplement&#8221;</FONT></I><FONT size=2 face="Times New Roman">) in the form of Exhibit A to the Guaranty Agreement.</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) Within 15 days of the delivery by any Subsidiary of a Guaranty Supplement pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 9.7(a)</FONT></B><FONT size=2 face="Times New Roman">, the Company shall cause such Subsidiary to deliver to each Purchaser and each holder of Notes:</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) such documents and evidence with respect to such Subsidiary as any Purchaser or holder may reasonably request in order to establish the existence and good standing of such Subsidiary and evidence that the Board of Directors of such Subsidiary has adopted resolutions authorizing the execution and delivery of such Guaranty Supplement and the guaranty of the Notes;</FONT></P>

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<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) evidence of compliance with such Subsidiary&#8217;s outstanding Debt instruments in the form of (i) a compliance certificate from such Subsidiary to the effect that such Subsidiary is in compliance with all terms and conditions of its outstanding Debt instruments, (ii) consents or approvals of the holder or holders of any evidence of Debt or security, and/or (iii) amendments of agreements pursuant to which any evidence of Debt or security may have been issued, all as may be reasonably deemed necessary by the Purchasers or the holders of Notes to permit the execution and delivery of such Guaranty Supplement by such Subsidiary;</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) an opinion of counsel to the effect that (i) such Subsidiary is a corporation or other business entity, duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, has the corporate or other power and the authority to execute and deliver such Guaranty Supplement and to perform the Guaranty Agreement, (ii) the execution and delivery of such Guaranty Supplement and performance of the Guaranty Agreement has been duly authorized by all necessary action on the part of such Subsidiary, such Guaranty Supplement has been duly executed and delivered by such Subsidiary and the Guaranty Agreement constitutes the legal, valid and binding contract of such Subsidiary enforceable against such Subsidiary in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors&#8217; rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law), (iii) the execution and delivery of such Guaranty Supplement and the performance by such Subsidiary of the Guaranty Agreement do not conflict with or result in any breach of any of the provisions of or constitute a default under or result in the creation of a Lien upon any of the property of such Subsidiary pursuant to the provisions of any law, order, rule or regulation, its charter documents or any agreement or other instrument known to such counsel to which such Subsidiary is a party to or by which such Subsidiary may be bound, and (iv) no approval, consent or withholding of objection on the part of, or filing, registration or qualification with, any Governmental Authority, Federal or state, is necessary in connection with the lawful execution and delivery of such Guaranty Supplement by such Subsidiary or the performance of the Guaranty Agreement by such Subsidiary, which opinion may contain such assumptions and qualifications as are reasonably acceptable to the Required Holders; and</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(4) all other documents and showings reasonably requested by the Purchasers or the holders of Notes in connection with the execution and delivery of such Guaranty Supplement, which documents shall be reasonably satisfactory in form and substance to such Purchasers and holders and their special counsel, and each Purchaser and holder of Notes shall have received a copy (executed or certified as may be appropriate) of all of the foregoing legal documents.</FONT></P>

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<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) If at any time pursuant to the terms and conditions of each Bank Credit Agreement any Guarantor is discharged and released from its Guaranty of Debt under such Bank Credit Agreement and if (i) such Guarantor is not a co-obligor under such Bank Credit Agreement or a co-obligor or guarantor under any other Bank Credit Agreement, (ii) immediately preceding the release of such Guarantor from its Guaranty of the Debt under this Agreement and the Notes and after giving effect thereto, no Default or Event of Default will have existed or would exist, (iii) any fees or other consideration are given to the lenders under each such Bank Credit Agreement to obtain such discharge and release, each holder of a Note shall have received such fees or other consideration on a pro rata basis in proportion to the respective outstanding principal amount of such Debt under such Bank Credit Agreement and the outstanding principal amount of such holder&#8217;s Notes or, prior to the Closing, the principal amount of Notes to be purchased by such Purchaser pursuant to </FONT><B><FONT size=2 face="Times New Roman">Schedule A </FONT></B><FONT size=2 face="Times New Roman">hereto (it being understood that any fees or other consideration paid to any lender under any Bank Credit Agreement (including, without limitation, any new Bank Credit Agreement) in order to obtain an extension to the term or an increase in the amount of the commitments to lend under such Bank Credit Agreement, or as a part of establishing such new Bank Credit Agreement, shall not be included as part of any fees or other consideration covered by this sentence, notwithstanding that such extension, increase or Bank Credit Agreement, including such new Bank Credit Agreement, may contain a discharge or release of a Guarantor), and (iv) the Company shall have delivered to each Purchaser and each holder of Notes an Officer&#8217;s Certificate certifying that the conditions specified in clauses (i) and (ii) above have been satisfied, then, upon receipt by the Purchasers and holders of Notes of such Officer&#8217;s Certificate, such Guarantor will be discharged and released, automatically and without the need for any further action, from its obligations under its Guaranty of the Debt under this Agreement and the Notes. Without limiting the foregoing, for purposes of further assurance, each of the Purchasers and each of the holders of the Notes agrees to provide to the Company and such Guarantor, if reasonably requested by the Company or such Guarantor and at the Company&#8217;s expense, written evidence of such discharge and release signed by such Purchaser and holder.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.8. New Jersey Natural Gas Regulated Nature. </FONT></I><FONT size=2 face="Times New Roman">The Company will at all times cause New Jersey Natural Gas to be and remain a Person that is subject under law to regulation by a public utility commission or other governmental regulatory body with oversight responsibilities for utilities.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.9. Notes to Rank Pari Passu. </FONT></I><FONT size=2 face="Times New Roman">The Company will ensure that its payment obligations under this Agreement and the Notes will at all times rank at least </FONT><I><FONT size=2 face="Times New Roman">pari passu </FONT></I><FONT size=2 face="Times New Roman">in right of payment with all other unsecured Senior Debt (actual or contingent) of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 10. </FONT><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Negative Covenants.</FONT><FONT size=2 face="Times New Roman"></FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">So long as any of the Notes are outstanding, the Company covenants that:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.1. Leverage Ratio. </FONT></I><FONT size=2 face="Times New Roman">The Company will not permit, as of the end of any fiscal quarter of the Company, the ratio of Consolidated Total Debt to Consolidated Total Capitalization to exceed 0.65 to 1.00.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.2. Limitation on Priority Debt. </FONT></I><FONT size=2 face="Times New Roman">The Company will not permit, as of the end of any fiscal quarter of the Company, Priority Debt to exceed an amount equal to 20% of Consolidated Total Capitalization.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.3. Liens. </FONT></I><FONT size=2 face="Times New Roman">The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including, without limitation, any document or instrument in respect of goods or accounts receivable) of the Company or any such Restricted Subsidiary, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, except:</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) Liens for taxes, assessments or other governmental charges which are not yet due and payable or the payment of which is not at the time required by </FONT><B><FONT size=2 face="Times New Roman">Section 9.4</FONT></B><FONT size=2 face="Times New Roman">;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other similar Liens, in each case, incurred in the ordinary course of business for sums not yet due and payable or the payment of which is not at the time required by </FONT><B><FONT size=2 face="Times New Roman">Section 9.4</FONT></B><FONT size=2 face="Times New Roman">;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) Liens (other than any Lien imposed by Section 430 of the Code or Section 4068 of ERISA or any successor thereto) incurred or deposits made in the ordinary course of business (1) in connection with workers&#8217; compensation, unemployment insurance and other types of social security or retirement benefits, (2) to secure (or to obtain letters of credit that secure) the performance of tenders, statutory obligations, surety bonds, appeal bonds, bids, leases (other than Capital Leases), performance bonds, purchase, construction or sales contracts, and other similar obligations, in each case not incurred or made in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property or (3) in connection with required margin collateral account deposits made in the ordinary course in connection with Hedging Contracts permitted by this Agreement;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) subject to </FONT><B><FONT size=2 face="Times New Roman">Section 11(j)</FONT></B><FONT size=2 face="Times New Roman">, any attachment or judgment Lien, unless the judgment it secures shall not, within 30 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged within 30 days after the expiration of any such stay;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) leases or subleases granted to others, easements, rights-of-way, restrictions and other similar charges or encumbrances or minor survey exceptions, in each case incidental to, and not interfering with, the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries, provided that such Liens do not, in the aggregate, materially detract from the value of such property;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) Liens on property or assets of any Restricted Subsidiary securing Debt owing to the Company or to a Wholly-Owned Restricted Subsidiary;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) Liens existing on the Closing Date and described in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.15</FONT></B><FONT size=2 face="Times New Roman">;</FONT></P>

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<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) Liens on accounts receivable owned by Securitization Subsidiaries that are Restricted Subsidiaries and incurred pursuant to Receivables Securitization Transactions;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) any Lien created to secure all or any part of the purchase price, or to secure Debt incurred or assumed to pay all or any part of the purchase price or cost of construction, of property (or any improvement thereon) acquired or constructed by the Company or a Restricted Subsidiary after the Closing Date, provided that:</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) any such Lien shall extend solely to the item or items of such property (or improvement thereon) so acquired or constructed and, if required by the terms of the instrument originally creating such Lien, other property (or improvement thereon) which is an improvement to or is acquired for specific use in connection with such acquired or constructed property (or improvement thereon) or which is real property being improved by such acquired or constructed property (or improvement thereon);</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) the principal amount of the Debt secured by any such Lien shall at no time exceed an amount equal to the lesser of (i) the cost to the Company or such Restricted Subsidiary of the property (or improvement thereon) so acquired or constructed and (ii) the Fair Market Value (as determined in good faith by one or more officers of the Company to whom authority to enter into the subject transaction has been delegated by the board of directors of the Company) of such property (or improvement thereon) at the time of such acquisition or construction;</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) any such Lien shall be created contemporaneously with, or within 180 days after, the acquisition or construction of such property; and</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(4) the aggregate principal amount of all Debt secured by such Liens shall be permitted by the limitation set forth in </FONT><B><FONT size=2 face="Times New Roman">Section 10.1 </FONT></B><FONT size=2 face="Times New Roman">if tested on the date such Lien is created and not as of the end of the immediately preceding fiscal quarter of the Company;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(j) any Lien existing on property of a Person immediately prior to its being consolidated with or merged into the Company or a Restricted Subsidiary or its becoming a Subsidiary, or any Lien existing on any property acquired by the Company or any Restricted Subsidiary at the time such property is so acquired (whether or not the Debt secured thereby shall have been assumed), provided that (1) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person becoming a Subsidiary or such acquisition of property, (2) each such Lien shall extend solely to the item or items of property so acquired and, if required by the terms of the instrument originally creating such Lien (i) other property which is an improvement to or is acquired for specific use in connection with such acquired property or (ii) other property that does not constitute property or assets of the Company or any of its Restricted Subsidiaries and (3) the aggregate amount of all Debt secured by such Liens shall be permitted by the limitation set forth in </FONT><B><FONT size=2 face="Times New Roman">Section 10.1 </FONT></B><FONT size=2 face="Times New Roman">if tested on the date of such event and not as of the end of the immediately preceding fiscal quarter of the Company;</FONT></P>

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<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(k) any Lien renewing, extending or refunding any Lien permitted by paragraphs (g), (i) or (j) of this </FONT><B><FONT size=2 face="Times New Roman">Section 10.3</FONT></B><FONT size=2 face="Times New Roman">, provided that (1) the principal amount of Debt secured by such Lien immediately prior to such extension, renewal or refunding is not increased or the maturity thereof reduced, (2) such Lien is not extended to any other property and (3) immediately after such extension, renewal or refunding no Default or Event of Default would exist (provided that, with respect to </FONT><B><FONT size=2 face="Times New Roman">Sections 10.1 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">10.2</FONT></B><FONT size=2 face="Times New Roman">, calculation of compliance therewith shall be made as of the date of determination under this Section 10.3(k) and not as of the end of the immediately preceding fiscal quarter of the Company; and</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(l) other Liens not otherwise permitted by paragraphs (a) through (k), inclusive, of this </FONT><B><FONT size=2 face="Times New Roman">Section 10.3 </FONT></B><FONT size=2 face="Times New Roman">securing Debt, provided that the Debt secured by such Liens shall be permitted by the limitations set forth in </FONT><B><FONT size=2 face="Times New Roman">Sections 10.1 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">10.2 </FONT></B><FONT size=2 face="Times New Roman">if tested on the date such Lien is created and not as of the end of the immediately preceding fiscal quarter of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding the foregoing, the Company will not, and will not permit any Subsidiary to, grant or incur (upon the happening of a contingency or otherwise) (i) any Lien securing any Debt incurred by the Company or any Subsidiary under any Bank Credit Agreement (other than cash collateral for letter of credit obligations upon the termination of any Bank Credit Agreement with respect to letters of credit issued under any Bank Credit Agreement that remain outstanding after such termination, and customary Liens and set-off rights and similar types of Liens incurred in the ordinary course of business pursuant to deposit or custody agreements and hedging transactions (whether as currency or interest rate swaps, caps, floors, collars or other interest rate or currency exchange management devices, or otherwise)), in each case whether arising under any Bank Credit Agreement, by operation of law, or otherwise, but not any other Debt of the Company, unless the Notes shall also be secured by such Lien on a </FONT><I><FONT size=2 face="Times New Roman">pari passu </FONT></I><FONT size=2 face="Times New Roman">basis pursuant to documentation, including an intercreditor agreement, in form and substance satisfactory to the Required Holders, with all parties entitled to the benefit of such Liens, or with the agent for such parties if such agent is the secured party of record with regard to such granted or created Lien and (ii) any Lien on or with respect to the Voting Stock of New Jersey Natural Gas owned by the Company or any Subsidiary.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.4. Restricted Payments. </FONT></I><FONT size=2 face="Times New Roman">(a) The Company will not, and will not permit any Restricted Subsidiary to, declare or make or incur any liability to declare or make any Restricted Payment unless immediately after giving effect to such action no Default or Event of Default would exist (provided that, with respect to </FONT><B><FONT size=2 face="Times New Roman">Sections 10.1 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">10.2</FONT></B><FONT size=2 face="Times New Roman">, calculation of compliance therewith shall be made as of the date of determination under this </FONT><B><FONT size=2 face="Times New Roman">Section 10.4 </FONT></B><FONT size=2 face="Times New Roman">and not as of the end of the immediately preceding fiscal quarter of the Company).</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The Company will not, and will not permit any Restricted Subsidiary to, declare a Restricted Payment that is not payable within 60 days of such declaration.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.5. Restrictions on Dividends of Subsidiaries, Etc. </FONT></I><FONT size=2 face="Times New Roman">The Company will not, and will not permit any Restricted Subsidiary to, enter into any agreement which would restrict any Restricted Subsidiary&#8217;s ability or right to pay dividends to, or make advances to or investments in, the Company or, if such Restricted Subsidiary is not directly owned by the Company, the &#8220;parent&#8221; Restricted Subsidiary of such Restricted Subsidiary; provided that the foregoing shall not apply to restrictions and conditions imposed by law, this Agreement, any Bank Credit Agreement or any other document or instrument governing Debt not prohibited by this Agreement so long as such restrictions and conditions in such other document or instrument are no more restrictive with respect to such Restricted Subsidiary than the restrictions in any Bank Credit Agreement as in effect on the date of this Agreement.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.6. Sale of Assets, Etc. </FONT></I><FONT size=2 face="Times New Roman">(a) Except as permitted under </FONT><B><FONT size=2 face="Times New Roman">Section 10.7 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">Section 10.8</FONT></B><FONT size=2 face="Times New Roman">, the Company will not, and will not permit any of its Restricted Subsidiaries to, make any Asset Disposition unless:</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) in the good faith opinion of the Company, the Asset Disposition is in the best interest of the Company or such Restricted Subsidiary;</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) immediately after giving effect to the Asset Disposition, no Default or Event of Default would exist (provided that, with respect to </FONT><B><FONT size=2 face="Times New Roman">Sections 10.1 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">10.2</FONT></B><FONT size=2 face="Times New Roman">, calculation of compliance therewith shall be made as of the date of determination under this </FONT><B><FONT size=2 face="Times New Roman">Section 10.6 </FONT></B><FONT size=2 face="Times New Roman">and not as of the end of the immediately preceding fiscal quarter of the Company); and</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) immediately after giving effect to the Asset Disposition the Disposition Value of all property that was the subject of any Asset Disposition occurring in the immediately preceding 12 consecutive month period would not exceed 10% of Consolidated Tangible Assets as of the end of the then most recently ended fiscal year of the Company.</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) If the Net Proceeds Amount for any Transfer is, within 365 days after such Transfer, (1) applied to a Debt Prepayment Application, (2) applied to or would otherwise constitute a Property Reinvestment Application or (3) applied to any combination of the foregoing clauses (1) and (2), then such Transfer, only for the purpose of determining compliance with subsection (3) of </FONT><B><FONT size=2 face="Times New Roman">Section 10.6(a) </FONT></B><FONT size=2 face="Times New Roman">as of a date on or after the Net Proceeds Amount is so applied, shall be deemed not to be an Asset Disposition.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.7. Merger, Consolidation, Etc. </FONT></I><FONT size=2 face="Times New Roman">The Company will not, and will not permit any Restricted Subsidiary 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 (except that a Restricted Subsidiary may (x) consolidate with or merge with, or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to, the Company or another Restricted Subsidiary or any other Person so long as such Restricted Subsidiary is the surviving Person and (y) convey, transfer or lease all of its assets in compliance with the provisions of </FONT><B><FONT size=2 face="Times New Roman">Section 10.6 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">Section 10.8</FONT></B><FONT size=2 face="Times New Roman">), provided that the foregoing restriction does not apply to the consolidation or merger of the Company with, or the conveyance, transfer or lease of all or substantially all of the assets of the Company in a single transaction or series of transactions to, any Person so long as:</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company as an entirety, as the case may be (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Successor Corporation&#8221;</FONT></I><FONT size=2 face="Times New Roman">), shall be a solvent Person organized and existing under the laws of the United States or any State thereof (including the District of Columbia); </FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) if the Company is not the Successor Corporation, (1) such Person shall have executed and delivered to each Purchaser and holder of the Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes (pursuant to such agreements or instruments as shall be reasonably satisfactory to the Required Holders), (2) such Person shall have caused to be delivered to each Purchaser and each holder of the Notes an opinion of inside counsel to the Company, Troutman Pepper Hamilton Sanders LLP or another nationally recognized counsel, or other counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof (subject to bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors&#8217; rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law) and subject to such other customary qualifications and exceptions for legal opinions of this type or as may be reasonably acceptable to the Required Holders) and (3) each Guarantor shall have reaffirmed, in writing, its obligations under the Guaranty Agreement; and </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) immediately after giving effect to such transaction, no Default or Event of Default would exist (provided that, with respect to </FONT><B><FONT size=2 face="Times New Roman">Sections 10.1 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">10.2</FONT></B><FONT size=2 face="Times New Roman">, calculation of compliance therewith shall be made as of the date of determination under this </FONT><B><FONT size=2 face="Times New Roman">Section 10.7 </FONT></B><FONT size=2 face="Times New Roman">and not as of the end of the immediately preceding fiscal quarter of the Company).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">No such conveyance, transfer or lease of all or substantially all of the assets of the Company shall have the effect of releasing the Company or any Successor Corporation that shall theretofore have become such in the manner prescribed in this </FONT><B><FONT size=2 face="Times New Roman">Section 10.7 </FONT></B><FONT size=2 face="Times New Roman">from its liability under this Agreement or the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">For all purposes under this Agreement, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction&#8217;s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person; </FONT><I><FONT size=2 face="Times New Roman">provided that, </FONT></I><FONT size=2 face="Times New Roman">if the original Person is a Restricted Subsidiary, the subsequent Person must also be a Restricted Subsidiary unless (i) the requirements of Section 10.6 or Section 10.8, as applicable, are satisfied in connection with such Transfer, or (ii) such Person would be permitted to be an Unrestricted Subsidiary under Section 10.13 and the requirements of Section 10.13 are satisfied to designate such Person an Unrestricted Subsidiary, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time; </FONT><I><FONT size=2 face="Times New Roman">provided that, </FONT></I><FONT size=2 face="Times New Roman">if any Restricted Subsidiary undergoes a division or plan of division under Delaware law (or any comparable event under a different jurisdiction&#8217;s laws), any new Person which comes into existence as a result of such event shall be a Restricted Subsidiary unless (i) such formation would constitute a Transfer and the requirements of Section 10.6 or Section 10.8, as applicable, are satisfied in connection with such Transfer, or (ii) such Person would be permitted to be an Unrestricted Subsidiary under <FONT size=2 face="Times New Roman">Section 10.13 and the requirements of Section 10.13 are satisfied to designate such Person an Unrestricted Subsidiary.</FONT></FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.8. Disposal of Ownership of a Restricted Subsidiary. </FONT></I><FONT size=2 face="Times New Roman">Subject to </FONT><B><FONT size=2 face="Times New Roman">Section 10.7</FONT></B><FONT size=2 face="Times New Roman">, the Company will not, and will not permit any Restricted Subsidiary to, sell or otherwise dispose of any shares of Restricted Subsidiary Stock, nor will the Company permit any such Restricted Subsidiary to issue, sell or otherwise dispose of any shares of its own Restricted Subsidiary Stock, provided that the foregoing restrictions do not apply to: </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the issue of directors&#8217; qualifying shares by any such Restricted Subsidiary; </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) any such Transfer of Restricted Subsidiary Stock constituting a Transfer described in clause (a) of the definition of &#8220;Asset Disposition&#8221;; and </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">&#8239;<FONT size=2 face="Times New Roman">(c) the Transfer of the Restricted Subsidiary Stock of a Restricted Subsidiary owned by the Company and its other Subsidiaries; provided that such Transfer satisfies the requirements of </FONT><B><FONT size=2 face="Times New Roman">Section 9.6 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">Section 10.6</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.9. Limitations on Subsidiaries, Partnerships and Joint Ventures. </FONT></I><FONT size=2 face="Times New Roman">The Company will not, and will not permit any of its Restricted Subsidiaries to, own or create directly or indirectly any Restricted Subsidiaries other than (a) any Restricted Subsidiary which is a Regulated Entity, (b) any Restricted Subsidiary which is a Guarantor on the date of this Agreement and (c) any Restricted Subsidiary formed after the date of this Agreement that becomes a Guarantor under the Guaranty Agreement pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 9.7</FONT></B><FONT size=2 face="Times New Roman">. The Company shall not, and shall not permit any Restricted Subsidiary to, become or agree to become (1) a general or limited partner in any general or limited partnership, except that the Company may be a general or limited partner in any Subsidiary and any Restricted Subsidiary may be a general or limited partner in any other Subsidiary and except that the Company and its Restricted Subsidiaries may be a limited partner in a Permitted Related Business Opportunity, (2) a member or manager of, or hold a limited liability company interest in, a limited liability company, except that the Company may be a member or manager of, or hold limited liability company interests in, its Subsidiaries and Restricted Subsidiaries may be members or managers of, or hold limited liability company interests in, other Subsidiaries and except that the Company and its Restricted Subsidiaries may be members or managers of, or hold limited liability company interests in a Permitted Related Business Opportunity or (3) a joint venturer or hold a joint venture interest in any joint venture, except that the Company and its Restricted Subsidiaries may become a joint venturer in or hold a joint venture interest in any joint venture that is a Permitted Related Business Opportunity.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.10. [Reserved].</FONT></I></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.11. Nature of Business. </FONT></I><FONT size=2 face="Times New Roman">The Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any business if, as a result, the general nature of the business in which the Company and its Restricted Subsidiaries, taken as a whole, would then be engaged would be substantially and materially changed from the general nature of the business in which the Company and its Restricted Subsidiaries are engaged on the date hereof.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman"><I><FONT size=2 face="Times New Roman">Section 10.12. Transactions with Affiliates. </FONT></I><FONT size=2 face="Times New Roman">Except in the case of a Permitted Related Business Opportunity, the Company will not, and will not permit any Restricted Subsidiary to,</FONT> enter into, directly or indirectly, any Material transaction or group of related transactions (including, without limitation, the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company, a Restricted Subsidiary or New Jersey Natural Gas), except in the ordinary course and pursuant to the reasonable requirements of the Company&#8217;s or such Restricted Subsidiary&#8217;s business and upon fair and reasonable terms no less favorable to the Company or such Restricted Subsidiary than would be obtainable in a comparable arm&#8217;s-length transaction with a Person not an Affiliate.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.13. Designation of Restricted and Unrestricted Subsidiaries. </FONT></I><FONT size=2 face="Times New Roman">(a) Subject to </FONT><B><FONT size=2 face="Times New Roman">Section 10.13(b)</FONT></B><FONT size=2 face="Times New Roman">, the Company may designate any Subsidiary to be a Restricted Subsidiary and may designate any Restricted Subsidiary to be an Unrestricted Subsidiary by giving written notice to each holder of Notes that the Board of Directors of the Company has made such designation, provided, however, that no Subsidiary may be designated a Restricted Subsidiary and no Restricted Subsidiary may be designated an Unrestricted Subsidiary unless, at the time of such action and after giving effect thereto, (1) solely in the case of a Restricted Subsidiary being designated an Unrestricted Subsidiary, such Restricted Subsidiary being designated an Unrestricted Subsidiary shall not have any continuing Investment in the Company or any other Restricted Subsidiary and (2) no Default or Event of Default shall have occurred and be continuing (provided that, with respect to </FONT><B><FONT size=2 face="Times New Roman">Sections 10.1 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">10.2</FONT></B><FONT size=2 face="Times New Roman">, calculation of compliance therewith shall be made as of the date of determination under this </FONT><B><FONT size=2 face="Times New Roman">Section 10.13 </FONT></B><FONT size=2 face="Times New Roman">and not as of the end of the immediately preceding fiscal quarter of the Company). Any Restricted Subsidiary which has been designated an Unrestricted Subsidiary and which has then been redesignated a Restricted Subsidiary, in each case in accordance with the provisions of the first sentence of this </FONT><B><FONT size=2 face="Times New Roman">Section 10.13</FONT></B><FONT size=2 face="Times New Roman">, shall not at any time thereafter be redesignated an Unrestricted Subsidiary without the prior written consent of the Required Holders. Any Unrestricted Subsidiary which has been designated a Restricted Subsidiary and which has then been redesignated an Unrestricted Subsidiary, in each case in accordance with the provisions of the first sentence of this </FONT><B><FONT size=2 face="Times New Roman">Section 10.13</FONT></B><FONT size=2 face="Times New Roman">, shall not at any time thereafter be redesignated a Restricted Subsidiary without the prior written consent of the Required Holders. If the Company enters into any credit facility or note purchase agreement (or any amendment thereof) after the date of this Agreement and New Jersey Natural Gas shall be designated as a &#8220;restricted subsidiary&#8221; thereunder, then the Company shall, within 10 Business Days of its entering into such credit facility or note purchase agreement (or any amendment thereof), designate New Jersey Natural Gas as a Restricted Subsidiary under this Agreement. If the Company enters into any credit facility or note purchase agreement (or any amendment thereof) after the date of this Agreement and New Jersey Natural Gas shall be subjected to any negative covenants of the type included in this </FONT><B><FONT size=2 face="Times New Roman">Section 10 </FONT></B><FONT size=2 face="Times New Roman">of such credit facility or note purchase agreement, then and in any such event the Company shall give written notice thereof to each holder not later than 30 days following the date of execution of any such agreement or amendment. Effective on the date of execution of any such agreement or amendment, such additional covenant that is included in such agreement or amendment and any related definitions shall be deemed to have been incorporated herein. The Company further covenants to promptly execute and deliver at its expense (including, without limitation, the fees and expenses of counsel for the holders) an amendment to this Agreement in form and substance satisfactory to the Required Holders evidencing the amendment of this Agreement to include such additional covenant.</FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The Company will cause each Subsidiary that is designated as a Restricted Subsidiary in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.4 </FONT></B><FONT size=2 face="Times New Roman">on the date of this Agreement to at all times remain a Restricted Subsidiary.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.14. Economic Sanctions, Etc. </FONT></I><FONT size=2 face="Times New Roman">The Company covenants that it 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 (i) would cause any holder or any affiliate of such holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 11. </font><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Events of Default.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">An </FONT><I><FONT size=2 face="Times New Roman">&#8220;Event of Default&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall exist if any of the following conditions or events shall occur and be continuing: </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the Company defaults in the payment of any principal or Make-Whole Amount 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 </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) the Company defaults in the performance of or compliance with any term contained in any of </FONT><B><FONT size=2 face="Times New Roman">Section 9.6 </FONT></B><FONT size=2 face="Times New Roman">through </FONT><B><FONT size=2 face="Times New Roman">Section 9.8</FONT></B><FONT size=2 face="Times New Roman">, inclusive, </FONT><B><FONT size=2 face="Times New Roman">Section 10.1 </FONT></B><FONT size=2 face="Times New Roman">through </FONT><B><FONT size=2 face="Times New Roman">Section 10.9</FONT></B><FONT size=2 face="Times New Roman">, inclusive, or </FONT><B><FONT size=2 face="Times New Roman">Section 10.14</FONT></B><FONT size=2 face="Times New Roman">; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) the Company defaults in the performance of or compliance with any term contained herein (other than those referred to in paragraphs (a), (b) and (c) of this </FONT><B><FONT size=2 face="Times New Roman">Section 11</FONT></B><FONT size=2 face="Times New Roman">) and such default is not remedied within 30 days after the earlier of (1) a Responsible Officer obtaining actual knowledge of such default and (2) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a &#8220;notice of default&#8221; and to refer specifically to this paragraph (d) of </FONT><B><FONT size=2 face="Times New Roman">Section 11</FONT></B><FONT size=2 face="Times New Roman">); or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) any representation or warranty made in writing by or on behalf of the Company or any Guarantor or by any officer of the Company or any Guarantor in this Agreement, the Guaranty 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 </FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">(f) (1) the Company or any Significant Subsidiary 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 Debt that is outstanding in an aggregate principal amount of at least $30,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto or (2) the Company or any Significant Subsidiary is</FONT> in default in the performance of or compliance with any term of any evidence of any Debt in an aggregate outstanding principal amount of at least $30,000,000 (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 Debt has become, or has been declared (or one or more Persons are entitled to declare such Debt to be), due and payable before its stated maturity or before its regularly scheduled dates of payment or (3) 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 Debt to convert such Debt into equity interests), (i) the Company or any Significant Subsidiary has become obligated to purchase or repay Debt before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $30,000,000 (or its equivalent in the relevant currency of payment) or (ii) one or more Persons have the right to require the Company or any Significant Subsidiary so to purchase or repay such Debt; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) the Company or any Significant Subsidiary is in default under the terms of any agreement involving any off-balance sheet transaction (including any asset securitization, sale/leaseback transaction or Synthetic Lease) with obligations in the aggregate thereunder for which the Company or any Significant Subsidiary may be obligated in an amount in excess of $30,000,000 (or its equivalent in the relevant currency of payment), and such breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect thereto) any obligation when due (whether at stated maturity, by acceleration or otherwise) or if such breach or default permits or causes the acceleration of any obligation or the termination of such agreement; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) the Company or any Significant Subsidiary described in clauses (b) or (c) of the definition thereof (1) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (2) 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, (3) makes an assignment for the benefit of its creditors, (4) 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, (5) is adjudicated as insolvent or to be liquidated or (6) takes corporate action for the purpose of any of the foregoing; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or any of its Significant Subsidiaries, 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 the Company or any of its Significant Subsidiaries, or any such petition shall be filed against the Company or any of its Significant Subsidiaries and such petition shall not be dismissed within 60 days; or</FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(j) a final judgment or judgments for the payment of money aggregating in excess of $30,000,000 (or its equivalent in the relevant currency of payment) (exclusive of amounts fully covered by valid and collectible insurance in respect thereof subject to customary deductibles) are rendered against one or more of the Company and its Significant Subsidiaries and which judgments are not, within 45 days after entry thereof (or such shorter period as judgment creditors are stayed pursuant to applicable law from executing on such judgment or judgments), bonded, discharged or stayed pending appeal, or are not discharged within 45 days after the expiration of such stay (or such shorter period as judgment creditors are stayed pursuant to applicable law from executing on such judgment or judgments); or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(k) (1) default shall occur under the Guaranty Agreement to which a Significant Subsidiary described in clause (b) of the definition thereof is a party, and such default shall continue beyond the period of grace, if any, allowed with respect thereto, or (2) the Guaranty Agreement shall cease to be in full force and effect for any reason whatsoever, including, without limitation, a determination by any Governmental Authority or court that such agreement is invalid, void or unenforceable or any Guarantor shall contest or deny in writing the validity or enforceability of the Guaranty Agreement; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(l) if (1) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or a waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (2) a notice of intent to terminate any Plan on other than a standard basis shall have been filed with the PBGC by the Company or any ERISA Affiliate or the PBGC shall have notified the Company or any ERISA Affiliate of the institution of proceedings under Section 4042 of ERISA to terminate or appoint a trustee to administer any Plan or that a Plan is the subject of any such proceedings, (3) the present value of the aggregate &#8220;amount of unfunded benefit liabilities&#8221; within the meaning of Section 4001(a)(18) of ERISA under all Plans (determined in accordance with Title IV of ERISA, as of the end of the most recent Plan year on the basis of the actuarial assumptions specified for funding purposes in the most recent actuarial valuation), shall exceed the aggregate actuarial value of their assets by more than $25,000,000, (4) the Company or any ERISA Affiliate shall have incurred 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 with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, (5) the Company or any ERISA Affiliate incurs withdrawal liability with respect to any Multiemployer Plan or (6) the Company or any ERISA Affiliate establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any ERISA Affiliate thereunder; and any such event or events described in clauses (1) through (6) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect.</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">As used in </FONT><B><FONT size=2 face="Times New Roman">Section 11(l)</FONT></B><FONT size=2 face="Times New Roman">, the terms &#8220;employee benefit plan&#8221; and &#8220;employee welfare benefit plan&#8221; shall have the respective meanings assigned to such terms in Section 3 of ERISA.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 12. </font><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Remedies on Default, Etc.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 12.1. Acceleration. </FONT></I><FONT size=2 face="Times New Roman">(a) If an Event of Default with respect to the Company described in paragraph (h) or (i) of </FONT><B><FONT size=2 face="Times New Roman">Section 11 </FONT></B><FONT size=2 face="Times New Roman">(other than an Event of Default described in clause (1) of paragraph (h) or described in clause (6) of paragraph (h) by virtue of the fact that such clause encompasses clause (1) of paragraph (h)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) 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 Company, declare all the Notes then outstanding to be immediately due and payable.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) If any Event of Default described in paragraph (a) or (b) of </FONT><B><FONT size=2 face="Times New Roman">Section 11 </FONT></B><FONT size=2 face="Times New Roman">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 Company, declare all the Notes held by it or them to be immediately due and payable.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Upon any Note becoming due and payable under this </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, whether automatically or by declaration, such Note will forthwith mature and the entire unpaid principal amount of such Note, plus (1) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (2) the Make-Whole Amount, if any, determined in respect of such principal amount (to the full extent permitted by applicable law) 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 Company acknowledges, 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 Company (except as herein specifically provided for), and that the provision for payment of the Make-Whole Amount 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 12.2. Other Remedies. </FONT></I><FONT size=2 face="Times New Roman">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 </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, 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, in any Note or in the Guaranty Agreement, 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.</FONT></P>



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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 12.3. Rescission. </FONT></I><FONT size=2 face="Times New Roman">At any time after any Notes have been declared due and payable pursuant to clause (b) or (c) of </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, the Required Holders, by written notice to the Company, 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, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and </FONT><FONT size=2 face="Times New Roman">all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company 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 </FONT><B><FONT size=2 face="Times New Roman">Section 17 </FONT></B><FONT size=2 face="Times New Roman">and (d) 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 </FONT><B><FONT size=2 face="Times New Roman">Section 12.3 </FONT></B><FONT size=2 face="Times New Roman">will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. </FONT></I><FONT size=2 face="Times New Roman">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&#8217;s rights, powers or remedies. No right, power or remedy conferred by this Agreement, the Guaranty Agreement or by 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 Company under </FONT><B><FONT size=2 face="Times New Roman">Section 15</FONT></B><FONT size=2 face="Times New Roman">, the Company 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 </FONT><B><FONT size=2 face="Times New Roman">Section 12</FONT></B><FONT size=2 face="Times New Roman">, including, without limitation, reasonable attorneys&#8217; fees, expenses and disbursements.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 13. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Registration; Exchange; Substitution of Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 13.1. Registration of Notes. </FONT></I><FONT size=2 face="Times New Roman">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&#8217;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 the Company shall not 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 13.2. Transfer and Exchange of Notes. </FONT></I><FONT size=2 face="Times New Roman">Upon surrender of any Note at the principal executive office of the Company for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or accompanied by a written instrument of transfer duly executed by the registered holder of such Note or its attorney duly authorized in writing and accompanied by the address 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&#8217;s expense (except as provided below), one or more new Notes of the same series (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 </FONT><B><FONT size=2 face="Times New Roman">Exhibit 1(a) </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">Exhibit 1(b)</FONT></B><FONT size=2 face="Times New Roman">, as applicable. 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 $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of a series, one Note of such series may be in a denomination of less than $100,000. Any 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 </FONT><B><FONT size=2 face="Times New Roman">Section 6.2</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 13.3. Replacement of Notes. </FONT></I><FONT size=2 face="Times New Roman">Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note of any series (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 </FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided 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 $50,000,000, such Person&#8217;s own unsecured agreement of indemnity shall be deemed to be satisfactory), or</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) in the case of mutilation, upon surrender and cancellation thereof,</FONT></P>

<P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">within 10 Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, 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.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 14. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Payments on Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 14.1. Place of Payment. </FONT></I><FONT size=2 face="Times New Roman">Subject to </FONT><B><FONT size=2 face="Times New Roman">Section 14.2</FONT></B><FONT size=2 face="Times New Roman">, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of U.S. Bank National Association 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 14.2. Home Office Payment. </FONT></I><FONT size=2 face="Times New Roman">So long as any Purchaser or its nominee shall be the holder of any Note of any series, and notwithstanding anything contained in </FONT><B><FONT size=2 face="Times New Roman">Section 14.1 </FONT></B><FONT size=2 face="Times New Roman">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, and interest by the method and at the address specified for such purpose below such Purchaser&#8217;s name in </FONT><B><FONT size=2 face="Times New Roman">Schedule A</FONT></B><FONT size=2 face="Times New Roman">, 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 </FONT><B><FONT size=2 face="Times New Roman">Section 14.1</FONT></B><FONT size=2 face="Times New Roman">. Prior to any sale or other disposition of any Note held by any 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 of the same series pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 13.2</FONT></B><FONT size=2 face="Times New Roman">. The Company will afford the benefits of this </FONT><B><FONT size=2 face="Times New Roman">Section 14.2 </FONT></B><FONT size=2 face="Times New Roman">to any Institutional Investor that is the direct or indirect transferee of any Note purchased by any Purchaser under this Agreement and that has made the same agreement relating to such Note as such Purchaser has made in this Section 14.2.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 14.3. FATCA Information</FONT></I><FONT size=2 face="Times New Roman">. By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United States Person, such holder&#8217;s United States tax identification number or other forms reasonably requested by the Company necessary to establish such holder&#8217;s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) 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 to comply with its obligations under FATCA and to determine that such holder has complied with such holder&#8217;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 </FONT><B><FONT size=2 face="Times New Roman">Section 14.3 </FONT></B><FONT size=2 face="Times New Roman">shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 15. </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Expenses, Etc.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 15.1. Transaction Expenses. </FONT></I><FONT size=2 face="Times New Roman">Whether or not the transactions contemplated hereby are consummated, the Company will pay the reasonable out-of-pocket costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information, and all subsequent annual and interim filings of documents and financial information related thereto, with the SVO, (which costs and expenses shall not exceed $5,000 without the prior written consent of the Company) and all out-of-pocket costs and expenses (including reasonable attorneys&#8217; fees of a special counsel and, if reasonably required, local or other counsel) incurred by the Purchasers or any other holder of a Note in connection with the transactions contemplated hereby and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Notes or the Guaranty Agreement (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the out-of-pocket costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Notes or the Guaranty Agreement or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Notes or the Guaranty Agreement, or by reason of being a holder of any Note and (b) the out-of-pocket costs and expenses, including financial advisors&#8217; fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby, by the Notes and by the Guaranty Agreement. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI).</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company will pay, and will save the Purchasers 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 retained by such Person), (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&#8217; 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 15.2. Certain Taxes. </FONT></I><FONT size=2 face="Times New Roman">The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Guaranty Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where the Company or any Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement 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 the Company pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 15</FONT></B><FONT size=2 face="Times New Roman">, 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 the Company hereunder.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 15.3. Survival. </FONT></I><FONT size=2 face="Times New Roman">The obligations of the Company under this </FONT><B><FONT size=2 face="Times New Roman">Section 15 </FONT></B><FONT size=2 face="Times New Roman">will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, the Notes or the Guaranty Agreement, and the termination of this Agreement or the Guaranty Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 16. </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Survival of Representations and Warranties; Entire Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 any Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. Subject to the preceding sentence, this Agreement, the Guaranty Agreement and the Notes embody the entire agreement and understanding between the Purchasers and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 17. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Amendment and Waiver.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 17.1. Requirements. </FONT></I><FONT size=2 face="Times New Roman">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), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of </FONT><B><FONT size=2 face="Times New Roman">Section 1</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">2</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">3</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">4</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">5</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">6 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">21 </FONT></B><FONT size=2 face="Times New Roman">hereof, or any defined term (as it is used therein), will be effective as to any Purchaser or holder of a Note unless consented to by such Purchaser or holder in writing and (b) no such amendment or waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding affected thereby, (1) subject to the provisions of </FONT><B><FONT size=2 face="Times New Roman">Section 12 </FONT></B><FONT size=2 face="Times New Roman">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 interest or of the Make-Whole Amount on, the Notes, (2) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 2 </FONT></B><FONT size=2 face="Times New Roman">upon satisfaction of the conditions to Closing that appear in </FONT><B><FONT size=2 face="Times New Roman">Section 4 </FONT></B><FONT size=2 face="Times New Roman">or (3) amend any of </FONT><B><FONT size=2 face="Times New Roman">Sections 8</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">11(a)</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">11(b)</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">12</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">17 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">20</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 17.2. Solicitation of Purchasers and Holders of Notes</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Solicitation</FONT></I><FONT size=2 face="Times New Roman">. The Company will provide each Purchaser and each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Purchaser and such 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 the Guaranty Agreement. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this </FONT><B><FONT size=2 face="Times New Roman">Section 17 </FONT></B><FONT size=2 face="Times New Roman">or the Guaranty Agreement to each holder of outstanding Notes 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.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Payment</FONT></I><FONT size=2 face="Times New Roman">. The Company 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 any other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or of the Guaranty Agreement unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><I><FONT size=2 face="Times New Roman">Consent in Contemplation of Transfer</FONT></I><FONT size=2 face="Times New Roman">. Any consent made pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 17 </FONT></B><FONT size=2 face="Times New Roman">or the Guaranty Agreement by a holder of a Note that has transferred a portion or has agreed to transfer all or a portion of its Notes to (i) the Company, (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 the Company and/or any of its Affiliates and, in each case, has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force and 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 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 17.3. Binding Effect, Etc. </FONT></I><FONT size=2 face="Times New Roman">Any amendment or waiver consented to as provided in this </FONT><B><FONT size=2 face="Times New Roman">Section 17 </FONT></B><FONT size=2 face="Times New Roman">or the Guaranty Agreement 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 Company 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 Company and any Purchaser or holder of any Note nor any delay in exercising any rights hereunder or under any Note or the Guaranty Agreement shall operate as a waiver of any rights of any Purchaser or holder of such Note. As used herein, the term &#8220;this Agreement&#8221; and references thereto shall mean this Agreement as it may from time to time be amended or supplemented.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 17.4. Notes Held by Company, Etc. </FONT></I><FONT size=2 face="Times New Roman">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, the Guaranty Agreement or the Notes, or have directed the taking of any action provided herein or in the Guaranty Agreement 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 the Company or any of its Affiliates shall be deemed not to be outstanding.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 18. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Notices.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Except to the extent otherwise provided in </FONT><B><FONT size=2 face="Times New Roman">Section 7 </FONT></B><FONT size=2 face="Times New Roman">with respect to Electronic Delivery, all notices and communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid) or (c) by a recognized overnight delivery service (charges prepaid). Any such notice must be sent: </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) if to any Purchaser or its nominee, to such Purchaser or its nominee at the address specified for such communications in </FONT><B><FONT size=2 face="Times New Roman">Schedule A</FONT></B><FONT size=2 face="Times New Roman">, or at such other address as such Purchaser or its nominee shall have specified to the Company in writing, </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) if to the Company, to the Company at its address set forth at the beginning hereof to the attention of the Chief Financial Officer of the Company, or at such other address as the Company shall have specified to the holder of each Note in writing.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Notices under this </FONT><B><FONT size=2 face="Times New Roman">Section 18 </FONT></B><FONT size=2 face="Times New Roman">will be deemed given only when actually received.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 19. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Reproduction of Documents.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Agreement and all documents relating hereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by the Purchasers on the date of this Agreement or the holders of Notes at the Closing (except the Notes themselves) and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser or holder of the Notes, may be reproduced by such Purchaser or such holder by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and such Purchaser or such holder may destroy any original document so reproduced. The Company agrees and stipulates 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 any Purchaser or holder of the Notes in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This </FONT><B><FONT size=2 face="Times New Roman">Section 19 </FONT></B><FONT size=2 face="Times New Roman">shall not prohibit the Company or any other Purchaser or holder of a Note 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.</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Section 20. </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Confidential Information.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">For the purposes of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">, </FONT><I><FONT size=2 face="Times New Roman">&#8220;Confidential Information&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean information delivered to any Purchaser by or on behalf of the Company 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 the Company or such Subsidiary, provided 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 (provided, however, that to such Purchaser&#8217;s actual knowledge, the source of such information was not, at the time of disclosure to such Purchaser, bound by a confidentiality agreement with the Company or its Subsidiaries relating to such information), (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser&#8217;s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Company or any Subsidiary (provided, however, that to such Purchaser&#8217;s actual knowledge, the source of such information was not, at the time of disclosure to such Purchaser, bound by a confidentiality agreement with the Company or its Subsidiaries relating to such information) or (d) constitutes financial statements delivered to such Purchaser under </FONT><B><FONT size=2 face="Times New Roman">Section 7.1 </FONT></B><FONT size=2 face="Times New Roman">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, provided that such Purchaser may deliver or disclose Confidential Information to (1) its directors, officers, trustees, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes and such individuals are bound by the terms of this </FONT><B><FONT size=2 face="Times New Roman">Section 20 </FONT></B><FONT size=2 face="Times New Roman">or agree to hold confidential the Confidential Information substantially in accordance with the terms of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">), (2) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">, (3) any other holder of any Note, (4) any Institutional Investor to which such Purchaser 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 the provisions of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">), (5) any Person from which such Purchaser offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">), (6) any Federal or state regulatory authority having jurisdiction over such Purchaser, (7) 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&#8217;s investment portfolio or (8) any other Person to which such delivery or disclosure may be necessary or appropriate (i) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (ii) in response to any subpoena or other legal process, (iii) in connection with any litigation to which such Purchaser is a party or (iv) 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&#146;s Notes, this Agreement or the Guaranty Agreement (</FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">with respect to subclauses (i) (except where required disclosure of the purchase of the Notes is to be made to any supervisory or regulatory body during the normal course of its exercise of its regulatory or supervisory function over such Purchaser and consistent with such Purchaser&#146;s usual practice), (ii) and (iii) that, to the extent not prohibited by applicable law, rule, regulation or order, such Purchaser shall use commercially reasonable efforts to notify the Company of such pending disclosure so that the Company may seek a protective order or to pursue such further legal action as may be necessary to preserve the privileged nature and confidentiality of the Confidential Information). 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 </FONT><B><FONT size=2 face="Times New Roman">Section 20 </FONT></B><FONT size=2 face="Times New Roman">as though it were a party to this Agreement. On reasonable request by the Company 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 Company embodying the provisions of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">- 43 -</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">In the event that as a condition to receiving access to information relating to the Company 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 </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">, this </FONT><B><FONT size=2 face="Times New Roman">Section 20 </FONT></B><FONT size=2 face="Times New Roman">shall not be amended thereby and, as between such Purchaser or such holder and the Company, this </FONT><B><FONT size=2 face="Times New Roman">Section 20 </FONT></B><FONT size=2 face="Times New Roman">shall supersede any such other confidentiality undertaking.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">Section 21. </FONT><FONT  style="font-variant: small-caps" size=2 face="Times New Roman">Substitution of Purchaser.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes of any series that such Purchaser has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate&#146;s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in </FONT><B><FONT size=2 face="Times New Roman">Section 6</FONT></B><FONT size=2 face="Times New Roman">. Upon receipt of such notice, wherever the word &#147;Purchaser&#148; is used in this Agreement (other than in this </FONT><B><FONT size=2 face="Times New Roman">Section 21</FONT></B><FONT size=2 face="Times New Roman">), such word shall be deemed to refer to such Affiliate in lieu of such Purchaser with respect to the Notes so purchased by such Affiliate. In the event that such Affiliate is so substituted as a purchaser hereunder and such Affiliate thereafter transfers to such Purchaser all of the Notes of a series then held by such Affiliate, upon receipt by the Company of notice of such transfer, wherever the word &#147;Purchaser&#148; is used in this Agreement (other than in this Section 21), such word shall no longer be deemed to refer to such Affiliate, but shall refer to such Purchaser, and such Purchaser shall have all the rights of an original holder of the Notes of the applicable series under this Agreement.</FONT></P>
<P STYLE="text-align: center">
<FONT size=2 face="Times New Roman">- 44 -</FONT></P>
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<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">Section 22. </FONT><FONT style="font-variant: small-caps" size=2 face="Times New Roman">Miscellaneous</FONT><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 22.1. Successors and Assigns. </FONT></I><FONT size=2 face="Times New Roman">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, without limitation, any subsequent holder of a Note) whether so expressed or not, except that, subject to </FONT><B><FONT size=2 face="Times New Roman">Section 10.7</FONT></B><FONT size=2 face="Times New Roman">, the Company 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 22.2. Submission to Jurisdiction; Waiver of Jury Trial. </FONT></I><FONT size=2 face="Times New Roman">(a) The Company hereby irrevocably submits to the non-exclusive jurisdiction of any State of New York court or any Federal court located in New York County, New York, New York for the adjudication of any matter arising out of or relating to this Agreement, and consents to the service of all writs, process and summonses by registered or certified priority or express mail out of any such court or by service of process on the Company at its address to which notices are to be given pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 18 </FONT></B><FONT size=2 face="Times New Roman">hereof and hereby waives any requirement to have an agent for service of process in the State of New York. Nothing contained herein shall affect the right of any holder of the Notes to serve legal process in any other manner or to bring any proceeding hereunder in any jurisdiction where the Company may be amenable to suit. The Company hereby irrevocably waives any objection to any suit, action or proceeding in any New York court or Federal court located in New York County, New York, New York on the grounds of venue and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(b) 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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 22.3. Payments Due on Non-Business Days. </FONT></I><FONT size=2 face="Times New Roman">Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in </FONT><B><FONT size=2 face="Times New Roman">Section 8.4 </FONT></B><FONT size=2 face="Times New Roman">that the notice of any prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount, if any, or interest on any Note that is due on a date other than 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; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date 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.</FONT></P>

<P STYLE="text-align: center">
<FONT size=2 face="Times New Roman">- 45 -</FONT></P>
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<DIV STYLE="page-break-before: always"></DIV>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 22.4. Accounting Terms. </FONT></I><FONT size=2 face="Times New Roman">All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP; provided, that, if the Company notifies the holders of Notes that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (or if the Required Holders notify the Company that the Required Holders request an amendment to any provision hereof for such purposes), then (i) such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith and (ii) the Company shall provide to the holders financial statements and other documents required by this Agreement or requested by any holder setting forth reconciliations between the computations relating to the compliance with the provisions hereof and financial statements provided hereunder made before and after giving effect to such changes in GAAP or the application thereof. For purposes of determining compliance with this Agreement (including, without limitation, </FONT><B><FONT size=2 face="Times New Roman">Section 9</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">Section 10 </FONT></B><FONT size=2 face="Times New Roman">and the definition of &#147;Debt&#148;), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 &#150; </FONT><I><FONT size=2 face="Times New Roman">Fair Value Option</FONT></I><FONT size=2 face="Times New Roman">, International Accounting Standard 39 &#150; </FONT><I><FONT size=2 face="Times New Roman">Financial Instruments: Recognition and Measurement </FONT></I><FONT size=2 face="Times New Roman">or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made.</FONT></P>


<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 22.5. Severability. </FONT></I><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 22.6. Construction. </FONT></I><FONT size=2 face="Times New Roman">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.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 22.7. Counterparts; Electronic Contracting. </FONT></I><FONT size=2 face="Times New Roman">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. The parties agree to electronic contracting and signatures with respect to this Agreement, the Guaranty Agreement and any other agreement and instrument hereunder (other than the Notes). Delivery of an electronic signature to, or a signed copy of, this Agreement, the Guaranty Agreement and any other agreement or instrument delivered hereunder (other than the Notes) by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes. Notwithstanding the foregoing, if any Purchaser shall request manually signed counterpart signatures to any agreement or instrument hereunder, the Company hereby agrees to use its reasonable endeavors to provide such manually signed signature pages as soon as reasonably practicable.</FONT></P>
<P STYLE="text-align: center">
<FONT size=2 face="Times New Roman">- 46 -</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 22.8. Governing Law. </FONT></I><FONT size=2 face="Times New Roman">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 require the application of the laws of a jurisdiction other than such State.</FONT></P>
<P STYLE="text-align: center">
<I><FONT size=2 face="Times New Roman">(Remainder of Page Left Intentionally Blank)</FONT></I></P>
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<FONT size=2 face="Times New Roman">- 47 -</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The execution hereof by the Purchasers shall constitute a contract between the Company and the Purchasers for the uses and purposes and on the terms hereinabove set forth.</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Very truly yours,</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT style="font-variant: small-caps" size=2 face="Times New Roman">New Jersey Resources Corporation</FONT></TD></TR>
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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left; width: 50%"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left; width: 1%"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left; width: 49%"><FONT size=2 face="Times New Roman">/s/ Patrick J. Migliaccio</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 6pt"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 6pt"><FONT size=2 face="Times New Roman">Senior Vice President and</FONT></TD></TR>
<TR vAlign=bottom>
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   <TD STYLE="text-align: center"></TD>
   <TD STYLE="text-align: left; padding-left: 6pt"><FONT size=2 face="Times New Roman">Chief Financial Officer</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<p><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></p>
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<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">CoBank, ACB</FONT></B></TD></TR>
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   <TD></TD>
   <TD COLSPAN="2">&nbsp;</TD></TR>
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   <TD></TD>
   <TD COLSPAN="2">&nbsp;</TD></TR>
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   <TD STYLE="width: 50%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:&nbsp;</FONT></TD>
   <TD STYLE="border-bottom: #000000 1px solid; width: 49%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Jared Greene</FONT></TD></TR>
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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name</FONT><FONT size=2 face="Times New Roman">:&nbsp;</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Jared Greene</FONT></FONT></TD></TR>
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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title: </FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Assistant Corporate Secretary</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<p><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></p>
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   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">The Prudential Insurance Company of America </FONT></B></TD></TR>
<TR>
   <TD></TD>
   <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
   <TD></TD>
   <TD COLSPAN="2">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:&nbsp;</FONT></TD>
   <TD STYLE="border-bottom: #000000 1px solid; width: 49%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Brian Lemons</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Second Vice President</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>
<HR align=center width="100%" noShade size="2">



<!-- Part 09 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 50%; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Massachusetts Mutual Life <BR>Insurance Company</FONT></B></TD></TR>

<TR>

   <TD STYLE="width: 50%">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 50%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Barings LLC, as Investment Advisor</FONT></TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:&nbsp;</FONT></TD>

   <TD STYLE="border-bottom: #000000 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ John Brown IV</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name</FONT><FONT size=2 face="Times New Roman">:&nbsp;</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">John Brown IV&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></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title: </FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Managing Director</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Pacific Life Insurance Company</FONT></B></TD></TR>

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   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:&nbsp;</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Matthew A. Levene</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Matthew A. Levene</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Assistant Vice President</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="padding-left: 15pt; width: 50%; text-align: left; text-indent: -15pt"><STRONG><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Teachers Insurance and Annuity<BR>Association of America</FONT></STRONG><FONT size=2 face="Times New Roman">, a New<BR>York domiciled life insurance company</FONT></TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Nuveen Alternatives Advisors LLC, a Delaware limited liability company, its investment manager</FONT></TD></TR>

<TR>

   <TD STYLE="width: 50%">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="width: 50%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Matthew W. Smith</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Matthew W. Smith</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Director</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Continental Casualty Company</FONT></B></TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Amy C. Adams</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Amy C. Adams</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President and Treasurer</FONT></TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Western Surety Company</FONT></B></TD></TR>

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   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Amy C. Adams</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Amy C. Adams</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President and Treasurer</FONT></TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">The Continental Insurance Company</FONT></B></TD></TR>

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   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Amy C. Adams</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Amy C. Adams</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President and Treasurer</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Ensign Peak Advisors, Inc.</FONT></B></TD></TR>

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   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Matthew D. Dall</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Matthew D. Dall</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Head of Credit Research</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD COLSPAN="2" STYLE="width: 50%; white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Protective Life Insurance Company<BR>(PLI)</FONT></B></TD></TR>

<TR>

   <TD width="50%"></TD>

   <TD width="50%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="50%"></TD>

   <TD width="50%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:</FONT></TD>

   <TD STYLE="width: 49%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">/s/ Diane S. Griswold</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Diane S. Griswold</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">VP, Head of Portfolio Credit &amp; Solutions</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="padding-left: 15pt; width: 50%; text-align: left; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">American Family Life Insurance<BR>Company</FONT></B></TD></TR>

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   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="width: 50%"></TD>

   <TD COLSPAN="2" STYLE="width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ David L. Voge</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">David L. Voge</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; text-align: left"></TD>

   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Director Private Markets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>

<HR align=center width="100%" noShade size="2">


<!-- Part 10 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD style="WIDTH: 50%; TEXT-ALIGN: left"></TD>

   <TD style="WIDTH: 50%; TEXT-ALIGN: left; PADDING-LEFT: 15pt; TEXT-INDENT: -15pt" colSpan=2><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Southern Farm Bureau Life <BR>Insurance Company</FONT></B></TD></TR>


<TR>

   <TD style="WIDTH: 50%"></TD>

   <TD style="WIDTH: 50%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD style="WIDTH: 50%"></TD>

   <TD style="WIDTH: 50%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%; TEXT-ALIGN: left"></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:&nbsp;</FONT></TD>

   <TD style="WIDTH: 49%; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">/s/ David Divine</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%; TEXT-ALIGN: left"></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Name</FONT><FONT size=2 face="Times New Roman">:&nbsp;</FONT></TD>

   <TD style="WIDTH: 49%; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">David Divine&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></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%; TEXT-ALIGN: left"></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Title: </FONT></TD>

   <TD style="WIDTH: 49%; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Director &#8211; Securities Management</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>





<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD style="WIDTH: 50%; TEXT-ALIGN: left"></TD>

   <TD style="WIDTH: 50%; TEXT-ALIGN: left; PADDING-LEFT: 15pt; TEXT-INDENT: -15pt" colSpan=2><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">United Farm Family Mutual <BR>Insurance Company</FONT></B></TD></TR>

<TR>

   <TD style="WIDTH: 50%"></TD>

   <TD style="WIDTH: 50%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD style="WIDTH: 50%"></TD>

   <TD style="WIDTH: 50%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%; TEXT-ALIGN: left"></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">By</FONT><FONT size=2 face="Times New Roman">:&nbsp;</FONT></TD>

   <TD style="WIDTH: 49%; BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">/s/ Michael Lucado</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%; TEXT-ALIGN: left"></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Name</FONT><FONT size=2 face="Times New Roman">:&nbsp;</FONT></TD>

   <TD style="WIDTH: 49%; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Michael Lucado&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></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 50%; TEXT-ALIGN: left"></TD>

   <TD style="WIDTH: 1%; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Title: </FONT></TD>

   <TD style="WIDTH: 49%; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Portfolio Manager</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Information Relating to Purchasers</FONT></B></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; vertical-align: top; white-space: nowrap; text-align: left"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; vertical-align: top; white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">CoBank, ACB</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series C</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$45,000,000</FONT></TD></TR>

<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="width: 33%; vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">6340 S. Fiddlers Green Circle<BR>Greenwood Village, CO 80111</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE><BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: normal; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Address for notices and communications related to operational matters (including repayments and funding):
</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><B><FONT size=2 face="Times New Roman">Primary Contact:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Jill Haney</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Loan Administration</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">6340 S. Fiddlers Green Circle</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Greenwood Village, CO 80111</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (303) 694-5964</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: mb_booking@cobank.com</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><B><FONT size=2 face="Times New Roman">Secondary Contact:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Ryan Pezzulo</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Loan Administration</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">6340 S. Fiddlers Green Circle</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Greenwood Village, CO 80111</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (303) 793-2212</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: mb_booking@cobank.com</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Address for notices and communications relating to compliance matters and financial statements:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Valerie Webster</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Senior Credit Officer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">6340 S. Fiddlers Green Circle</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Greenwood Village, CO 80111</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (303) 740-4366</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: PEUCredit@cobank.com</FONT></TD></TR>



</TABLE>


<P style="TEXT-ALIGN: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Schedule </FONT><FONT size=2 face="Times New Roman">A<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

<HR align=center SIZE=2 width="100%" noShade>



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Address for all other notices and communications:</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><B><FONT size=2 face="Times New Roman">Primary Contact:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Brock Taylor</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Vice President</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6340 S. Fiddlers Green Circle</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Greenwood Village, CO 80111</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (303) 793-2153</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: ctaylor@cobank.com</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><B><FONT size=2 face="Times New Roman">Secondary Contact:</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Valerie Webster</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Senior Credit Analyst</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6340 S. Fiddlers Green Circle</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Greenwood Village, CO 80111</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (303) 740-4155</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: vwebster@cobank.com</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(7)</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-2</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">The Prudential Insurance Company</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series C</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$19,800,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; width: 33%; white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">of America</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series C</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$4,200,000</FONT></TD></TR>

<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="width: 33%; vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">2200 Ross Ave., Suite 4300W<BR>Dallas, TX 75201</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE><BR>



<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="width: 99%; text-align: justify"><FONT size=2 face="Times New Roman">All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Address for all communications and notices:</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Prudential Insurance Company of America</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o Prudential Private Capital</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">2200 Ross Ave., Suite 4300W</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Dallas, TX 75201</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Managing Director, Real Assets &#8211; Oil &amp; Gas</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">and for all notices relating solely to scheduled principal and interest payments to:</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Prudential Insurance Company of America</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o PGIM, Inc.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Prudential Tower</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">655 Broad Street</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">14th Floor - South Tower</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Newark, NJ 07102</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: PIM Private Accounting Processing Team</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: Pim.Private.Accounting.Processing.Team@prudential.com</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Address for external audit confirmations of loan balances for transactions:</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Preferred remittance: PPCauditconfirms@prudential.com</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">PGIM Private Placement Operations</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">655 Broad Street, 14th Floor South</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Mail Stop # NJ 08-14-75</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Newark, NJ 07102-5096</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: PPC Audit Confirmation Coordinator</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; text-align: justify"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">For any questions or assistance with audit confirmations, please contact our centralized audit confirmation telephone number, (973) 367-7561.</FONT></FONT></TD></TR></TABLE>
<BR>



<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: normal; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: left"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><I><FONT size=2 face="Times New Roman">&nbsp;</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-3</FONT></P>

<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; vertical-align: top; white-space: nowrap; text-align: left"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; vertical-align: top; white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Massachusetts Mutual Life<BR>Insurance Company</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="32%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">Series C</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="33%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">$24,000,000</FONT></TD></TR>

<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="width: 33%; vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">c/o Barings LLC<BR>300 South Tryon Street, Suite 2500<BR>Charlotte, NC 28202</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE><BR>




<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: normal; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="width: 99%; text-align: justify"><FONT size=2 face="Times New Roman">All payments on account of the Notes shall be made by crediting in the form of bank wire transfer of Federal or other immediately available funds (identifying each payment as New Jersey Resources Corporation; 3.13% Senior Notes, Series 2020C due September 1, 2031 and including breakdown among interest, principal and premium), to:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Address for notices of payments:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Massachusetts Mutual Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Treasury Operations Securities Management</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">1295 State Street</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Springfield, MA 01111</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Attn: Janelle Tarantino</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Copy to:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Massachusetts Mutual Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">c/o Barings LLC</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">300 South Tryon Street &#8211; Suite 2500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Charlotte, NC 28202</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">With notification via email to: privateplacements@barings.com,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">pdgportfolioadmin@barings.com; John.Brown@barings.com and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Nick.Aveni@barings.com</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Address for all other communications and notices (including electronic delivery of financials):</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Massachusetts Mutual Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">c/o Barings LLC</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">300 South Tryon Street &#8211; Suite 2500</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: justify"><FONT size=2 face="Times New Roman">Charlotte, NC 28202</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-4</FONT></P>

<HR align=center width="100%" noShade size="2">




<!-- Part 11 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<BR>


<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">With notification via email to:
   privateplacements@barings.com, pdgportfolioadmin@barings.com; John.Brown@barings.com and Nick.Aveni@barings.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>
   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD vAlign=top width="99%" noWrap align=left>&nbsp;<I></I></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>
   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>
   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-5</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="LINE-HEIGHT: 14pt" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>


<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD ROWSPAN="2" STYLE="padding-left: 15pt; width: 33%; white-space: nowrap; text-align: left; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Pacific Life Insurance <BR>Company</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: center" width="32%" noWrap><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR>

<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD ROWSPAN="5" STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: top"><FONT size=2 face="Times New Roman">700 Newport Center Drive, 3rd Floor <BR>Newport Beach, CA 92660</FONT><BR><FONT size=2 face="Times New Roman"></FONT><BR><FONT size=2 face="Times New Roman"></FONT><BR><FONT size=2 face="Times New Roman"></FONT><BR><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR></TABLE>
 <BR>



<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left><I></I></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for all notices of payments and written confirmations of such wire transfers:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Bank of New York Mellon</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Pacific Life Accounting Team</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">One Mellon Bank Center &#8211; Room 1130</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Pittsburgh, PA 15258-0001</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">and</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Pacific Life Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: IM &#8211; Cash Team</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">700 Newport Center Drive</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Newport Beach, CA 92660</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Fax: 949-718-5845</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for all other communications:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Pacific Life Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: IM &#8211; Credit Analysis</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">700 Newport Center Drive</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Newport Beach, CA 92660-6397</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: PrivatePlacementCompliance@PacificLife.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Notes:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left><I></I></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

 <BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Nominee: Mac &amp; Co., as nominee for Pacific Life Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-6</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

 <BR><TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>









<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="text-indent: -15pt; padding-left: 15pt; width: 33%; white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Teachers Insurance and Annuity <BR>
Association of America</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="32%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD WIDTH="33%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">$23,000,000</FONT></TD></TR>

<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">730 Third Avenue<BR>New York, NY 10017</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE><BR>





<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>
   <TD vAlign=top width="99%" colSpan=2 align=left><FONT size=2 face="Times New Roman">All payments on or in respect of the Note shall be made in immediately available funds on the due date by electronic funds transfer, through the Automated Clearing House System, to the account provided by separate cover to the Company.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" colSpan=2 align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>
   <TD vAlign=top width="99%" colSpan=2 align=left><FONT size=2 face="Times New Roman">All notices with respect to payment and prepayments of the Note shall be sent to:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" colSpan=2 align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Teachers Insurance and Annuity Association of America</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">730 Third Avenue</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">New York, NY 10017</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Securities Accounting Division</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (212) 916-5504</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Facsimile: (212) 916-4699</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" colSpan=2 align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Copy to:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" colSpan=2 align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">JPMorgan Chase Bank, N.A.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">P.O. Box 35308</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Newark, NJ 07101</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" colSpan=2 align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD vAlign=top width="99%" colSpan=2 align=left><FONT size=2 face="Times New Roman">Contemporaneous written confirmation of any electronic funds transfer shall be sent to the above addresses setting forth (1) the full name, private placement number, interest rate and maturity date of the Note, (2) allocation of payment between principal, interest, Make-Whole Amount, other premium or any special payment and (3) the name and address of the bank from which such electronic funds transfer was sent.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" colSpan=2 align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>
   <TD vAlign=top width="99%" colSpan=2 align=left><FONT size=2 face="Times New Roman">All notices and communications, including notices with respect to payments and prepayments, shall be delivered or mailed to:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" colSpan=2 align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Teachers Insurance and Annuity Association of America</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o Nuveen Alternatives Advisors LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">8500 Andrew Carnegie Boulevard</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Charlotte, NC 28262</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email:&nbsp;</FONT></TD>
   <TD vAlign=top width="98%" align=left><FONT size=2 face="Times New Roman">NuveenPrivatePlacements@nuveen.com;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD vAlign=top width="1%" align=left></TD>
   <TD vAlign=top width="98%" align=left><FONT size=2 face="Times New Roman">DL_InvestmentsCenterofExcellence@tiaa.org;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD vAlign=top width="1%" align=left></TD>
   <TD vAlign=top width="98%" align=left><FONT size=2 face="Times New Roman">KCTIAAGenCustodian@StateStreet.com and</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD vAlign=top width="1%" align=left></TD>
   <TD vAlign=top width="98%" align=left><FONT size=2 face="Times New Roman">KCTIAAGenInvManagers@StateStreet.com</FONT></TD></TR></TABLE>
 <P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-7</FONT></P>

<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

 <BR>

<TABLE style="LINE-HEIGHT:normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone:&nbsp;</FONT></TD>
   <TD vAlign=top width="98%" noWrap align=left><FONT size=2 face="Times New Roman">(704) 988-4349 (Name: Ho-Young Lee)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left></TD>
   <TD vAlign=top width="1%" noWrap align=left></TD>
   <TD vAlign=top width="98%" noWrap align=left><FONT size=2 face="Times New Roman">(212) 916-4000 (General Number)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Facsimile: </FONT></TD>
   <TD vAlign=top width="98%" noWrap align=left><FONT size=2 face="Times New Roman">(704) 988-4916</FONT></TD></TR></TABLE> <BR>


<TABLE style="LINE-HEIGHT:normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
   <TD COLSPAN="2" STYLE="width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Copy to:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="1%">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; padding-left: 30pt"></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Nuveen Alternatives Advisors LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">8500 Andrew Carnegie Boulevard</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left></TD>
   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Charlotte, NC 28262-8500</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left></TD>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn:&nbsp;</FONT></TD>
   <TD STYLE="vertical-align: top; width: 98%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Legal Department</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left></TD>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn:&nbsp;</FONT></TD>
   <TD STYLE="vertical-align: top; width: 98%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Trevor Sanford, Associate General Counsel</FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT:normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email:</FONT></TD>
   <TD STYLE="vertical-align: top; width: 98%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">Trevor.Sanford@nuveen.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone:</FONT></TD>
   <TD STYLE="vertical-align: top; width: 98%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">(704) 988-4092</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left></TD>
   <TD vAlign=top width="1%" noWrap align=left></TD>
   <TD STYLE="vertical-align: top; width: 98%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">(212) 916-4000 (General Number)</FONT></TD></TR></TABLE><BR>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">All Servicer Reports (or the equivalent) shall be delivered electronically to:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">
   NuveenPrivatePlacements@nuveen.com and DL_Valuations-PrivateABS@tiaa.org</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left>&nbsp;
   </TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover</FONT></I><FONT size=2 face="Times New Roman">.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left><I></I></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-8</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<BR><TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>









<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">
Continental Casualty Company
</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="32%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD WIDTH="33%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">$10,000,000</FONT></TD></TR>

<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">151 N. Franklin Street, 10th Floor<BR>
Chicago, IL 60606</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE><BR>





<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all notices with respect to fundings, payments and written confirmation of wire transfers:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Continental Casualty Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">151 N. Franklin Street, 10th Floor</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements &#8211; Anthony Pelafas</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Chicago, IL 60606</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">and via email to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">PrivatePlacements@cna.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">investmentoperations@cna.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">treasurycashoperations@cna.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">cauferio@loews.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all other notices and communications, including email address (send via email only unless electronic copy of such notice or communication is not available, then send via fax):</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Continental Casualty Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">151 N. Franklin Street</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Chicago, IL 60606</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Anthony Pelafas, 10th Floor</FONT></TD></TR></TABLE>



<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone:&nbsp;</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">(312) 822-2479</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Fax:</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">(312) 894-3742</FONT></TD></TR></TABLE>



<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email:&nbsp;</FONT></TD>

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">
   anthony.pelafas@cna.com;
   PrivatePlacements@cna.com and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="97%" noWrap align=left><FONT size=2 face="Times New Roman">cauferio@loews.com</FONT></TD></TR></TABLE><BR>




<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>

   <TD STYLE="padding-left: 30pt; width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Copy to:</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD>

   <TD STYLE="padding-left: 30pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Loews Corporation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">667 Madison Avenue</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-9</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<BR>


<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">New York, NY 10065</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Matthew Meyer, 7th Floor</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: mmeyer@loews.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (212) 521-2454</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Loews Corporation</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">667 Madison Avenue</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">New York, NY 10065</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Diana Jin, 7th Floor</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: djin@loews.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (212) 521-2325</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left><I></I></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt">&nbsp;</TD>
   <TD vAlign=top width="99%" align=left></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-10</FONT></P>
<HR align=center width="100%" noShade size="2">

<!-- Part 12 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: bottom; width: 33%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Name and Address of Purchaser</FONT></TD>

   <TD STYLE="vertical-align: bottom; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: bottom; width: 32%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Series of Notes</FONT></TD>

   <TD STYLE="vertical-align: bottom; width: 1%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: bottom; width: 33%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Principal<BR>
Amount of Notes to<BR>
be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Western Surety Company</FONT></B></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">151 N. Franklin Street, 10th Floor</FONT></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Chicago, IL 60606</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for all notices with respect to fundings, payments and written confirmation of wire transfers:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt">

   <P><FONT size=2 face="Times New Roman">Western Surety Company<BR>151 N. Franklin Street, 10th Floor<BR>Attn: Private Placements &#8211; Anthony Pelafas<BR>Chicago, IL 60606</FONT></P>

   <P><FONT size=2 face="Times New Roman">and via email to:</FONT></P>

   <P><FONT size=2 face="Times New Roman">PrivatePlacements@cna.com<BR>investmentoperations@cna.com<BR>treasurycashoperations@cna.com<BR>cauferio@loews.com
   </FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" align=left>

   <P><FONT size=2 face="Times New Roman"></FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for all other notices and communications,
   including email address (send via email only unless electronic copy of such notice
   or communication is not available, then send via fax):</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" align=left>

   <P><FONT size=2 face="Times New Roman"></FONT></P></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Western Surety Company<BR></FONT><FONT size=2 face="Times New Roman">151 N. Franklin Street<BR></FONT><FONT size=2 face="Times New Roman">Chicago, IL 60606<BR></FONT><FONT size=2 face="Times New Roman">Attn: Anthony Pelafas, 10th Floor<BR>Phone: (312) 822-2479<BR>Fax: (312) 894-3742</FONT></TD></TR></TABLE>







<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email:&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face="Times New Roman">anthony.pelafas@cna.com; PrivatePlacements@cna.com and</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">cauferio@loews.com</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 30pt">

   <P><FONT size=2 face="Times New Roman">Copy to:</FONT></P>

   <P><FONT size=2 face="Times New Roman">Loews Corporation<BR>667 Madison Avenue<BR></FONT><FONT size=2 face="Times New Roman">New York, NY 10065<BR>Attn: Matthew Meyer, 7th Floor</FONT></P></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-11</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: mmeyer@loews.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (212) 521-2454</FONT></TD></TR>

<TR>

   <TD STYLE="width: 1%">&nbsp;&nbsp;</TD>

   <TD STYLE="width: 100%; padding-left: 30pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Loews Corporation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">667 Madison Avenue</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">New York, NY 10065</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Diana Jin, 7th Floor</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: djin@loews.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (212) 521-2325</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD STYLE="width: 100%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-12</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: bottom; width: 33%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Name and Address of Purchaser</FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: bottom; width: 32%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Series
   of Notes</FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 33%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Principal<BR>
Amount of Notes to<BR>
be Purchased</FONT></TD></TR>







<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><STRONG><FONT size=2 face="Times New Roman" style="font-variant: small-caps">The Continental Insurance Company</FONT><BR></STRONG><FONT size=2 face="Times New Roman">151 N. Franklin Street, 10th Floor<BR>Chicago, IL 60606</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all notices with respect to fundings, payments and written confirmation of wire transfers:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">The Continental Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">151 N. Franklin Street, 10th Floor</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Attn: Private Placements &#8211; Anthony Pelafas</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Chicago, IL 60606</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">and via email to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">PrivatePlacements@cna.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">investmentoperations@cna.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">treasurycashoperations@cna.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">cauferio@loews.com</FONT></TD></TR>

<TR>

   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all other notices and communications, including email address (send via email only unless electronic copy of such notice or communication is not available, then send via fax):</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"></TD></TR>

</TABLE>


<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Continental Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">151 N. Franklin Street</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Chicago, IL 60606</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Anthony Pelafas, 10th Floor</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Phone:&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="98%" noWrap align=left><FONT size=2 face="Times New Roman">(312) 822-2479</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Fax:</FONT></TD>

   <TD vAlign=top width="98%" noWrap align=left><FONT size=2 face="Times New Roman">(312) 894-3742</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email:</FONT></TD>

   <TD vAlign=top width="98%" noWrap align=left><FONT size=2 face="Times New Roman">anthony.pelafas@cna.com; PrivatePlacements@cna.com and</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-left: 30pt"></TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">cauferio@loews.com</FONT></TD></TR>
<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="98%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Copy to:</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%">&nbsp;</TD>

   <TD vAlign=top width="99%" colSpan=2></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Loews Corporation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">667 Madison Avenue</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">New York, NY 10065</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Matthew Meyer, 7th Floor</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-13</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>


<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: mmeyer@loews.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (212) 521-2454</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Loews Corporation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">667 Madison Avenue</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">New York, NY 10065</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Diana Jin, 7th Floor</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: djin@loews.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (212) 521-2325</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><FONT size=2 face="Times New Roman"><EM>Redacted and provided to the Company under separate cover</EM>.</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-14</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>






<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">

   <B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Ensign Peak Advisors, Inc.</FONT></B></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series C</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">$7,000,000</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">

   <P><FONT size=2 face="Times New Roman">50 East North Temple Street</FONT></P></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series C</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">

   <P><FONT size=2 face="Times New Roman">Salt Lake City, UT 84150</FONT></P></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series C</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">All payments on account of the Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all notices and communications, including with respect to payments and written confirmation of such payment:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Ensign Peak Advisors, Inc.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">50 East North Temple Street, Room 1514</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Salt Lake City, UT 84150</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Attn: Custody</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Email: custody@ensignpeak.org and privateplacements@ensignpeak.org</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Telephone: (801) 240-1066</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for physical delivery of the Notes:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="padding-left: 30pt; vertical-align: top; width: 99%; text-align: left"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>




<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-15</FONT></P>



<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>






<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; vertical-align: top; text-align: left; text-indent: -15pt"><B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Protective Life Insurance Company (PLI)</FONT></B></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series C</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$9,000,000</FONT></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">2801 Hwy. 280 South</FONT></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Birmingham, AL 35223</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD></TR>                                                          <TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
</TABLE>


<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for all notices of payments and written confirmations of such wire transfers:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Protective Life Insurance Co. (PLI)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Investment Department-Middle Office</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">2801 Hwy. 280 South</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Birmingham, AL 35223</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: ppns@protective.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for all notices of financial and compliance reporting:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="padding-right: 8pt; vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Protective Life Insurance Co. (PLI)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Investment Department-Private Placements Desk</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">2801 Hwy. 280 South</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Birmingham, AL 35223</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: ppns@protective.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD vAlign=top width="99%" align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Nominee: Hare &amp; Co., LLC</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-16</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>






<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; vertical-align: top; text-align: left; text-indent: -15pt"><B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">American Family Life Insurance Company</FONT></B></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$3,000,000</FONT></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">6000 American Parkway</FONT></FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Madison, WI 53783</FONT></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left"></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">All payments on or in respect of the Note shall be made by Federal Funds Wire Transfer to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for all notices:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6000 American Parkway</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Madison, WI 53783-0001</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Investment Division-Private Placements</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: dvoge@amfam.com and privateplacements@amfam.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for notices regarding audit confirmations:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6000 American Parkway</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Madison, WI 53783-0001</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: dvoge@amfam.com and privateplacements@amfam.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Nominee: Ell &amp; CO nominee for American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-17</FONT></P>

<HR align=center width="100%" noShade size="2">


<!-- Part 13 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>









<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">American Family Life Insurance<BR>Company</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="32%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD WIDTH="33%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>

<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">6000 American Parkway<BR>Madison, WI 53783</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">All payments on or in respect of the Note shall be made by Federal Funds Wire Transfer to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;<I></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for all notices:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6000 American Parkway</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Madison, WI 53783-0001</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Investment Division-Private Placements</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: dvoge@amfam.com and privateplacements@amfam.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for notices regarding audit confirmations:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6000 American Parkway</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Madison, WI 53783-0001</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: dvoge@amfam.com and privateplacements@amfam.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Nominee: Ell &amp; CO nominee for American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-18</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>









<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">American Family Life Insurance<BR>Company</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="32%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD WIDTH="33%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>

<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">6000 American Parkway<BR>Madison, WI 53783</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE>
<BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">All payments on or in respect of the Note shall be made by Federal Funds Wire Transfer to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for all notices:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6000 American Parkway</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Madison, WI 53783-0001</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Investment Division-Private Placements</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: dvoge@amfam.com and privateplacements@amfam.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for notices regarding audit confirmations:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6000 American Parkway</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Madison, WI 53783-0001</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: dvoge@amfam.com and privateplacements@amfam.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Nominee: Ell &amp; CO nominee for American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-19</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>









<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">American Family Life Insurance<BR>Company</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="32%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD WIDTH="33%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">$2,000,000</FONT></TD></TR>

<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">6000 American Parkway<BR>Madison, WI 53783</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE>

<BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">All payments on or in respect of the Note shall be made by Federal Funds Wire Transfer to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;<I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for all notices:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6000 American Parkway</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Madison, WI 53783-0001</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Investment Division-Private Placements</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: dvoge@amfam.com and privateplacements@amfam.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for notices regarding audit confirmations:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6000 American Parkway</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Madison, WI 53783-0001</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: dvoge@amfam.com and privateplacements@amfam.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Nominee: Ell &amp; CO nominee for American Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-20</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Purchased</FONT></TD></TR>









<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Southern Farm Bureau Life<BR>Insurance Company</FONT></B></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="32%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD WIDTH="33%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">$6,000,000</FONT></TD></TR>

<TR style="LINE-HEIGHT: normal" vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">1401 Livingston Lane<BR>Jackson, MS 39213</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">All payments should be made by wire transfer of immediately available funds to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for notices related to scheduled payments:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Northern Trust Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Income Collections</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">801 S. Canal St.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Chicago, IL 60607</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">ICPHYS@ntrs.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Copy to: Inv_Acctg-pp@sfbli.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for audit confirmation requests:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">ICPHYS@ntrs.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for all other communications, including waivers, amendments, consents and financial information:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Securities Management</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">PrivatePlacements@sfbli.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;<I><FONT size=2 face="Times New Roman"></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Nominee: Ell &amp; Co, F/B/O Southern Farm Bureau Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(7)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-21</FONT></P>

<HR align=center width="100%" noShade size="2">



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   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal</FONT></TD></TR>

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   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amount of Notes to be</FONT></TD></TR>

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   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; vertical-align: middle"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

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   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">United Farm Family Mutual<BR>Insurance Company</FONT></B></TD>

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   <TD WIDTH="32%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">Series C</FONT></TD>

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   <TD WIDTH="33%" NOWRAP STYLE="text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">225 S. East Street<BR>Indianapolis, IN 46202</FONT></TD>

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   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">All payments should be made by wire transfer of immediately available funds to:</FONT></TD></TR>

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   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>

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   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

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   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for all other notices and communications:</FONT></TD></TR>

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   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">United Farm Family Mutual Insurance Company</FONT></TD></TR>

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   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">225 S. East Street</FONT></TD></TR>

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   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Indianapolis, IN 46202</FONT></TD></TR>

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   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Investment Accounting Department</FONT></TD></TR>

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   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: Michael.Lucado@infb.com and InvestmentAccounting@infarmbureau.com</FONT></TD></TR>

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   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

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   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

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   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>

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   <TD vAlign=top width="99%" noWrap align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-22</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Defined Terms</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Affiliate&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, (a) 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 (b) any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of equity or Voting Stock 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 equity or Voting Stock. As used in this definition, &#8220;Control&#8221; 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 Stock, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an &#8220;Affiliate&#8221; is a reference to an Affiliate of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Agreement&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean this Note Purchase Agreement, including all Schedules and Exhibits attached to this Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Anti-Corruption Laws&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including, but not limited to the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Anti-Money Laundering Laws&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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 but not limited to the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Asset Disposition&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Transfer except: </FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) any</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) Transfer from a Restricted Subsidiary to the Company or a Wholly-Owned Restricted Subsidiary; and </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) Transfer from the Company to a Wholly-Owned Restricted Subsidiary; </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">so long as immediately before and immediately after the consummation of any such Transfer and after giving effect thereto, no Default or Event of Default shall exist (provided that, with respect to </FONT><B><FONT size=2 face="Times New Roman">Sections 10.1 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">10.2</FONT></B><FONT size=2 face="Times New Roman">, calculation of compliance therewith shall be made as of any date of determination hereof and not as of the end of the immediately preceding fiscal quarter of the Company); and </FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) any Transfer made in the ordinary course of business and involving only property that is either (1) inventory held for sale or (2) equipment, fixtures, supplies or materials no longer required in the operation of the business of the Company or any of its Restricted Subsidiaries or that is obsolete.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Schedule B</FONT><FONT size=2 face="Times New Roman"><BR>(to Note Purchase Agreement)</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Bank Credit Agreement&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (i) that certain Amended and Restated Revolving Credit Facility by and among New Jersey Resources Corporation, each of the guarantors party thereto, PNC Bank, National Association, as Administrative Agent, the banks party thereto, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association and U.S. Bank National Association, as Syndication Agents, Bank of America, N.A., Mizuho Bank, Ltd. and TD Bank, N.A., as Documentation Agents and PNC Capital Markets, LLC, J.P. Morgan Chase Bank, N.A., Wells Fargo Securities, LLC and U.S. Bank National Association, as Joint Lead Arrangers, dated as of December 5, 2018, (ii) that certain Revolving Credit Facility by and among New Jersey Resources Corporation, each of the guarantors party thereto, the lenders party thereto, PNC Bank, National Association, as Administrative Agent, PNC Capital Markets LLC, Suntrust Robinson Humphrey, Inc. and TD Bank, N.A., as Joint Lead Arrangers, Truist Bank and TD Bank, N.A., as Co-Syndication Agents, dated as of April 24, 2020 or (iii) any other primary credit facility for the Company, in each case as the same may be amended, restated, increased, refinanced, replaced or otherwise modified or any successor thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Blocked Person&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (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).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Business Day&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (a) for purposes of </FONT><B><FONT size=2 face="Times New Roman">Section 8.6 </FONT></B><FONT size=2 face="Times New Roman">only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed and (b) 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 Wall, New Jersey or New York, New York are required or authorized to be closed.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Capital Lease&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Closing&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 3</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Closing Date&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 3</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Code&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Company&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean New Jersey Resources Corporation, a New Jersey corporation, or any Successor Corporation.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Confidential Information&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-2</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Consolidated Shareholders&#8217; Equity&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, as of any date of determination, the sum of the amounts under the headings &#8220;Common Shareholders&#8217; Equity&#8221; and &#8220;Preferred Shareholders&#8217; Equity&#8221; on the balance sheet, prepared in accordance with GAAP, for the Company, its Restricted Subsidiaries and New Jersey Natural Gas on a consolidated basis.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Consolidated Tangible Assets&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, as of any date of determination, the total assets of the Company, its Restricted Subsidiaries and New Jersey Natural Gas that would be shown as assets on a consolidated balance sheet of the Company, its Restricted Subsidiaries and New Jersey Natural Gas as of such time determined on a consolidated basis in accordance with GAAP after subtracting therefrom the aggregate amount of all intangible assets of the Company, its Restricted Subsidiaries and New Jersey Natural Gas, including, without limitation, all goodwill, franchises, licenses, patents, trademarks, trade name, copyrights, service marks and brand names.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Consolidated Total Capitalization&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, as of any date of determination, the sum of (a) Consolidated Total Debt and (b) Consolidated Shareholders&#8217; Equity.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Consolidated Total Debt&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, as of any date of determination, without duplication, the total of all Debt of the Company, its Restricted Subsidiaries and New Jersey Natural Gas determined on a consolidated basis in accordance with GAAP.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">For purposes of determining &#8220;Consolidated Total Debt,&#8221; there shall be excluded from any such determination Debt of Securitization Subsidiaries that are Restricted Subsidiaries (but not Debt of the Company, any other Restricted Subsidiary or New Jersey Natural Gas) incurred pursuant to Receivables Securitization Transactions in an amount for principal and accrued and unpaid interest not to exceed $100,000,000 in the aggregate.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Control&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in the definition of &#8220;Affiliate&#8221;, &#8220;</FONT><I><FONT size=2 face="Times New Roman">Controlling&#8221; </FONT></I><FONT size=2 face="Times New Roman">and </FONT><I><FONT size=2 face="Times New Roman">&#8220;Controlled&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall have the meanings correlative thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Controlled Entity&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (i) any of the Subsidiaries of the Company and any of their or the Company&#8217;s respective Controlled Affiliates and (ii) if the Company has a parent company, such parent company and its Controlled Affiliates.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Debt&#8221; </FONT></I><FONT size=2 face="Times New Roman">as to any Person at any time, shall mean, without duplication, any and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (a) borrowed money, (b) amounts raised under or liabilities in respect of any note purchase or acceptance credit facility, (c) reimbursement obligations (contingent or otherwise) under any letter of credit, currency swap agreement, interest rate swap, cap, collar or floor agreement or other interest rate or currency exchange rate management device, (d) any other transaction (including forward sale or purchase agreements, Capital Leases, Synthetic Leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including trade payables and accrued expenses incurred in the ordinary course of business which are not represented by a promissory note or other evidence of indebtedness and which are not more than 30 days past due), (e) the net indebtedness, obligations and liabilities of such Person under any Hedging Contract to the extent constituting &#8220;indebtedness,&#8221; as determined in accordance with GAAP, adjusted downward dollar for dollar for any related margin collateral account balances maintained by such Person, (f) any Guaranty of any Hedging Contract described in the immediately preceding clause (e), (g) any Guaranty of Debt for borrowed money, (h) any Hybrid Security described in clause (a) of the definition of Hybrid Security or (i) the mandatory repayment obligation of the issuer of any Hybrid Security described in clause (b) of the definition of Hybrid Security.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-3</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Debt Prepayment Application&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Transfer of property, the application by the Company of cash in an amount equal to the Net Proceeds Amount with respect to such Transfer to pay Senior Debt of the Company (other than Senior Debt owing to any Subsidiary or Affiliate and Senior Debt in respect of any revolving credit or similar credit facility providing the Company with the right to obtain loans or other extensions of credit from time to time, except to the extent that in connection with such payment of Senior Debt the availability of credit under such credit facility is permanently reduced by an amount not less than the amount of such proceeds applied to the payment of such Senior Debt); provided that in the course of making such application the Company shall offer to prepay each outstanding Note in accordance with </FONT><B><FONT size=2 face="Times New Roman">Section 8.7 </FONT></B><FONT size=2 face="Times New Roman">in a principal amount that equals the Ratable Portion for such Note.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Default&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Default Rate&#8221; </FONT></I><FONT size=2 face="Times New Roman">as of any date shall mean, with respect to the Notes of any series, that rate of interest that is the greater of (a) 2.00% per annum over the rate of interest specified in the first paragraph of such Note of such series, or (b) 2.00% per annum over the rate of interest publicly announced by U.S. Bank National Association in New York, New York as its &#8220;base&#8221; or &#8220;prime&#8221; rate.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Disclosure Documents&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 5.3</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Disposition Value&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, at any time, with respect to any property:</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) in the case of property that does not constitute Subsidiary Stock, the book value thereof, valued at the time of such disposition in good faith by the Company, and </FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) in the case of property that constitutes Subsidiary Stock, an amount equal to that percentage of book value of the assets of the Subsidiary that issued such stock as is equal to the percentage that the book value of such Subsidiary Stock represents of the book value of all of the outstanding capital stock of such Subsidiary (assuming, in making such calculations, that all securities convertible into such capital stock are so converted and giving full effect to all transactions that would occur or be required in connection with such conversion) determined at the time of the disposition thereof, in good faith by the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Distribution&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, in respect of any corporation, association or other business entity: (a) dividends or other distributions or payments on capital stock or other equity interests of such corporation, association or other business entity (except distributions in such stock or other equity interests); and (b) the redemption or acquisition of such stock or other equity interests (except when solely in exchange for such stock or other equity interests) unless made, contemporaneously, from the net proceeds of a sale of such stock or other equity interests.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-4</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Electronic Delivery&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 7.1(a)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Environmental Laws&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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 but not limited to those related to Hazardous Materials.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;ERISA&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;ERISA Affiliate&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under Section 414 of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Event of Default&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 11</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Exchange Act&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Fair Market Value&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, at any time and with respect to any property, the sale value of such property that would be realized in an arm&#8217;s-length sale at such time between an informed and willing buyer and an informed and willing seller (neither being under a compulsion to buy or sell).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;FATCA&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (i) 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, (ii) 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 (i), and (iii) any agreements entered into pursuant to Section 1471(b)(1) of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;GAAP&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean generally accepted accounting principles as in effect from time to time in the United States of America.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Governmental Authority&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) the government of</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) the United States of America or any State or other political subdivision thereof, or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) any 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 </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-5</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Governmental Official&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Guarantor&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 2.2</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Guaranty&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, 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 Debt, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including, without limitation, obligations incurred through an agreement, contingent or otherwise, by such Person: </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) to purchase such Debt or obligation or any property constituting security therefor; </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) to advance or supply funds (1) for the purchase or payment of such Debt or obligation or (2) 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 Debt or obligation; </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such Debt or obligation of the ability of any other Person to make payment of the Debt or obligation; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) otherwise to assure the owner of such Debt or obligation against loss in respect thereof.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">In any computation of the Debt or other liabilities of the obligor under any Guaranty, the Debt or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Guaranty Agreement&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 2.2</FONT></B><FONT size=2 face="Times New Roman">. </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Guaranty Supplement&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 9.7(a)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Hazardous Materials&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any and all pollutants, toxic or hazardous wastes or any other substances that might pose a hazard to health or 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, without limitation, asbestos, urea formaldehyde foam insulation and polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Hedging Contract&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any transaction entered into by the Company, any of its Restricted Subsidiaries or New Jersey Natural Gas with respect to hedging or trading of gas contracts or other commodity, hedging contracts of any kind, or any derivatives or other similar financial instruments of the Company, its Restricted Subsidiaries and New Jersey Natural Gas.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-6</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;holder&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 13.1</FONT></B><FONT size=2 face="Times New Roman">, </FONT><I><FONT size=2 face="Times New Roman">provided, however, </FONT></I><FONT size=2 face="Times New Roman">that if such Person is a nominee, then for the purposes of </FONT><B><FONT size=2 face="Times New Roman">Sections 7</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">12</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">17.2 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">18 </FONT></B><FONT size=2 face="Times New Roman">and any related definitions in this </FONT><B><FONT size=2 face="Times New Roman">Schedule B</FONT></B><FONT size=2 face="Times New Roman">, &#8220;holder&#8221; shall mean the beneficial owner of such Note whose name and address appears in such register.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Hybrid Security&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any of the following: (a) beneficial interests issued by a trust which constitutes a Subsidiary of the Company or any Guarantor substantially all of the assets of which trust are unsecured Debt of the Company or any Guarantor or any Subsidiary of the Company or any Guarantor or proceeds thereof, and all payments of such Debt are required to be, and are, distributed to the holders of beneficial interests in such trust promptly after receipt by such trust or (b) any shares of capital stock or other equity interests that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible or exchangeable) are, or upon the happening of an event or the passage of time would be, required to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or similar payment.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Inactive Subsidiary&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, at any time, any Subsidiary of any Person, which Subsidiary (a) does not conduct any business or have operations and (b) does not have total assets with a net book value, as of any date of determination, in excess of $100,000.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;INHAM Exemption&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2(e)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Institutional Investor&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (a) any original purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than $2,000,000 of the aggregate principal amount of any series 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Investment&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any investment, made in cash or by delivery of property, by any Person (a) in any other Person, whether by acquisition of stock, Debt or other obligation or security, or by loan, Guaranty, advance, capital contribution or otherwise or (b) in any property.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Investor Presentation&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 5.3</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Lien&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, 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 or Synthetic 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).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Make-Whole Amount&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 8.6</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-7</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Material&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean material in relation to the business, operations, affairs, financial condition, assets or properties of the Company, its Restricted Subsidiaries and New Jersey Natural Gas, taken as a whole.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Material Adverse Effect&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Company, its Restricted Subsidiaries and New Jersey Natural Gas, taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement and the Notes, or (c) the ability of any Guarantor which is a Significant Subsidiary described in clause (b) of the definition thereof to perform its obligations under the Guaranty Agreement or (d) the validity or enforceability of this Agreement, the Notes or the Guaranty Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Multiemployer Plan&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Plan that is a &#8220;multiemployer plan&#8221; (as such term is defined in Section 4001(a)(3) of ERISA) with respect to which the Company or any ERISA Affiliate has any liability.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;NAIC&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the National Association of Insurance Commissioners or any successor thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;NAIC Annual Statement&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2(a)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Net Proceeds Amount&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Transfer of any property by any Person, an amount equal to the difference of </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the aggregate amount of the consideration (valued at the Fair Market Value of such consideration at the time of the consummation of such Transfer) received by such Person in respect of such Transfer, </FONT><I><FONT size=2 face="Times New Roman">minus </FONT></I></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) all ordinary and reasonable out-of-pocket costs and expenses actually incurred by such Person in connection with such Transfer.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;New Jersey Natural Gas&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean New Jersey Natural Gas Company, a corporation organized and existing under the laws of the State of New Jersey, which corporation is a wholly-owned Subsidiary of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Notes&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 1.1</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;OFAC&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Office of Foreign Assets Control of the United States Department of the Treasury.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;OFAC Sanctions Program&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Officer&#8217;s Certificate&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean a certificate of a Senior Financial Officer or of any other officer of the Company or Guarantor, as applicable, whose responsibilities extend to the subject matter of such certificate.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-8</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;PBGC&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Permitted Related Business Opportunity&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any transaction with another Person (other than any Inactive Subsidiary of the Company) involving business activities or assets reasonably related or complementary to the business of the Company, its Restricted Subsidiaries and New Jersey Natural Gas as conducted on the Closing Date or as may be conducted pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 10.11</FONT></B><FONT size=2 face="Times New Roman">, including, without limitation, the management and marketing of storage, capacity and transportation of gas and other forms of energy, the generation, transmission or storage of gas and other forms of energy, or the access to gas and energy transmission lines, and business initiatives for the conservation and efficiency of gas and energy.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Person&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization or a government or agency or political subdivision thereof.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Plan&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean an &#8220;employee benefit plan&#8221; (as defined in Section 3(3) of ERISA), other than a Multiemployer Plan, subject to Title I of ERISA that is maintained, or to which contributions are required to be made, by the Company or any ERISA Affiliate, or any prior &#8220;employee benefit plan&#8221; as to which the Company or any ERISA Affiliate has any liability.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Priority Debt&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (without duplication) the sum of (a) unsecured Debt of Restricted Subsidiaries and indebtedness, obligations and liabilities of Restricted Subsidiaries constituting Debt pursuant to clause (e) of the definition of Debt in this Agreement other than (1) Debt owed to the Company or a Wholly-Owned Restricted Subsidiary, (2) Debt outstanding at the time such Person became a Subsidiary provided that such Debt shall not have been incurred in contemplation of such Person becoming a Subsidiary and (3) unsecured Debt of a Guarantor under (i) the Guaranty Agreement and (ii) other Guaranties of Debt of the Company permitted to exist pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 10.1 </FONT></B><FONT size=2 face="Times New Roman">and (b) Debt of the Company secured by a Lien and Debt of any of its Restricted Subsidiaries secured by a Lien, in each case, other than Liens permitted by paragraphs (a) through (k) of </FONT><B><FONT size=2 face="Times New Roman">Section 10.3</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;property&#8221; </FONT></I><FONT size=2 face="Times New Roman">or </FONT><I><FONT size=2 face="Times New Roman">&#8220;properties&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Property Reinvestment Application&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Transfer of property, the application of an amount equal to the Net Proceeds Amount with respect to such Transfer to the acquisition by the Company or any Restricted Subsidiary of operating assets of the Company or any Restricted Subsidiary to be used in the principal business of the Company or such Restricted Subsidiary.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Purchaser&#8221; </FONT></I><FONT size=2 face="Times New Roman">or </FONT><I><FONT size=2 face="Times New Roman">&#8220;Purchasers&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean each of the purchasers whose signatures appear at the end of this Agreement and such Purchaser&#8217;s successors and assigns (so long as any such assignment complies with </FONT><B><FONT size=2 face="Times New Roman">Section 13.2)</FONT></B><FONT size=2 face="Times New Roman">; </FONT><I><FONT size=2 face="Times New Roman">provided</FONT></I><FONT size=2 face="Times New Roman">, however, 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 </FONT><B><FONT size=2 face="Times New Roman">Section 13.2 </FONT></B><FONT size=2 face="Times New Roman">shall cease to be included within the meaning of &#8220;Purchaser&#8221; of such Note for the purposes of this Agreement upon such transfer.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-9</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;PTE&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2(a)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;QPAM Exemption&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2(d)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Ratable Portion&#8221; </FONT></I><FONT size=2 face="Times New Roman">for any Note shall mean an amount equal to the product of (a) the Net Proceeds Amount from a Transfer being applied to a Debt Prepayment Application pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 10.6(b) </FONT></B><I><FONT size=2 face="Times New Roman">multiplied </FONT></I><FONT size=2 face="Times New Roman">by (b) a fraction, the numerator of which is the aggregate outstanding principal amount of such Note and the denominator of which is the aggregate outstanding principal amount of all Senior Debt of the Company (other than Senior Debt owing to any Affiliate).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Receivables Securitization Transaction&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any transaction pursuant to which the Company or any Restricted Subsidiary Transfers accounts receivable to a Securitization Subsidiary and such Securitization Subsidiary incurs Debt in connection with the purchase of such accounts receivable and grants a security interest in such accounts receivable as collateral security for such Debt; provided that such Debt is non-recourse to the Company and the other Restricted Subsidiaries other than with respect to representations, warranties and indemnities entered into by the Company or the applicable Restricted Subsidiary in connection with such transaction that are customary in non-recourse securitization of receivables transactions.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Regulated Entity&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Person that is subject under law to any of the laws, rules or regulations respecting the financial, organizational or rate regulation of electric companies, public utilities or public utility holding companies.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Related Fund&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any holder of any Note, any fund or entity that (a) invests in securities or bank loans and (b) 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Required Holders&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, at any time, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Responsible Officer&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Restricted Payment&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Distribution in respect of the Company or any Restricted Subsidiary (other than on account of capital stock or other equity interests of a Restricted Subsidiary owned legally and beneficially by the Company or another Restricted Subsidiary), including, without limitation, any Distribution resulting in the acquisition by the Company or any Restricted Subsidiary of securities that would constitute treasury stock. For purposes of this Agreement, the amount of any Restricted Payment made in property shall be the greater of (a) the Fair Market Value of such property (determined in good faith by the Board of Directors (or equivalent governing body) of the Person making such Restricted Payment) and (b) the net book value thereof on the books of such Person, in each case determined as of the date on which such Restricted Payment is made.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Restricted Subsidiary&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean each Subsidiary that is either (a) designated as a Restricted Subsidiary in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.4 </FONT></B><FONT size=2 face="Times New Roman">or (b) designated as a Restricted Subsidiary by the Board of Directors of the Company in accordance with </FONT><B><FONT size=2 face="Times New Roman">Section 10.13</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-10</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Restricted Subsidiary Stock&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean Subsidiary Stock of any Restricted Subsidiary.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Securities Act&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Securities Act of 1933, as amended from time to time and the rules and regulations promulgated thereunder from time to time in effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Securitization Subsidiary&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Restricted Subsidiary that (a) has been created for the sole purpose and business of purchasing and owning the accounts receivable of the Company or any other Restricted Subsidiary, (b) has no Debt outstanding other than Debt incurred in connection with the purchase of such accounts receivable and (c) does not, and by the terms of its organizational documents or contractual obligations to which it or its property is then bound cannot, own or hold any other assets or participate in any other business or incur any other Debt.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Senior Debt&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Debt of the Company other than Debt that is in any manner subordinated in right of payment or security in any respect to the Debt evidenced by the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Senior Financial Officer&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Significant Subsidiary&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean at any time, without duplication, (a) each Guarantor, (b) each Restricted Subsidiary (including any Guarantor) that would at such time constitute a &#8220;significant subsidiary&#8221; (as such term is defined in Regulation S-X of the U.S. Securities and Exchange Commission as in effect on the Closing Date) of the Company and (c) New Jersey Natural Gas.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Source&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Standard &amp; Poor&#8217;s&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean Standard &amp; Poor&#8217;s Ratings Group, a division of The McGraw-Hill Companies, Inc.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;State Sanctions List&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Subsidiary&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, as to any Person, any corporation, association or other business entity in which such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient Voting Stock 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 entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such 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 &#8220;Subsidiary&#8221; is a reference to a Subsidiary of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Subsidiary Stock&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Person, the stock (or any options or warrants to purchase stock or other securities exchangeable for or convertible into stock) of any Subsidiary of such Person.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-11</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Successor Corporation&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 10.7(a)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;SVO&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Securities Valuation Office of the NAIC or any successor to such Office.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Synthetic Lease&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any lease transaction under which the parties intend that (a) the lease will be treated as an &#8220;operating lease&#8221; by the lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended, or appropriate successor thereto, and (b) the lessee will be entitled to various tax benefits ordinarily available to owners (as opposed to lessees) of like property.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Transfer&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Person, any transaction in which such Person sells, conveys, transfers or leases (as lessor) any of its property, including, without limitation, Subsidiary Stock.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Unrestricted Subsidiary&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean each Subsidiary that is either (a) designated as an Unrestricted Subsidiary in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.4 </FONT></B><FONT size=2 face="Times New Roman">or (b) designated an Unrestricted Subsidiary by the Board of Directors of the Company in accordance with </FONT><B><FONT size=2 face="Times New Roman">Section 10.13</FONT></B><FONT size=2 face="Times New Roman">. For the avoidance of doubt, any Subsidiary which has not been designated as either a Restricted Subsidiary or Unrestricted Subsidiary shall be deemed to be an Unrestricted Subsidiary.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;USA PATRIOT Act&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;U.S. Economic Sanctions Laws&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Voting Stock&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any securities of any class of a Person whose holders are entitled under ordinary circumstances to vote for the election of directors of such Person (or Persons performing similar functions) irrespective of whether at the time securities of any other class shall have or might have voting power by reason of the happening of any contingency.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Wholly-Owned Restricted Subsidiary&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, at any time, any Restricted Subsidiary 100% of all of the equity interests (except directors&#8217; qualifying shares) and voting interests of which are owned by any one or more of the Company and the Company&#8217;s other Wholly-Owned Restricted Subsidiaries at such time.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-12</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Disclosure Materials</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Annual Report on Form 10-K of New Jersey Resources Corporation for the year ended September 30, 2019.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Quarterly Reports on Form 10-Q of New Jersey Resources Corporation for the fiscal quarters ended December 31, 2019, March 31, 2020 and June 30, 2020.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Current Reports on Form 8-K of New Jersey Resources Corporation filed with the SEC on October 11, 2019, November 13, 2019, November 18, 2019, December 9, 2019, December 16, 2019, January 23, 2020, March 30, 2020, April 27, 2020, May 18, 2020, July 2, 2020, July 20, 2020 and July 23, 2020.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Schedule 5.3</FONT><FONT size=2 face="Times New Roman"><BR>(to Note Purchase Agreement)</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Subsidiaries of the Company and Ownership of Subsidiary Stock</FONT></B></P>

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   <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-top: Black 1pt solid; width: 15%; white-space: nowrap; text-align: center; padding-top: 2pt; padding-left: 4pt"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Jurisdiction of</FONT></TD>

   <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-top: Black 1pt solid; width: 10%; white-space: nowrap; text-align: center; padding-top: 2pt; padding-left: 4pt"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Percentage</FONT></TD>

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   <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-top: Black 1pt solid; width: 10%; white-space: nowrap; text-align: center; padding-top: 2pt; padding-left: 4pt"></TD>

   <TD STYLE="padding-right: 4pt; border-right: Black 1pt solid; border-top: Black 1pt solid; width: 10%; white-space: nowrap; text-align: center; padding-top: 2pt; padding-left: 4pt"></TD></TR>

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   <TD STYLE="padding-right: 4pt; border-left: Black 1pt solid; width: 27%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"></TD>

   <TD STYLE="padding-right: 4pt; width: 15%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Incorporation/</FONT></TD>

   <TD STYLE="padding-right: 4pt; width: 10%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Ownership</FONT></TD>

   <TD STYLE="padding-right: 4pt; width: 28%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"></TD>

   <TD STYLE="padding-right: 4pt; width: 10%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"></TD>

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   <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 27%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Subsidiary</FONT></TD>

   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 15%; white-space: nowrap; text-align: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Formation</FONT></TD>

   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 10%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">%</FONT></TD>

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   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 10%; white-space: nowrap; text-align: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Status</FONT></TD>

   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 10%; white-space: nowrap; text-align: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Regulated</FONT></TD></TR>

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   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey Natural<BR>Gas Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey Resources<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Unrestricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Yes</FONT></TD></TR>

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   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Energy<BR>Services Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey Resources<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

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   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Retail<BR>Holdings<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey Resources<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

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   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Home<BR>Services Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Retail Holdings<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Plumbing<BR>Services, Inc.</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">90</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Home Services<BR>Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Energy<BR>Investments<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey Resources<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Storage<BR>Holdings Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Delaware</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Midstream Holdings<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Steckman<BR>Ridge Storage<BR>Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Delaware</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Storage Holdings<BR>Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Unrestricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Commercial Realty<BR>and Resources<BR>Corp.</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Retail Holdings<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Midstream<BR>Holdings<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Energy Investments<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Phoenix Fuel<BR>Management<BR>Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Retail Holdings<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Clean Energy<BR>Ventures<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey Resources<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Schedule 5.4</FONT><FONT size=2 face="Times New Roman"><BR>(to Note Purchase Agreement)</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="padding-right: 4pt; border-left: Black 1pt solid; border-top: Black 1pt solid; border-right: Black 1pt solid; width: 27%; white-space: nowrap; text-align: center; padding-top: 2pt; padding-left: 4pt"></TD>

   <TD STYLE="padding-right: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; width: 15%; white-space: nowrap; text-align: center; padding-top: 2pt; padding-left: 4pt"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Jurisdiction of</FONT></TD>

   <TD STYLE="padding-right: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; width: 10%; white-space: nowrap; text-align: center; padding-top: 2pt; padding-left: 4pt"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Percentage</FONT></TD>

   <TD STYLE="padding-right: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; width: 28%; white-space: nowrap; text-align: center; padding-top: 2pt; padding-left: 4pt"></TD>

   <TD STYLE="padding-right: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; width: 10%; white-space: nowrap; text-align: center; padding-top: 2pt; padding-left: 4pt"></TD>

   <TD STYLE="padding-right: 4pt; border-top: Black 1pt solid; border-right: Black 1pt solid; width: 10%; white-space: nowrap; text-align: center; padding-top: 2pt; padding-left: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-right: 4pt; border-left: Black 1pt solid; width: 27%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"></TD>

   <TD STYLE="padding-right: 4pt; width: 15%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Incorporation/</FONT></TD>

   <TD STYLE="padding-right: 4pt; width: 10%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Ownership</FONT></TD>

   <TD STYLE="padding-right: 4pt; width: 28%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"></TD>

   <TD STYLE="padding-right: 4pt; width: 10%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"></TD>

   <TD STYLE="padding-right: 4pt; width: 10%; white-space: nowrap; text-align: center; border-right: Black 1pt solid; padding-left: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 27%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Subsidiary</FONT></TD>

   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 15%; white-space: nowrap; text-align: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Formation</FONT></TD>

   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 10%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">%</FONT></TD>

   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 28%; white-space: nowrap; text-align: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Shareholder</FONT></TD>

   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 10%; white-space: nowrap; text-align: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Status</FONT></TD>

   <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; padding-bottom: 2pt; padding-left: 4pt; width: 10%; white-space: nowrap; text-align: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Regulated</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Clean Energy<BR>Ventures II<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Clean Energy<BR>Ventures Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Bernards Solar,<BR>LLC</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Clean Energy<BR>Ventures II Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Clean Energy<BR>Ventures III<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Clean Energy<BR>Ventures II Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Midstream<BR>Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Midstream Holdings<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Inactive<BR>Unrestricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Adelphia Gateway,<BR>LLC</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Delaware</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Midstream Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Unrestricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Leaf River Energy<BR>Center LLC</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Delaware</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Midstream Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Unrestricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">LR Finance, LLC</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Delaware</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Leaf River Energy Center<BR>LLC</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Unrestricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJNR Pipeline<BR>Company</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Midstream Holdings<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Unrestricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Service<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">New Jersey Resources<BR>Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Inactive<BR>Restricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJ Oak Solar, LLC</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Delaware</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Clean Energy<BR>Ventures III Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Unrestricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">CP East Hampton<BR>Solar I, LLC</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Connecticut</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Clean Energy<BR>Ventures III Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Unrestricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 27%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">CP East Hampton<BR>Solar II, LLC</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 15%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Connecticut</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">100</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 28%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">NJR Clean Energy<BR>Ventures III Corporation</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Unrestricted</FONT></TD>

   <TD STYLE="padding: 2pt 4pt; vertical-align: top; width: 10%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">No</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">S-5.4-2</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Directors and Officers of the Company</FONT></B></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="background-color: Silver; border: Black 1pt solid; padding: 2pt 4pt; width: 30%; white-space: nowrap; text-align: left"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Board of Directors</FONT></TD>

   <TD STYLE="background-color: Silver; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Officers</FONT></TD>

   <TD STYLE="background-color: Silver; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"></TD>

   <TD STYLE="background-color: Silver; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4pt; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Gregory E. Aliff</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Stephen D.<BR>Westhoven</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">President and Chief Executive Officer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Donald L. Correll (Chairman)</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Senior Vice President and Chief Financial Officer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">James H. DeGraffenreidt, Jr.</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Amy Cradic</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Senior Vice President and Chief Operating Officer,<BR>Non-Utility Businesses, Strategy and External Affairs</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Robert B. Evans</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Amanda E. Mullan</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Senior Vice President and Chief Human Resources<BR>Officer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">M. William Howard, Jr.</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Nancy A.<BR>Washington</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Senior Vice President and General Counsel</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Jane M. Kenny</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Jacqueline K. Shea</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Vice President and Chief Information Officer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Thomas C. O&#8217;Connor</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">David Johnson</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Vice President, Corporate Business Development</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Sharon C. Taylor</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Roberto F. Bel</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Vice President, Treasurer and Investor Relations</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">David A. Trice</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">James W. Kent</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Corporate Risk Officer</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Stephen D. Westhoven</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Richard Reich</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Corporate Secretary and Assistant General Counsel</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2pt 4pt; vertical-align: top; width: 30%; white-space: nowrap; text-align: left; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">George R. Zoffinger</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; padding-left: 4pt; vertical-align: top; width: 20%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Laura Conover</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4pt; vertical-align: top; width: 49%; white-space: nowrap; text-align: left; padding-top: 2pt; padding-bottom: 2pt; border-right: Black 1pt solid"><FONT size=2 face="Times New Roman">Chief Communications Officer</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">S-5.4-3</FONT></P>

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<!-- Part 16 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Financials</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Consolidated financial statements contained in the Annual Report on Form 10-K of New Jersey Resources Corporation for the fiscal year ended September 30, 2019.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Consolidated financial statements contained in the Company&#8217;s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2020.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 style="font-variant: small-caps"  face="Times New Roman">Schedule 5.5</FONT><BR><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-align: center"><B><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Certain Litigation</FONT></B></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">None.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 style="font-variant: small-caps"  face="Times New Roman">Schedule 5.8</FONT><BR><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>
<HR align=center width="100%" noShade size="2"><DIV STYLE="page-break-before: always"></DIV>

<P STYLE="text-align: center"><B><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Patents, Etc.</FONT></B></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">None.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 style="font-variant: small-caps"  face="Times New Roman">Schedule 5.11</FONT><BR><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>
<HR align=center width="100%" noShade size="2"><DIV STYLE="page-break-before: always"></DIV>


 <P STYLE="text-align: center"><B><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Existing Debt</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The following is a list of all outstanding Indebtedness of the Company, its Restricted Subsidiaries and New Jersey Natural Gas Company as of June 30, 2020 (unless otherwise indicated).</FONT></P>
 <P STYLE="text-align: left"><B><FONT size=2 style="font-variant: small-caps" face="Times New Roman">A. The Company</FONT></B></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">1. </FONT><U><FONT size=2 face="Times New Roman">Senior Notes</FONT></U><FONT size=2 face="Times New Roman">:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="94%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Rate</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Maturity</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">Principal</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Date</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">Amt.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">Unsecured Senior Notes</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">3.25%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">9/17/22</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">50,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">Unsecured Senior Notes</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">3.20%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">8/18/23</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">50,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">Unsecured Senior Notes</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">3.48%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">11/7/24</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">100,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">Unsecured Senior Notes</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">3.54%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">8/18/26</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">100,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">Unsecured Senior Notes</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">3.96%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">6/8/28</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">100,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 94%; white-space: nowrap; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">Unsecured Senior Notes</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">3.29%</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">7/17/29</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">150,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left>&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Less: Debt issuance costs</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">(1,486,000)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left>&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><U><FONT size=2 face="Times New Roman"></FONT></U></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Total</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">$548,514,000</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The following Subsidiaries are guarantors of the Senior Notes and the Term Loan: Commercial Realty and Resources Corporation, NJR Clean Energy Ventures Corporation, NJR Clean Energy Ventures II Corporation, NJR Clean Energy Ventures III Corporation, Bernards Solar, LLC, NJR Energy Investments Corporation, NJR Energy Services Company, NJR Home Services Company, NJR Storage Holdings Company, NJR Midstream Holdings Corporation, NJR Plumbing Services, Inc., NJR Retail Holdings Corporation, NJR Service Corporation and Phoenix Fuel Management Company (the &#8220;Subsidiary Guarantors&#8221;). See &#8220;E. Subsequent Events&#8221; below.</FONT></P>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">2. </FONT><U><FONT size=2 face="Times New Roman">Bank Credit Agreement</FONT></U><FONT size=2 face="Times New Roman">: As of June 30, 2020, the Company had $553,400,000 of Notes Payable to Banks, including $416,300,000 under the credit agreement described in clause (i) of &#8220;Bank Credit Agreements&#8221;, and $137,100,000 under that certain Term Loan Agreement by and among New Jersey Resources Corporation, each of the guarantors party thereto, the lenders party thereto and Wells Fargo Bank, National Association, as Agent, dated as of October 9, 2019 (the &#8220;Term Loan Agreement&#8221;). See &#8220;E. Subsequent Events&#8221; below.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 style="font-variant: small-caps"  face="Times New Roman">Schedule 5.15</FONT><BR><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">3. </FONT><U><FONT size=2 face="Times New Roman">Letters of Credit</FONT></U><FONT size=2 face="Times New Roman">: The Company has outstanding letters of credit issued pursuant to the Bank Credit Agreement in an aggregate amount of &#36;8,412,165.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 style="font-variant: small-caps"  face="Times New Roman">Schedule 5.15</FONT><BR><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>
<HR align=center width="100%" noShade size="2"><DIV STYLE="page-break-before: always"></DIV>


 <P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">B. New Jersey Natural Gas Company</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">June 30, 2020</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="94%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">Maturity</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">Principal</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">Rate</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">Date</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">Amt.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><B><FONT size=2 face="Times New Roman">First Mortgage Bonds (Secured)</FONT></B></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series OO</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">Var.</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">8/1/2041</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">46,500,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series PP</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3.15%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">4/15/2028</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">50,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series QQ</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3.58%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3/13/2024</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">70,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series RR</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">4.61%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3/13/2044</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">55,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series SS</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">2.82%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">4/15/2025</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">50,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series TT</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3.66%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">4/15/2045</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">100,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series UU</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3.63%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">6/21/2046</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">125,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series VV</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">4.01%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">5/11/2048</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">125,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series WW</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3.50%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">4/1/2042</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10,300,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series XX</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3.38%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">4/1/2038</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10,500,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series YY</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">2.45%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">4/1/2059</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">15,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series ZZ</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3.76%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">7/17/2049</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">100,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series AAA</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3.86%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">7/17/2059</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">85,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series BBB (formerly MM)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">2.75%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">8/1/2039</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">9,545,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series CCC (formerly NN)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3.00%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">8/1/2043</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">41,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Series DDD</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">3.13%</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">6/1/2050</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">50,000,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Sub-total First Mortgage Bonds</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">942,845,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Capital Lease Obligation - Building</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">6/1/21</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">49,548,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Capital Lease Obligation - Meters</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman">Var. Dates</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">28,041,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Commercial Paper (Unsecured)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Less: Debt Issuance Costs</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">(9,250,000)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Total</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">1,011,184,000</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">See &#8220;E. Subsequent Events&#8221; below.</FONT></P>
<P STYLE="text-align: center"><FONT size=2 face="Times New Roman">S-5.15-1</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">C. Clean Energy Ventures</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="padding-left: 15pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 63%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Solar Asset Financing Obligation</FONT></TD>
   <TD STYLE="border-top: Black 1pt solid; width: 36%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">$130,773,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 15pt; width: 63%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">&nbsp;<B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD STYLE="width: 36%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="padding-left: 15pt; width: 63%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><B><FONT size=2 face="Times New Roman">Total Clean Energy Ventures Long-term Debt</FONT></B></TD>
   <TD STYLE="width: 36%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">$130,773,000</FONT></TD></TR></TABLE>

<P STYLE="text-align: center"><FONT size=2 face="Times New Roman">S-5.15-2</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="text-align: justify;">
<B><FONT size=2 face="Times New Roman">D. DERIVATIVE INSTRUMENTS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">The Company is subject to commodity price risk due to fluctuations in the market price of natural gas, Solar Renewable Energy Credits (&#147;SRECs&#148;) and electricity. To manage this risk, NJR enters into a variety of derivative instruments including, but not limited to, futures contracts, physical forward contracts, financial options and swaps to economically hedge the commodity price risk associated with its existing and anticipated commitments to purchase and sell natural gas, SRECs and electricity. In addition, NJR may utilize foreign currency derivatives as cash flow hedges of Canadian dollar denominated gas purchases and/or sales. These contracts, with a few exceptions as described below, are accounted for as derivatives. Accordingly, all of the financial and certain of the Company physical derivative instruments are recorded at fair value on the Company Unaudited Condensed Consolidated Balance Sheets.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">NJR Energy Services Company (&#147;NJRES&#148;) chooses not to designate its financial commodity and physical forward commodity derivatives as accounting hedges or to elect &#147;Normal Purchase/Normal Sale (&#147;NPNS&#148;). The changes in the fair value of these derivatives are recorded as a component of gas purchases or operating revenues, as appropriate for NJRES, on the Unaudited Condensed Consolidated Statements of Operations as unrealized gains or losses. For NJRES at settlement, realized gains and losses on all financial derivative instruments are recognized as a component of gas purchases and realized gains and losses on all physical derivatives follow the presentation of the related unrealized gains and losses as a component of either gas purchases or operating revenues.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">NJRES also enters into natural gas transactions in Canada and, consequently, is exposed to fluctuations in the value of Canadian currency relative to the US dollar. NJRES may utilize foreign currency derivatives to lock in the currency translation rate associated with natural gas transactions denominated in Canadian currency. The derivatives may include currency forwards, futures, or swaps and are accounted for as derivatives. These derivatives may be used to hedge future forecasted cash payments associated with transportation and storage contracts along with purchases of natural gas.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">As a result of NJRES entering into transactions to borrow gas, commonly referred to as &#147;park and loans,&#148; an embedded derivative is created related to differences between the fair value of the amount borrowed and the fair value of the amount that will ultimately be repaid, based on changes in the forward price for natural gas prices at the borrowed location over the contract term. This embedded derivative is accounted for as a forward sale in the month in which the repayment of the borrowed gas is expected to occur, and is considered a derivative transaction that is recorded at fair value on the Unaudited Condensed Consolidated Balance Sheets, with changes in value recognized in current period earnings.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">Expected production of SRECs is hedged through the use of forward and futures contracts. All contracts require the Company to physically deliver SRECs through the transfer of certificates as per contractual settlement schedules. NJRES recognizes changes in the fair value of these derivatives as a component of operating revenues. Upon settlement of the contract, the related revenue is recognized when the SREC is transferred to the counterparty.</FONT></P>
<P STYLE="text-align: center">
<FONT size=2 face="Times New Roman">S-5.15-2</FONT></P>
<HR align=center width="100%" noShade size="2">



<!-- Part 17 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Changes in fair value of NJNG&#8217;s financial commodity derivatives are recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets. The Company elects NPNS accounting treatment on all physical commodity contracts that NJNG entered into on or before December 31, 2015, and accounts for these contracts on an accrual basis. Accordingly, physical natural gas purchases are recognized in regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets when the contract settles and the natural gas is delivered. The average cost of natural gas is charged to expense in the current period earnings based on the basic gas supply service (&#8220;BGSS&#8221;) factor times the therm sales. Effective for contracts executed on or after January 1, 2016, NJNG no longer elects NPNS accounting treatment on all physical forward commodity contracts. However, since NPNS is a contract-by-contract election, where it makes sense to do so, NJNG can and may elect certain contracts to be normal. Because NJNG recovers these amounts through future BGSS rates as increases or decreases to the cost of natural gas in NJNG&#8217;s tariff for gas service, the changes in fair value of these contracts are deferred as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In February 2020 and March 2020, NJNG entered into treasury lock transactions to fix the benchmark treasury rate associated with a forecasted debt issuance expected during the fiscal year. The change in fair value of NJNG&#8217;s treasury lock agreement is recorded as a component of regulatory assets or liabilities on the Unaudited Condensed Consolidated Balance Sheets since NJNG believes that the market value upon settlement will be reflected in future rates. Upon settlement, any gain or loss will be amortized in earnings over the life of the future debt issuance as a component of interest expense on the Consolidated Statements of Operations.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company elects NPNS accounting treatment on power purchase agreement (&#8220;PPA&#8221;) contracts that Clean Energy Ventures enters into that meet the definition of a derivative and accounts for the contract on an accrual basis. Accordingly, electricity sales are recognized in revenues throughout the term of the PPA as electricity is delivered. NPNS is a contract-by-contract election and where it makes sense to do so, the Company can and may elect certain contracts to be normal.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In January 2018, NJR entered into a variable-for- fixed interest rate swap on its existing $100 million variable rate term loan, which fixed the variable rate at 2.84 percent. The swap terminated on August 16, 2019, which coincided with the maturity of the debt. The change in the fair value of the interest rate swap was recorded as a component of interest expense on the Unaudited Condensed Consolidated Statements of Operations.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In February 2020 and March 2020, the Company entered into treasury lock transactions, designated as cash flow hedges, to fix the benchmark treasury rate associated with a forecasted debt issuance expected during the fiscal year. The treasury lock transaction is recorded as a derivative asset or liability at fair value on the Unaudited Condensed Consolidated Balance Sheets. Upon settlement, any gain or loss will be amortized in earnings over the life of the future debt issuance as a component of interest expense on the Consolidated Statements of Operations.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">S-5.15-3</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The following table presents the fair value of the Company&#8217;s derivative assets and liabilities recognized on the Unaudited Condensed Consolidated Balance Sheets as of:</FONT></P>

<TABLE style="WIDTH: 100%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD width="100%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="11%" colSpan=11 noWrap align=center><FONT size=2 face="Times New Roman"><STRONG>Fair Value</STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="5%" colSpan=5 noWrap align=center><FONT size=2 face="Times New Roman"><STRONG>June 30, 2020</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="5%" colSpan=5 noWrap align=center><FONT size=2 face="Times New Roman">September 30, 2019</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="100%" noWrap>



   <P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman"><EM>(Thousands)</EM></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="1%" noWrap><FONT size=2 face="Times New Roman">Balance Sheet Location</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="1%" colSpan=2 noWrap align=center><FONT size=2 face="Times New Roman"><STRONG>Asset<BR>Deviratives</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="1%" colSpan=2 noWrap align=center><FONT size=2 face="Times New Roman"><STRONG></STRONG></FONT><FONT size=2 face="Times New Roman"><STRONG>Liability<BR>&nbsp;Deviratives</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="1%" colSpan=2 noWrap align=center><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Asset<BR>Deviratives</FONT></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=bottom width="1%" colSpan=2 noWrap align=center><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">Liability<BR>Deviratives</FONT></TD></TR>

<TR STYLE="background-color: Silver">

   <TD vAlign=top width="100%" colspan=15><FONT size=2 face="Times New Roman"><STRONG>Derivatives not designated as hedging instruments:</STRONG></FONT></TD>

</TR>

<TR>

   <TD vAlign=top width="100%"><FONT size=2 face="Times New Roman"><U>Natural Gas Distribution:</U></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD></TR>

<TR STYLE="background-color: Silver">

   <TD vAlign=top width="100%"><FONT size=2 face="Times New Roman">Physical commodity contracts</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Derivatives - current</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman"><STRONG>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG></FONT></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>66</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman"><STRONG>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG></FONT></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>133</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">67</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"><FONT size=2 face="Times New Roman">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">245</FONT></TD></TR>

<TR>

   <TD vAlign=top width="100%"><FONT size=2 face="Times New Roman">Financial commodity contracts</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Derivatives - current</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>&#8212;</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>190</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">382</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">570</FONT></TD></TR>

<TR STYLE="background-color: Silver">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="100%"><FONT size=2 face="Times New Roman">Interest rate contracts</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Derivatives - current</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>&#8212;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>5,056</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>&#8212;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>&#8212;</STRONG></FONT></TD></TR>

<TR>

   <TD vAlign=top width="100%"><FONT size=2 face="Times New Roman"><U>Energy Services:</U></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right></TD></TR>

<TR STYLE="background-color: Silver">

   <TD vAlign=top width="100%"><FONT size=2 face="Times New Roman">Physical commodity contracts</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Derivatives - current</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>5,440</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>17,242</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">6,847</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">27,540</FONT></TD></TR>

<TR>

   <TD vAlign=top width="100%"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Derivatives - noncurrent</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>2,671</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>22,448</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">1,710</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">12,641</FONT></TD></TR>

<TR STYLE="background-color: Silver">

   <TD vAlign=top width="100%"><FONT size=2 face="Times New Roman">Financial commodity contracts</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Derivatives - current</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>23,852</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>13,447</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">17,806</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">29,057</FONT></TD></TR>

<TR>

   <TD vAlign=top width="100%"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Derivatives - noncurrent</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>3,647</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>1,129</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">5,716</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">6,105</FONT></TD></TR>

<TR STYLE="background-color: Silver">

   <TD vAlign=top width="100%"><FONT size=2 face="Times New Roman">Foreign currency contracts</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Derivatives - current</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>9</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>230</STRONG></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">1</FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">211</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="100%"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Derivatives - noncurrent</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>29</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>23</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>&#8212;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">75</FONT></TD></TR>

<TR STYLE="background-color: Silver">

   <TD vAlign=top width="100%" colspan=15>


   <FONT size=2 face="Times New Roman"><STRONG>Derivatives designated as hedging instruments:</STRONG></FONT></TD>

  </TR>

<TR>

   <TD vAlign=top width="100%"><FONT size=2 face="Times New Roman"><U>Home Services and Other:</U></FONT></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" align=right></TD></TR>

<TR STYLE="background-color: Silver">

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="100%"><FONT size=2 face="Times New Roman">Interest rate contracts</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Derivatives - current</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>&#8212;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>10,796</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>&#8212;</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>&#8212;</STRONG></FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="100%">



   <P><FONT size=2 face="Times New Roman"><STRONG>Total fair value of derivatives</STRONG></FONT></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%" noWrap></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%"><FONT size=2 face="Times New Roman"><STRONG>$</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>35,714</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%"><FONT size=2 face="Times New Roman"><STRONG>$</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman"><STRONG>70,694</STRONG></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">32,529</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%"><FONT size=2 face="Times New Roman">$</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top width="1%" align=right><FONT size=2 face="Times New Roman">76,444</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">S-5.15-4</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">E. Subsequent Events</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">On July 23, 2020, the Company issued and sold $130 million of its 3.50% Senior Notes, Series 2020A, due July 23, 2030 (the &#8220;NJR Series A Notes&#8221;) and $130 million of its 3.60% Senior Notes, Series 2020B, due July 23, 2032 (the &#8220;NJR Series B Notes&#8221; and together with the NJR Series A Notes, the &#8220;NJR Notes&#8221;). A portion of the proceeds of the NJR Notes was used for the repayment of the remaining $137,100,000 aggregate principal amount of indebtedness under the Term Loan Agreement, which had been used as interim financing for the acquisition of Leaf River Energy Center, LLC.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">On July 23, 2020, NJNG issued and sold $50 million of its 3.13% Senior Notes, Series 2020B, due July 23, 2050 (the &#8220;NJNG Series B Notes&#8221;) and $25 million of its 3.33% Senior Notes, Series 2020C, due July 23, 2060 (the &#8220;NJNG Series C Notes&#8221;). The NJNG Series B Notes were secured by an equal principal amount of NJNG&#8217;s First Mortgage Bonds, Series EEE due 2050 and the NJNG Series C Notes were secured by an equal principal amount of NJNG&#8217;s First Mortgage Bonds, Series FFF due 2060.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">S-5.15-5</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">[Form of Series C Note]</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">New Jersey Resources Corporation</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">3.13% Senior Note, Series 2020C, due September 1, 2031</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">No. R2020C-[_______]</FONT></TD>

   <TD width="49%" noWrap align=right><FONT size=2 face="Times New Roman">[__________ __, 20__]</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">$[____________]</FONT></TD>

   <TD width="49%" noWrap align=right><FONT size=2 face="Times New Roman">PPN: 646025 D#0</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">For Value Received</FONT><FONT size=2 face="Times New Roman">, the undersigned, </FONT><FONT size=2 face="Times New Roman" style="font-variant: small-caps">New Jersey Resources Corporation</FONT><FONT size=2 face="Times New Roman"> (herein called the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Company&#8221;</FONT></I><FONT size=2 face="Times New Roman">), a corporation organized and existing under the laws of the State of New Jersey, hereby promises to pay to [________________], or registered assigns, the principal sum of [________________] D</FONT><FONT size=2 face="Times New Roman">OLLARS </FONT><FONT size=2 face="Times New Roman">(or so much thereof as shall not have been prepaid) on September 1, 2031 (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Maturity Date&#8221;</FONT></I><FONT size=2 face="Times New Roman">), 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 3.13% per annum from the date hereof, payable semi-annually, on the 1st day of March and September in each year, commencing with the March 1 or September 1 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) 5.13% or (ii) 2.00% over the rate of interest publicly announced by U.S. Bank National Association from time to time in New York, New York as its &#8220;base&#8221; or &#8220;prime&#8221; rate, payable semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal offices of U.S. Bank National Association in New York, New York 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Note is one of a series of Senior Notes (herein called the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Notes&#8221;</FONT></I><FONT size=2 face="Times New Roman">) issued pursuant to the Note Purchase Agreement dated as of September 1, 2020 (as from time to time amended, the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Note Purchase Agreement</FONT></I><FONT size=2 face="Times New Roman">&#8221;), between the Company 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, (1) to have agreed to the confidentiality provisions set forth in </FONT><B><FONT size=2 face="Times New Roman">Section 20 </FONT></B><FONT size=2 face="Times New Roman">of the Note Purchase Agreement and (2) to have made the representation set forth in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2 </FONT></B><FONT size=2 face="Times New Roman">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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#8217;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.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Exhibit </FONT><FONT size=2 face="Times New Roman">1(a)<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 with the effect provided in the Note Purchase Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 laws of the State of New York excluding the choice of law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.</FONT></P>

<DIV align=right>

<TABLE style="WIDTH: 50%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman" style="font-variant: small-caps">New Jersey Resources Corporation</FONT></TD></TR>

<TR>

   <TD width="1%">&nbsp;</TD>

   <TD width="100%"></TD></TR>

<TR>

   <TD width="1%">&nbsp;</TD>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" noWrap align=left>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Name:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD></TR></TABLE></DIV>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-1(a)-2</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">[Form of Series D Note]</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">New Jersey Resources Corporation</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">3.25% Senior Note, Series 2020D, due September 1, 2033</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">No. R2020D-[_______]</FONT></TD>

   <TD width="49%" noWrap align=right><FONT size=2 face="Times New Roman">[__________ __, 20__]</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">$[____________]</FONT></TD>

   <TD width="49%" noWrap align=right><FONT size=2 face="Times New Roman">PPN: 646025 E*3</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">For Value Received</FONT><FONT size=2 face="Times New Roman">, the undersigned, </FONT><FONT size=2 face="Times New Roman" style="font-variant: small-caps">New Jersey Resources Corporation</FONT><FONT size=2 face="Times New Roman"> (herein called the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Company&#8221;</FONT></I><FONT size=2 face="Times New Roman">), a corporation organized and existing under the laws of the State of New Jersey, hereby promises to pay to [________________], or registered assigns, the principal sum of [________________] D</FONT><FONT size=2 face="Times New Roman">OLLARS </FONT><FONT size=2 face="Times New Roman">(or so much thereof as shall not have been prepaid) on September 1, 2033 (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Maturity Date&#8221;</FONT></I><FONT size=2 face="Times New Roman">), 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 3.25% per annum from the date hereof, payable semi-annually, on the 1st day of March and September in each year, commencing with the March 1 or September 1 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) 5.25% or (ii) 2.00% over the rate of interest publicly announced by U.S. Bank National Association from time to time in New York, New York as its &#8220;base&#8221; or &#8220;prime&#8221; rate, payable semi-annually as aforesaid (or, at the option of the registered holder hereof, on demand).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal offices of U.S. Bank National Association in New York, New York 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Note is one of a series of Senior Notes (herein called the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Notes&#8221;</FONT></I><FONT size=2 face="Times New Roman">) issued pursuant to the Note Purchase Agreement dated as of September 1, 2020 (as from time to time amended, the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Note Purchase Agreement</FONT></I><FONT size=2 face="Times New Roman">&#8221;), between the Company 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, (1) to have agreed to the confidentiality provisions set forth in </FONT><B><FONT size=2 face="Times New Roman">Section 20 </FONT></B><FONT size=2 face="Times New Roman">of the Note Purchase Agreement and (2) to have made the representation set forth in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2 </FONT></B><FONT size=2 face="Times New Roman">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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#8217;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.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Exhibit </FONT><FONT size=2 face="Times New Roman">1(b)<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 with the effect provided in the Note Purchase Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 laws of the State of New York excluding the choice of law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.</FONT></P>

<DIV align=right>

<TABLE style="WIDTH: 50%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman" style="font-variant: small-caps">New Jersey Resources Corporation</FONT></TD></TR>

<TR>

   <TD width="1%">&nbsp;</TD>

   <TD width="100%"></TD></TR>

<TR>

   <TD width="1%">&nbsp;</TD>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" noWrap align=left>&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Name:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD></TR></TABLE></DIV>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-1(b)-2</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Form of Subsidiary Guaranty Agreement</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Subsidiary Guaranty Agreement</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Notes<BR>of<BR>New Jersey Resources Corporation</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Subsidiary Guaranty Agreement dated as of September 1, 2020 (this </FONT><I><FONT size=2 face="Times New Roman">&#8220;Guaranty&#8221;</FONT></I><FONT size=2 face="Times New Roman">) is entered into on a joint and several basis by each of the undersigned, together with any entity which may become a party hereto by execution and delivery of a Subsidiary Guaranty Supplement in substantially the form set forth as Exhibit A hereto (a </FONT><I><FONT size=2 face="Times New Roman">&#8220;Guaranty Supplement&#8221;</FONT></I><FONT size=2 face="Times New Roman">) (which parties are hereinafter referred to individually as a </FONT><I><FONT size=2 face="Times New Roman">&#8220;Guarantor&#8221; </FONT></I><FONT size=2 face="Times New Roman">and collectively as the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Guarantors&#8221;</FONT></I><FONT size=2 face="Times New Roman">).</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Recitals</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">A. Each Guarantor is a direct or indirect subsidiary of New Jersey Resources Corporation, a corporation organized under the laws of the State of New Jersey (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Company&#8221;</FONT></I><FONT size=2 face="Times New Roman">).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">B. The Company is concurrently herewith entering into that certain Note Purchase Agreement dated as of September 1, 2020 (as the same may be amended, supplemented, restated or otherwise modified from time to time, the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Note Purchase Agreement&#8221;</FONT></I><FONT size=2 face="Times New Roman">) between the Company and the respective Purchasers named therein, providing for, among other things, the issue and sale by the Company to the Purchasers (as defined therein) of $200,000,000 aggregate principal amount of its senior notes consisting of (1) $120,000,000 aggregate principal amount of its 3.13% Senior Notes, Series 2020C,due September 1, 2031 (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Series C Notes&#8221;</FONT></I><FONT size=2 face="Times New Roman">) and (2) $80,000,000 aggregate principal amount of its 3.25% Senior Notes, Series 2020D, due September 1, 2033 (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Series D Notes&#8221;</FONT></I><FONT size=2 face="Times New Roman">; and together with the Series C Notes, the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Notes&#8221;</FONT></I><FONT size=2 face="Times New Roman">). The Purchasers together with their respective successors and assigns are collectively referred to herein as the &#8220;Holders.&#8221;</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">C. The Purchasers have required as a condition of their purchase of the Notes that the Company cause each of the undersigned to enter into this Guaranty and, upon (1) the formation or acquisition of a new Restricted Subsidiary (other than a Regulated Entity), (2) the occurrence of any other event creating a new Restricted Subsidiary (other than a Regulated Entity), (3) the designation of an Unrestricted Subsidiary (other than a Regulated Entity) as a Restricted Subsidiary or (4) an Unrestricted Subsidiary or a Regulated Entity becoming or being a guarantor or co-obligor in respect of the Bank Credit Agreement, to cause each such Subsidiary to execute a Guaranty Supplement, in each case in order to induce the Purchasers to purchase the Notes and thereby benefit the Company and its Subsidiaries by providing funds to the Company for the repayment of existing debt and for its general corporate purposes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Now, therefore, as required by </FONT><B><FONT size=2 face="Times New Roman">Section 4.4 </FONT></B><FONT size=2 face="Times New Roman">of the Note Purchase Agreement and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, each Guarantor does hereby covenant and agree, jointly and severally, as follows:</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Exhibit </FONT><FONT size=2 face="Times New Roman">2<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

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<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Section 1. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Definitions.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreement unless otherwise defined herein.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Section 2. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Guaranty of Notes and Note Purchase Agreement.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) Each Guarantor jointly and severally does hereby irrevocably, absolutely and unconditionally guarantee unto the Holders: (1) the full and prompt payment of the principal of, Make-Whole Amount, if any, and interest on the Notes from time to time outstanding, as and when such payments shall become due and payable whether by lapse of time, upon redemption or prepayment, by extension or by acceleration or declaration or otherwise (including, to the extent permitted by applicable law, interest due on overdue payments of principal, Make-Whole Amount, if any, or interest at the rate set forth in the Notes) in Federal or other immediately available funds of the United States of America which at the time of payment or demand therefor shall be legal tender for the payment of public and private debts, (2) the full and prompt performance and observance by the Company of each and all of the obligations, covenants and agreements required to be performed or owed by the Company under the terms of the Notes and the Note Purchase Agreement and (3) the full and prompt payment, upon demand by any Holder of all costs and expenses, legal or otherwise (including reasonable attorneys&#8217; fees), if any, as shall have been expended or incurred in the protection or enforcement of any rights, privileges or liabilities in favor of the Holders under or in respect of the Notes and the Note Purchase Agreement, or under this Guaranty or in any consultation or action in connection therewith or herewith.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) To the extent that any Guarantor shall make a payment hereunder (a </FONT><I><FONT size=2 face="Times New Roman">&#8220;Payment&#8221;</FONT></I><FONT size=2 face="Times New Roman">) which, taking into account all other Payments previously or concurrently made by any of the other Guarantors, exceeds the amount which such Guarantor would otherwise have paid if each Guarantor had paid the aggregate obligations satisfied by such Payment in the same proportion as such Guarantor&#8217;s &#8220;Allocable Amount&#8221; (as hereinafter defined) in effect immediately prior to such Payment bore to the Aggregate Allocable Amount (as hereinafter defined) of all of the Guarantors in effect immediately prior to the making of such Payment, then such Guarantor shall be entitled to contribution and indemnification from, and be reimbursed by, each of the other Guarantors for the amount of such excess, pro rata based upon their respective Allocable Amounts in effect immediately prior to such Payment.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">As of any date of determination, (1) the &#8220;Allocable Amount&#8221; of any Guarantor shall be equal to the maximum amount which could then be claimed by the Holders under this Guaranty without rendering such claim voidable or avoidable under Section 548 of Chapter 11 of the United States Bankruptcy Code (11 U.S.C. Sec. 101 et. seq.) or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar statute or common law; and (2) the &#8220;Aggregate Allocable Amount&#8221; shall be equal to the sum of each Guarantor&#8217;s Allocable Amount.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This clause (b) is intended only to define the relative rights of the Guarantors, and nothing set forth in this clause (b) is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts to the Holders as and when the same shall become due and payable in accordance herewith.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-2</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each Guarantor acknowledges that the rights of contribution and indemnification hereunder shall constitute an asset in favor of any Guarantor to which such contribution and indemnification is owing.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Section 3. </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Guaranty of Payment and Performance.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This is an irrevocable, absolute and unconditional guarantee of payment and performance and each Guarantor hereby waives, to the fullest extent permitted by law, any right to require that any action on or in respect of any Note or the Note Purchase Agreement be brought against the Company or any other Person or that resort be had to any direct or indirect security for the Notes or for this Guaranty or any other remedy. Any Holder may, at its option, proceed hereunder against any Guarantor in the first instance to collect monies when due, the payment of which is guaranteed hereby, without first proceeding against the Company or any other Person and without first resorting to any direct or indirect security for the Notes or for this Guaranty or any other remedy. The liability of each Guarantor hereunder shall in no way be affected or impaired by any acceptance by any Holder of any direct or indirect security for, or other guaranties of, any Debt, liability or obligation of the Company or any other Person to any Holder or by any failure, delay, neglect or omission by any Holder to realize upon or protect any such guarantees, Debt, liability or obligation or any notes or other instruments evidencing the same or any direct or indirect security therefor or by any approval, consent, waiver, or other action taken, or omitted to be taken by any such Holder.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The covenants and agreements on the part of the Guarantors herein contained shall take effect as joint and several covenants and agreements, and references to the Guarantors shall take effect as references to each of them and none of them shall be released from liability hereunder by reason of this Guaranty ceasing to be binding as a continuing security on any other of them.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Section 4. </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">General Provisions Relating to this Guaranty.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) Each Guarantor hereby consents and agrees that any Holder or Holders from time to time, with or without any further notice to or assent from any other Guarantor may, without in any manner affecting the liability of any Guarantor under this Guaranty, and upon such terms and conditions as any such Holder or Holders may deem advisable: </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) extend in whole or in part (by renewal or otherwise), modify, change, compromise, release or extend the duration of the time for the performance or payment of any Debt, liability or obligation of the Company or of any other Person (including, without limitation, any other Guarantor) secondarily or otherwise liable for any Debt, liability or obligation of the Company on the Notes, or waive any Default or Event of Default with respect thereto, or waive, modify, amend or change any provision of the Note Purchase Agreement or any other agreement or waive this Guaranty; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) sell, release, surrender, modify, impair, exchange or substitute any and all property, of any nature and from whomsoever received, held by, or for the benefit of, any such Holder as direct or indirect security for the payment or performance of any Debt, liability or obligation of the Company or of any other Person (including, without limitation, any other Guarantor) secondarily or otherwise liable for any Debt, liability or obligation of the Company on the Notes; or </FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-3</FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) settle, adjust or compromise any claim of the Company against any other Person (including, without limitation, any other Guarantor) secondarily or otherwise liable for any Debt, liability or obligation of the Company on the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each Guarantor hereby ratifies and confirms any such extension, renewal, change, sale, release, waiver, surrender, exchange, modification, amendment, impairment, substitution, settlement, adjustment or compromise and that the same shall be binding upon it, and hereby waives, to the fullest extent permitted by law, any and all defenses, counterclaims or offsets which it might or could have by reason thereof, it being understood that such Guarantor shall at all times be bound by this Guaranty and remain liable hereunder.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) Each Guarantor hereby waives, to the fullest extent permitted by law:</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) notice of acceptance of this Guaranty by the Holders or of the creation, renewal or accrual of any liability of the Company, present or future, or of the reliance of such Holders upon this Guaranty (it being understood that every Debt, liability and obligation described in </FONT><B><FONT size=2 face="Times New Roman">Section 2 </FONT></B><FONT size=2 face="Times New Roman">hereof shall conclusively be presumed to have been created, contracted or incurred in reliance upon the execution of this Guaranty); </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) demand of payment by any Holder from the Company or any other Person (including, without limitation, any other Guarantor) indebted in any manner on or for any of the Debt, liabilities or obligations hereby guaranteed; and </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) presentment for the payment by any Holder or any other Person of the Notes or any other instrument, protest thereof and notice of its dishonor to any party thereto and to such Guarantor.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The obligations of each Guarantor under this Guaranty and the rights of any Holder to enforce such obligations by any proceedings, whether by action at law, suit in equity or otherwise, shall not be subject to any reduction, limitation, impairment or termination, whether by reason of any claim of any character whatsoever or otherwise and shall not be subject to any defense, set-off, counterclaim (other than any compulsory counterclaim), recoupment or termination whatsoever.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) The obligations of the Guarantors hereunder shall be binding upon the Guarantors and their successors and assigns, and shall remain in full force and effect irrespective of: </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) the genuineness, validity, regularity or enforceability of the Notes and the Note Purchase Agreement or any other agreement or any of the terms of any thereof, the continuance of any obligation on the part of the Company or any other Person on or in respect of the Notes or under the Note Purchase Agreement or any other agreement or the power or authority or the lack of power or authority of the Company to issue the Notes or the Company to execute and deliver the Note Purchase Agreement or any other agreement or of any Guarantor to execute and deliver this Guaranty or to perform any of its obligations hereunder or the existence or continuance of the Company or any other Person as a legal entity; or</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-4</FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) any default, failure or delay, willful or otherwise, in the performance by the Company, any Guarantor or any other Person of any obligations of any kind or character whatsoever under the Notes, the Note Purchase Agreement, this Guaranty or any other agreement; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) any creditors&#8217; rights, bankruptcy, receivership or other insolvency proceeding of the Company, any Guarantor or any other Person or in respect of the property of the Company, any Guarantor or any other Person or any merger, consolidation, reorganization, dissolution, liquidation, the sale of all or substantially all of the assets of or winding up of the Company, any Guarantor or any other Person; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(4) impossibility or illegality of performance on the part of the Company, any Guarantor or any other Person of its obligations under the Notes, the Note Purchase Agreement, this Guaranty or any other agreements; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(5) in respect of the Company or any other Person, any change of circumstances, whether or not foreseen or foreseeable, whether or not imputable to the Company or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars (whether or not declared), civil commotion, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any Federal or state regulatory body or agency, change of law or any other causes affecting performance, or any other force majeure, whether or not beyond the control of the Company or any other Person and whether or not of the kind hereinbefore specified; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(6) any attachment, claim, demand, charge, Lien, order, process, encumbrance or any other happening or event or reason, similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, Debt, obligations or liabilities of any character, foreseen or unforeseen, and whether or not valid, incurred by or against the Company, any Guarantor or any other Person or any claims, demands, charges or Liens of any nature, foreseen or unforeseen, incurred by the Company, any Guarantor or any other Person, or against any sums payable in respect of the Notes or under the Note Purchase Agreement or this Guaranty, so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(7) any order, judgment, decree, ruling or regulation (whether or not valid) of any court of any nation or of any political subdivision thereof or any body, agency, department, official or administrative or regulatory agency of any thereof or any other action, happening, event or reason whatsoever which shall delay, interfere with, hinder or prevent, or in any way adversely affect, the performance by the Company, any Guarantor or any other Person of its respective obligations under or in respect of the Notes, the Note Purchase Agreement, this Guaranty or any other agreement; or</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-5</FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(8) the failure of any Guarantor to receive any benefit from or as a result of its execution, delivery and performance of this Guaranty; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(9) any failure or lack of diligence in collection or protection, failure in presentment or demand for payment, protest, notice of protest, notice of default and of nonpayment, any failure to give notice to any Guarantor of failure of the Company, any Guarantor or any other Person to keep and perform any obligation, covenant or agreement under the terms of the Notes, the Note Purchase Agreement, this Guaranty or any other agreement or failure to resort for payment to the Company, any Guarantor or to any other Person or to any other guaranty or to any property, security, Liens or other rights or remedies; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(10) the acceptance of any additional security or other guaranty, the advance of additional money to the Company or any other Person, the renewal or extension of the Notes or amendments, modifications, consents or waivers with respect to the Notes, the Note Purchase Agreement, or any other agreement, or the sale, release, substitution or exchange of any security for the Notes; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(11) any merger or consolidation of the Company, any Guarantor or any other Person into or with any other Person or any sale, lease, transfer or other disposition of any of the assets of the Company, any Guarantor or any other Person to any other Person, or any change in the ownership of any shares or other equity interests of the Company, any Guarantor or any other Person; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(12) any defense whatsoever that: (i) the Company or any other Person might have to the payment of the Notes (including, principal, Make-Whole Amount, if any, or interest), other than payment thereof in Federal or other immediately available funds or (ii) the Company or any other Person might have to the performance or observance of any of the provisions of the Notes, the Note Purchase Agreement, or any other agreement, whether through the satisfaction or purported satisfaction by the Company or any other Person of its debts due to any cause such as bankruptcy, insolvency, receivership, merger, consolidation, reorganization, dissolution, liquidation, winding-up or otherwise; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(13) any act or failure to act with regard to the Notes, the Note Purchase Agreement, this Guaranty or any other agreement or anything which might vary the risk of any Guarantor or any other Person; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(14) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor or any other Person in respect of the obligations of any Guarantor or other Person under this Guaranty or any other agreement; </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">provided that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this Guaranty and the parties hereto that the obligations of each Guarantor shall be absolute and unconditional and shall not be discharged, impaired or varied except by the payment of the principal of, Make-Whole Amount, if any, and interest on the Notes in accordance with their respective terms whenever the same shall become due and payable as in the Notes provided, at the place specified in and all in the manner and with the effect provided in the Notes and the Note Purchase Agreement, as each may be amended or modified from time to time. Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may be had hereunder as and when, from time to time, the Company shall default under or in respect of the terms of the Notes or the Note Purchase Agreement and that notwithstanding recovery hereunder for or in respect of any given default or defaults by the Company under the Notes or the Note Purchase Agreement, this Guaranty shall remain in full force and effect and shall apply to each and every subsequent default.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-6</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) All rights of any Holder under this Guaranty shall be considered to be transferred or assigned at any time or from time to time upon the transfer of any Note held by such Holder whether with or without the consent of or notice to the Guarantors under this Guaranty or to the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) To the extent of any payments made under this Guaranty, the Guarantors shall be subrogated to the rights of the Holder or Holders upon whose Notes such payment was made, but each Guarantor covenants and agrees that such right of subrogation and any and all claims of such Guarantor against the Company, any endorser or other Guarantor or against any of their respective properties shall be junior and subordinate in right of payment to the prior indefeasible final payment in cash in full of all of the Notes and satisfaction by the Company of its obligations under the Note Purchase Agreement and by the Guarantors of their obligations under this Guaranty, and the Guarantors shall not take any action to enforce such right of subrogation, and the Guarantors shall not accept any payment in respect of such right of subrogation, until all of the Notes and all amounts payable by the Guarantors hereunder have indefeasibly been finally paid in cash in full and all of the obligations of the Company under the Note Purchase Agreement and of the Guarantors under this Guaranty have been satisfied. Notwithstanding any right of any Guarantor to ask, demand, sue for, take or receive any payment from the Company, all rights, Liens and security interests of each Guarantor, whether now or hereafter arising and howsoever existing, in any assets of the Company shall be and hereby are subordinated to the rights, if any, of the Holders in those assets. No Guarantor shall have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until all of the Notes and the obligations of the Company under the Note Purchase Agreement shall have been paid in cash in full and satisfied.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) Each Guarantor agrees that to the extent the Company or any other Person makes any payment on any Note, which payment or any part thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, recovered, rescinded or is required to be retained by or repaid to a trustee, receiver, or any other Person under any bankruptcy code, common law, or equitable cause, then and to the extent of such payment, the obligation or the part thereof intended to be satisfied shall be revived and continued in full force and effect with respect to the Guarantors&#8217; obligations hereunder, as if said payment had not been made. The liability of the Guarantors hereunder shall not be reduced or discharged, in whole or in part, by any payment to any Holder from any source that is thereafter paid, returned or refunded in whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but not limited to, any claim for breach of contract, breach of warranty, preference, illegality, invalidity or fraud asserted by any account debtor or by any other Person.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-7</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) No Holder shall be under any obligation: (1) to marshall any assets in favor of the Guarantors or in payment of any or all of the liabilities of the Company under or in respect of the Notes, the Note Purchase Agreement or the obligations of the Guarantors hereunder or (2) to pursue any other remedy that the Guarantors may or may not be able to pursue themselves and that may lighten the Guarantors&#8217; burden, any right to which each Guarantor hereby expressly waives.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Section 5. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Representations and Warranties of the Guarantors.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each Guarantor represents and warrants to each Holder that:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) Such Guarantor is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) Each subsidiary of such Guarantor is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and 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. Each subsidiary of such Guarantor has the power and authority to own or lease the properties it purports to own or lease and to transact the business it transacts and proposes to transact.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) This Guaranty has been duly authorized by all necessary action on the part of such Guarantor, and this Guaranty constitutes a legal, valid and binding obligation of such Guarantor enforceable against such Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#8217; rights generally and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) The execution, delivery and performance by such Guarantor of this Guaranty will not (1) 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 such Guarantor or any of its subsidiaries which are Restricted Subsidiaries under any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, organizational document or any other agreement or instrument to which such Guarantor or any of its subsidiaries which are Restricted Subsidiaries is bound or by which such Guarantor or any of its subsidiaries or any of their respective properties may be bound or affected, (2) 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 such Guarantor or any of its subsidiaries which are Restricted Subsidiaries or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to such Guarantor or any of its subsidiaries which are Restricted Subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-8</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) 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 such Guarantor of this Guaranty other than such consents, approvals, authorizations, registrations, filings or declarations that have been obtained or made prior to the date such Guarantor enters into this Guaranty.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) (1) Except as disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.8 </FONT></B><FONT size=2 face="Times New Roman">to the Note Purchase Agreement or otherwise disclosed in writing to the Holders, there are no actions, suits or proceedings pending or, to the knowledge of such Guarantor, threatened against or affecting such Guarantor or any of its subsidiaries which are Restricted Subsidiaries or any property of such Guarantor or any of its subsidiaries which are Restricted Subsidiaries in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) Neither such Guarantor nor any of its subsidiaries which are Restricted Subsidiaries is in default under any term of any agreement or instrument to which it is a party or by which it is bound, or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including, without limitation, ERISA (with respect to any Plan), Environmental Laws or the USA PATRIOT Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) Such Guarantor and its subsidiaries have filed all income tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (1) the amount of which is not, individually or in the aggregate, material to the business, operations, affairs, financial condition, assets or properties of such Guarantor and its subsidiaries taken as a whole (herein in this </FONT><B><FONT size=2 face="Times New Roman">Section 5</FONT></B><FONT size=2 face="Times New Roman">, &#8220;Material&#8221;) or (2) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which such Guarantor or one of its subsidiaries, as the case may be, has established adequate reserves in accordance with GAAP. The charges, accruals and reserves on the books of such Guarantor and its subsidiaries in respect of Federal, state or other taxes for all fiscal periods are adequate in accordance with GAAP. The Federal income tax liabilities of such Guarantor and its subsidiaries have been determined by the Internal Revenue Service and paid for all fiscal years up to and including the fiscal year ended September 30, 2014.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) Such Guarantor and its subsidiaries which are Restricted Subsidiaries have good and sufficient title related to the ownership of their respective Material properties, including all such properties reflected in the most recent audited consolidated balance sheet furnished to the Holders pursuant to the Note Purchase Agreement or purported to have been acquired by such Guarantor after said date (except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by the Note Purchase Agreement, except for those defects in title and Liens that, individually or in the aggregate, would not have a Material Adverse Effect. All Material leases to which such Guarantor is a party are valid and subsisting and are in full force and effect in all material respects.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-9</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) Except as disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.11 </FONT></B><FONT size=2 face="Times New Roman">to the Note Purchase Agreement or otherwise disclosed in writing to the Holders, such Guarantor and those of its subsidiaries which are Restricted Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks, trade names and domain names or rights thereto, that are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would not have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(j) (1) Such Guarantor and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect. Neither such Guarantor nor any ERISA Affiliate has incurred 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 (as defined in Section 3 of ERISA) with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, and no event, transaction or condition has occurred or exists with respect to any Plan that would reasonably be expected to result in the incurrence of any such liability under Title I or IV of ERISA or the penalty or excise tax provisions of the Code by such Guarantor or any ERISA Affiliate, or in the imposition of any Lien under Section 430 of the Code or Section 4068 of ERISA on any of the rights, properties or assets of such Guarantor or any ERISA Affiliate, other than any such liabilities or Liens as would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) The present value of the aggregate benefit liabilities under each of the Plans which are subject to Title IV of ERISA (other than Multiemployer Plans), determined as of the end of such Plan&#8217;s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan&#8217;s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plans allocable to such benefit liabilities by more than $25,000,000. The term &#8220;benefit liabilities&#8221; has the meaning specified in Section 4001 of ERISA and the terms &#8220;current value&#8221; and &#8220;present value&#8221; have the meanings specified in Section 3 of ERISA.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) Such Guarantor and its ERISA Affiliates have not incurred withdrawal liabilities under Section 4201 or 4204 of ERISA (and are not subject to contingent withdrawal liabilities under Section 4204) in respect of Multiemployer Plans that, individually or in the aggregate, are reasonably expected to result in a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(4) The accumulated post-retirement benefit obligation (determined as of the last day of the Company&#8217;s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by Section 4980B of the Code) of such Guarantor, the Restricted Subsidiaries and New Jersey Natural Gas is not reasonably expected to result in a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(5) The execution and delivery of this Guaranty will not involve any transaction that is subject to the prohibitions of Section 406(a)(1)(A)-(D) of ERISA or in connection with which a tax could be imposed pursuant to Section 4975(c)(1)(A)-(D) of the Code. The representation by such Guarantor in the first sentence of this </FONT><B><FONT size=2 face="Times New Roman">Section 5(j)(5) </FONT></B><FONT size=2 face="Times New Roman">is made in reliance upon and subject to the accuracy of each Holder&#8217;s representation in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2 </FONT></B><FONT size=2 face="Times New Roman">of the Note Purchase Agreement as to the source of the funds to be used to pay the purchase price of the Notes to be purchased by such Holder.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-10</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(k) Neither such Guarantor nor any of its subsidiaries is an &#8220;investment company&#8221; registered or required to be registered under the Investment Company Act of 1940 or an &#8220;affiliated person&#8221; of an &#8220;investment company&#8221; or an &#8220;affiliated person&#8221; of such &#8220;affiliated person&#8221; or under the &#8220;control&#8221; of an &#8220;investment company&#8221; as such terms are defined in the Investment Company Act of 1940, as amended, and shall not become such an &#8220;investment company&#8221; or such an &#8220;affiliated person&#8221; or under such &#8220;control.&#8221; Neither such Guarantor nor any of its subsidiaries is a &#8220;holding company&#8221; or a &#8220;subsidiary company&#8221; of a &#8220;holding company,&#8221; or an &#8220;affiliate&#8221; of a &#8220;holding company&#8221; or of a &#8220;subsidiary company&#8221; of a &#8220;holding company&#8221; within the meaning of the Public Utility Holding Company Act of 2005, as amended. Based upon the immediately preceding sentence, such Guarantor is not subject to regulation under the Public Utility Holding Company Act of 2005, as amended. Neither such Guarantor nor any of its subsidiaries is subject to the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. Neither such Guarantor nor any of its subsidiaries is subject to any Federal or state statute or regulation limiting its ability to incur Debt.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(l) Except as otherwise disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.8 </FONT></B><FONT size=2 face="Times New Roman">to the Note Purchase Agreement or otherwise disclosed in writing to the Holders, neither such Guarantor nor any of its subsidiaries which are Restricted Subsidiaries has actual knowledge of any claim or has received any written notice of any claim, and no proceeding has been instituted raising any claim against such Guarantor or any of its subsidiaries which are Restricted Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect. Except as otherwise disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.8 </FONT></B><FONT size=2 face="Times New Roman">to the Note Purchase Agreement or otherwise disclosed in writing to the Holders: </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) neither such Guarantor nor any of its subsidiaries which are Restricted Subsidiaries 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 would not reasonably be expected to result in a Material Adverse Effect; </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) neither such Guarantor nor any of its subsidiaries which are Restricted Subsidiaries has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them or has disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect; and </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) all buildings on all real properties now owned or operated by the Guarantor or any of its subsidiaries are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-11</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(m) Such Guarantor is solvent, has capital not unreasonably small in relation to its business or any contemplated or undertaken transaction and has assets having a value both at fair valuation and at present fair salable value greater than the amount required to pay its debts as they become due and greater than the amount that will be required to pay its probable liability on its existing debts as they become absolute and matured. Such Guarantor does not intend to incur, or believe or should have believed that it will incur, debts beyond its ability to pay such debts as they become due. Such Guarantor will not be rendered insolvent by the execution and delivery of, and performance of its obligations under, this Guaranty. Such Guarantor does not intend to hinder, delay or defraud its creditors by or through the execution and delivery of, or performance of its obligations under, this Guaranty.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(n) The obligations of such Guarantor under this Guaranty rank at least pari passu in right of payment with all other unsecured Senior Debt of such Guarantor, including without limitation, all unsecured Senior Debt of such Guarantor described in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.15 </FONT></B><FONT size=2 face="Times New Roman">to the Note Purchase Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Section 6. </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Amendments, Waivers and Consents.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) This Guaranty may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and only with) the written consent of each Guarantor and the Required Holders, except that (1) no amendment or waiver of any of the provisions of </FONT><B><FONT size=2 face="Times New Roman">Sections 3</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">4 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">5</FONT></B><FONT size=2 face="Times New Roman">, or any defined term (as it is used therein), will be effective as to any Holder unless consented to by such Holder in writing, and (2) no such amendment or waiver may, without the written consent of each Holder, (i) change the percentage of the principal amount of the Notes the Holders of which are required to consent to any such amendment or waiver or (ii) amend </FONT><B><FONT size=2 face="Times New Roman">Section 2 </FONT></B><FONT size=2 face="Times New Roman">or this </FONT><B><FONT size=2 face="Times New Roman">Section 6</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The Guarantors will provide each Holder (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such 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. The Guarantors will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this </FONT><B><FONT size=2 face="Times New Roman">Section 6 </FONT></B><FONT size=2 face="Times New Roman">to each Holder promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite Holders.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) No Guarantor will directly or indirectly pay or cause to be paid any remuneration, whether by way of fee or otherwise, or grant any security, to any Holder as consideration for or as an inducement to the entering into by such Holder of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted, on the same terms, ratably to each Holder even if such Holder did not consent to such waiver or amendment.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) Any consent made pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 6 </FONT></B><FONT size=2 face="Times New Roman">by a Holder that has transferred a portion or has agreed to transfer all or a portion of its Notes to such Guarantor, any subsidiary or any affiliate of such Guarantor and has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force and effect except solely as to such Holder, and any amendment effected or waivers granted or to be effected or granted that would not have been or be so effected or granted but for such consent (and the consents of all other Holders that were acquired under the same or similar conditions) shall be void and of no force and effect except solely as to such Holder.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-12</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) Any amendment or waiver consented to as provided in this </FONT><B><FONT size=2 face="Times New Roman">Section 6 </FONT></B><FONT size=2 face="Times New Roman">applies equally to all Holders of Notes affected thereby and is binding upon them and upon each future holder and upon the Guarantors. No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Guarantors and any Holder nor any delay in exercising any rights hereunder shall operate as a waiver of any rights of any Holder. As used herein, the term &#8220;this Guaranty&#8221; and references thereto shall mean this Guaranty as it may from time to time be amended or supplemented.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) 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 Guaranty, Notes directly or indirectly owned by any Guarantor or any subsidiaries or Affiliates of any Guarantor shall be deemed not to be outstanding.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Section 7. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Notices.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">All notices and communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid) or (c) by a recognized overnight delivery service (charges prepaid). Any such notice must be sent:</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) if to a Purchaser or its nominee, to such Purchaser or its nominee at the address specified for such communications in </FONT><B><FONT size=2 face="Times New Roman">Schedule A </FONT></B><FONT size=2 face="Times New Roman">to the Note Purchase Agreement to which such Purchaser is a party, or at such other address as such Purchaser or its nominee shall have specified to any Guarantor in writing, </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) if to any other Holder, to such Holder at such address as such Holder shall have specified to any Guarantor in writing, or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) if to any Guarantor, to such Guarantor c/o the Company at its address set forth at the beginning of the Note Purchase Agreement to the attention of the Chief Financial Officer of the Company, or at such other address as such Guarantor shall have specified to the Holders in writing.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Notices under this </FONT><B><FONT size=2 face="Times New Roman">Section 7 </FONT></B><FONT size=2 face="Times New Roman">will be deemed given only when actually received.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Section 8. </FONT><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Miscellaneous.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) No remedy herein conferred upon or reserved to any Holder is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Guaranty now or hereafter existing at law or in equity. No delay or omission to exercise any right or power accruing upon any default, omission or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof but any such right or power may be exercised from time to time and as often as may be deemed expedient. In order to entitle any Holder to exercise any remedy reserved to it under this Guaranty, it shall not be necessary for such Holder to physically produce its Note in any proceedings instituted by it or to give any notice, other than such notice as may be herein expressly required.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-13</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The Guarantors will pay all sums becoming due under this Guaranty by the method and at the address specified for such purpose for such Holder, in the case of a Holder that is a Purchaser, on </FONT><B><FONT size=2 face="Times New Roman">Schedule A </FONT></B><FONT size=2 face="Times New Roman">to the Note Purchase Agreement to which such Purchaser is a party or by such other method or at such other address as any Holder shall have from time to time specified to the Guarantors or the Company on behalf of the Guarantors in writing for such purpose, without the presentation or surrender of this Guaranty or any Note.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) Any provision of this Guaranty 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) If the whole or any part of this Guaranty shall be now or hereafter become unenforceable against any one or more of the Guarantors for any reason whatsoever or if it is not executed by any one or more of the Guarantors, this Guaranty shall nevertheless be and remain fully binding upon and enforceable against each other Guarantor as if it had been made and delivered only by such other Guarantors.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) This Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of each Holder and its successors and assigns so long as its Notes remain outstanding and unpaid.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) This Guaranty 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. The parties agree to electronic contracting and signatures with respect to this Guaranty and any other agreement and instrument hereunder. Delivery of an electronic signature to, or a signed copy of, this Guaranty and any other agreement and instrument hereunder by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes. Notwithstanding the foregoing, if any Purchaser shall request manually signed counterpart signatures this Guaranty and any other agreement and instrument hereunder, the Guarantors hereby agree to use their reasonable endeavors to provide such manually signed signature pages as soon as reasonably practicable.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) This Guaranty 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 the application of the laws of a jurisdiction other than such State.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-14</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) Each Guarantor hereby irrevocably submits to the non-exclusive jurisdiction of any State of New York court or any Federal court located in New York County, New York, New York for the adjudication of any matter arising out of or relating to this Guaranty, and consents to the service of all writs, process and summonses by registered or certified mail out of any such court or by service of process on such Guarantor at its address to which notices are to be given pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 7 </FONT></B><FONT size=2 face="Times New Roman">hereof and hereby waives any requirement to have an agent for service of process in the State of New York. Nothing contained herein shall affect the right of any Holder to serve legal process in any other manner or to bring any proceeding hereunder in any jurisdiction where such Guarantor may be amenable to suit. Each Guarantor hereby irrevocably waives any objection to any suit, action or proceeding in any New York court or Federal court located in New York County, New York, New York on the grounds of venue and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) Each Guarantor hereby waives trial by jury in any action brought on or with respect to this Guaranty or any other document executed in connection herewith.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Remainder of Page Left Intentionally Blank]</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-15</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be duly executed by an authorized representative as of the date first written above.</FONT></P>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman">NJR Retail Holdings Corporation</FONT></B></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 49%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President, Chief Financial<BR>Officer, Treasurer and Secretary</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman">NJR Home Services Company</FONT></B></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 49%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President, Chief Financial<BR>Officer, Treasurer and Secretary</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman">NJR Plumbing Services, Inc.</FONT></B></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 49%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President, Chief Financial<BR>Officer, Treasurer and Secretary</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman">NJR Service Corporation</FONT></B></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 49%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President<BR>and Chief Financial Officer</FONT></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman">Phoenix Fuel Management Company</FONT></B></TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 49%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President, Chief Financial<BR>Officer, Treasurer and Secretary</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-16</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman">NJR Energy Investments Corporation</FONT></B></TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 49%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President and Chief Financial<BR>Officer</FONT></TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman">NJR Clean Energy Ventures Corporation</FONT></B></TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 49%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President and Chief Financial<BR>Officer</FONT></TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman">Commercial Realty and Resources Corp.</FONT></B></TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 49%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">President, Chief Financial Officer,<BR>Treasurer and Secretary</FONT></TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman">NJR Midstream Holdings Corporation</FONT></B></TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 49%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President and<BR>Chief Financial Officer</FONT></TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="2" STYLE="vertical-align: top; width: 50%; text-align: left"><B><FONT size=2 face="Times New Roman">NJR Energy Services Company</FONT></B></TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR>

   <TD STYLE="text-align: left; vertical-align: top; width: 50%"></TD>

   <TD COLSPAN="2" STYLE="text-align: left; vertical-align: top; width: 50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 49%; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 50%; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="vertical-align: top; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Senior Vice President and<BR>Chief Financial Officer</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-17</FONT></P>

<HR align=center width="100%" noShade size="2">


<!-- Part 20 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="50%" noWrap align=left>&nbsp;<B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="50%" colSpan=2 noWrap align=left><B><FONT size=2 face="Times New Roman">NJR Clean Energy Ventures III Corporation</FONT></B></TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD STYLE="width: 49%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name: </FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Senior Vice President and</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Chief Financial Officer</FONT></TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="50%" colSpan=2 noWrap align=left><B><FONT size=2 face="Times New Roman">NJR Storage Holdings Company</FONT></B></TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD STYLE="width: 49%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Senior Vice President and</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Chief Financial Officer</FONT></TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="50%" colSpan=2 noWrap align=left><B><FONT size=2 face="Times New Roman">NJR Clean Energy Ventures II Corporation</FONT></B></TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>
   <TD STYLE="width: 49%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Senior Vice President and</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Chief Financial Officer</FONT></TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="50%" colSpan=2 noWrap align=left><B><FONT size=2 face="Times New Roman">Bernards Solar, LLC</FONT></B></TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">NJR Clean Energy Ventures II Corporation,</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">its Sole Member</FONT></TD></TR>
<TR>
   <TD width="50%"></TD>
   <TD width="50%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD STYLE="width: 49%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Patrick J. Migliaccio</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Senior Vice President and</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Chief Financial Officer</FONT></TD></TR></TABLE>

<P STYLE="text-align: center"><FONT size=2 face="Times New Roman">E-2-18</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-align: center">
<B><FONT style="font-variant: small-caps" size=2 face="Times New Roman">Guaranty Supplement</FONT></B></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">To the Holders (as defined in the hereinafter <BR>
defined Guaranty Agreement)</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">Ladies and Gentlemen:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">Whereas, New Jersey Resources Corporation, a corporation organized under the laws of the State of New Jersey (the </FONT><I><FONT size=2 face="Times New Roman">&#147;Company&#148;</FONT></I><FONT size=2 face="Times New Roman">), in order to refinance existing indebtedness and provide funding for general corporate purposes, including, but not limited to, capital expenditures, has issued to the Purchasers &#36;200,000,000 aggregate principal amount of its senior notes consisting of (i) &#36;120,000,000 aggregate principal amount of its 3.13% Senior Notes, Series 2020C, due September 1, 2031 (the </FONT><I><FONT size=2 face="Times New Roman">&#147;Series C Notes&#148;</FONT></I><FONT size=2 face="Times New Roman">) and (ii) &#36;80,000,000 aggregate principal amount of its 3.25% Senior Notes, Series 2020D, due September 1, 2033 (the </FONT><I><FONT size=2 face="Times New Roman">&#147;Series D Notes&#148;</FONT></I><FONT size=2 face="Times New Roman">; and together with the Series C Notes, the </FONT><I><FONT size=2 face="Times New Roman">&#147;Notes&#148;</FONT></I><FONT size=2 face="Times New Roman">), pursuant to a Note Purchase Agreement dated as of September 1, 2020 (</FONT><I><FONT size=2 face="Times New Roman">&#147;Note Purchase Agreement&#148;</FONT></I><FONT size=2 face="Times New Roman">) between the Company and the respective Purchasers named therein. Capitalized terms used herein shall have the meanings set forth in the hereinafter defined Guaranty Agreement unless herein defined or the context shall otherwise require.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">Whereas, as a condition precedent to their purchase of the Notes, the Purchasers required that from time to time certain Subsidiaries of the Company enter into that certain Subsidiary Guaranty Agreement dated as of September 1, 2020 attached hereto as Exhibit 1 (as amended, supplemented, restated or otherwise modified from time to time, the </FONT><I><FONT size=2 face="Times New Roman">&#147;Guaranty Agreement&#148;</FONT></I><FONT size=2 face="Times New Roman">) as security for the Notes.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">Pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 9.7(a) </FONT></B><FONT size=2 face="Times New Roman">of the Note Purchase Agreement, the Company has agreed to cause the undersigned, [____________], a [corporation] organized under the laws of [______________] (the </FONT><I><FONT size=2 face="Times New Roman">&#147;Additional Guarantor&#148;</FONT></I><FONT size=2 face="Times New Roman">), to join in the Guaranty Agreement. In accordance with the requirements of the Guaranty Agreement, the Additional Guarantor desires to amend the definition of Guarantor (as the same may have been heretofore amended) set forth in the Guaranty Agreement attached hereto so that at all times from and after the date hereof, the Additional Guarantor shall be jointly and severally liable as set forth in the Guaranty Agreement for the obligations of the Company under the Notes and the Note Purchase Agreement to the extent and in the manner set forth in the Guaranty Agreement.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">The undersigned is the duly elected [____________] of the Additional Guarantor, a Subsidiary of the Company, and is duly authorized to execute and deliver this Guaranty Supplement to each of you. The execution by the undersigned of this Guaranty Supplement shall evidence such Additional Guarantor&#146;s consent to and acknowledgment and approval of the terms set forth herein and in the Guaranty Agreement and its agreement to be bound by the covenants, terms and provisions of the Guaranty Agreement as a Guarantor thereunder and by such execution the Additional Guarantor shall be deemed to have made in favor of the Holders the representations and warranties set forth in </FONT><B><FONT size=2 face="Times New Roman">Section 5 </FONT></B><FONT size=2 face="Times New Roman">of the Guaranty Agreement.</FONT></P>
<P STYLE="text-align: center">
<FONT size=2 face="Times New Roman">E-2-19</FONT></P>
<HR align=center width="100%" noShade size="2"><DIV STYLE="page-break-before: always"></DIV>



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Upon execution of this Guaranty Supplement, the Guaranty Agreement shall be deemed to be amended as set forth above. Except as amended herein, the terms and provisions of the Guaranty Agreement are hereby ratified, confirmed and approved in all respects.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Any and all notices, requests, certificates and other instruments (including the Notes) may refer to the Guaranty Agreement without making specific reference to this Guaranty Supplement, but nevertheless all such references shall be deemed to include this Guaranty Supplement unless the context shall otherwise require.</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Dated:&nbsp;</FONT></TD>
   <TD STYLE="width: 49%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">_________________, 20__.</FONT></TD>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>
   <TD STYLE="width: 49%; white-space: nowrap; text-align: left"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT style="font-variant: small-caps" size=2 face="Times New Roman">[Name of Additional Guarantor]</FONT></B></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&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;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Its:</FONT></TD>
   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE>

<P STYLE="text-align: center"><FONT size=2 face="Times New Roman">E-2-20</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-align: center">
<U><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Exhibit 1 to Guaranty Supplement</FONT></U></P>
<P STYLE="text-align: center">
<FONT size=2 style="font-variant: small-caps" face="Times New Roman">Guaranty Agreement</FONT></P>
<P STYLE="text-align: center">
<FONT size=2 face="Times New Roman">[See attached]</FONT></P>
<P STYLE="text-align: center">
<FONT size=2 face="Times New Roman">E-2-21</FONT></P>
<HR align=center width="100%" noShade size="2"><DIV STYLE="page-break-before: always"></DIV>


<P STYLE="text-align: center">
<B><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Form of Opinion of Special Counsel <BR>
to the Company and the Guarantors</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">The closing opinions of Alex Gonzalez, Esq., and Troutman Pepper Hamilton Sanders LLP, special counsels for the Company and the Guarantors, which are called for by Section 4.5(a) of the Agreement, shall be dated the Closing Date and addressed to each Purchaser (subject to customary qualifications and exceptions reasonably acceptable to the Purchasers), and shall be reasonably satisfactory in scope and form to each Purchaser and shall be to the effect that:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">1. Each of the Company and the Guarantors being duly incorporated, validly existing and in good standing and having requisite corporate power and authority to issue and sell the Notes and to execute, deliver and perform the Agreement, the Notes and the Guaranty Agreement.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">2. New Jersey Natural Gas is a corporation or other business entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. All of the issued and outstanding shares of capital stock or other equity interests of each such Guarantor and New Jersey Natural Gas have been duly issued, are fully paid and non-assessable, other than as shown in Schedule 5.4 to the Agreement, and are owned by the Company, by one or more Restricted Subsidiaries, or by the Company and one or more Restricted Subsidiaries.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">3. Due authorization, execution and delivery of the Agreement, the Notes and the Guaranty Agreement and such documents being legal, valid, binding and enforceable in accordance with their terms.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">4. No conflicts with charter documents, laws, judgments, orders, decrees or other agreements; no creation of Liens.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">5. All consents, approvals, authorizations or filings required to be obtained by the Company or any Guarantor to issue and sell the Notes and to execute, deliver and perform the Agreement, the Notes and the Guaranty Agreement having been obtained.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">6. No litigation questioning validity of documents.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">7. The Notes not requiring registration under the Securities Act of 1933, as amended; no need to qualify an indenture under the Trust Indenture Act of 1939, as amended.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">8. No violation of Regulations T, U or X of the Federal Reserve Board.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">9. Company not an &#147;investment company&#148;, or a company &#147;controlled&#148; by an &#147;investment company&#148;, under the Investment Company Act of 1940, as amended.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">The opinions of Alex Gonzalez, Esq., and Troutman Pepper Hamilton Sanders LLP shall cover such other matters relating to the sale of the Notes as any Purchaser may reasonably request. With respect to matters of fact on which such opinion is based, such counsel shall be entitled to rely on appropriate certificates of public officials, Wells Fargo Securities, J.P. Morgan Securities LLC, officers of the Company and of the Guarantors and upon representations of the Company, the Guarantors and the Purchasers delivered in connection with the issuance and sale of the Notes and the execution and delivery of the Guaranty Agreement and such opinion and shall provide that (i) subsequent holders of the Notes may rely upon such opinion as though delivered to such subsequent holders on the Closing Date and (ii) such opinion may be provided to Governmental Authorities, including, without limitation, the NAIC, provided that such opinion may indicate that any such Governmental Authority may not rely on such opinion.</FONT></P>
<P STYLE="text-align: center">
<FONT size=2 style="font-variant: small-caps" face="Times New Roman">Exhibit </font><FONT size=2 face="Times New Roman">4.5(a)<BR>
(to Note Purchase Agreement)</FONT></P>
<HR align=center width="100%" noShade size="2"><DIV STYLE="page-break-before: always"></DIV>

<P STYLE="text-align: center">
<B><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Form of Opinion of Special Counsel <BR>
to the Purchasers</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">The closing opinion of Schiff Hardin LLP, special counsel to the Purchasers, called for by Section 4.5(b) of the Agreement, shall be dated the Closing Date and addressed to the Purchasers, shall be satisfactory in form and substance to the Purchasers and shall be to the effect that:</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">1. The Company is a corporation validly existing and in good standing under the laws of the State of New Jersey.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">2. The Agreement and the Notes being delivered on the date hereof constitute the legal, valid and binding contracts of the Company, enforceable against the Company in accordance with their respective terms.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">3. The issuance, sale and delivery of the Notes being delivered on the date hereof under the circumstances contemplated by this Agreement do not, under existing law, require the registration of such Notes under the Securities Act or the qualification of an indenture under the Trust Indenture Act of 1939, as amended.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">The opinion of Schiff Hardin LLP shall also state that the opinions of Alex Gonzalez, Esq., and of Troutman Pepper Hamilton Sanders LLP are satisfactory in scope and form to Schiff Hardin LLP and that, in their opinion, the Purchasers are justified in relying thereon.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">In rendering the opinion set forth in paragraph 1 above, Schiff Hardin LLP may rely, as to matters referred to in paragraph 1, solely upon an examination of the Certificate of Incorporation certified by, and a certificate of good standing of the Company from, the Secretary of State of the State of New Jersey. The opinion of Schiff Hardin LLP is limited to the laws of the State of New York and the Federal laws of the United States.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">With respect to matters of fact upon which such opinion is based, Schiff Hardin LLP may rely on appropriate certificates of public officials and officers of the Company and upon representations of the Company and the Purchasers delivered in connection with the issuance and sale of the Notes.</FONT></P>
<P STYLE="text-align: center">
<FONT size=2 style="font-variant: small-caps" face="Times New Roman">Exhibit </font><FONT size=2 face="Times New Roman">4.5(b)<BR>
(to Note Purchase Agreement)</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>njr3801241-ex42.htm
<DESCRIPTION>$75,000,000 NOTE PURCHASE AGREEMENT, DATED AS OF SEPTEMBER 1, 2020
<TEXT>
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<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="100%" noWrap align=right><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Execution Version</FONT></TD></TR>

<TR style="LINE-HEIGHT: 2pt" vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="100%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps"><BR><BR><BR><BR><BR><BR>New Jersey Natural Gas Company</FONT></P>

<P style="TEXT-ALIGN: center">&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">$25,000,000 2.87% Senior Notes, Series 2020D, due September 1, 2050<BR>$50,000,000 2.97% Senior Notes, Series 2020E, due September 1, 2060</FONT></P>

<BR>
<BR>
<BR>
<BR>
<BR>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">____________________</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Note Purchase Agreement</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">____________________</FONT></P>

<P style="TEXT-ALIGN: center">&nbsp;</P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Dated as of September 1, 2020<BR><BR><BR><BR><BR><BR><BR>
</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR style="LINE-HEIGHT: 2pt" vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" width="100%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR></TABLE><BR>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">TABLE OF CONTENTS</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">(Not a part of the Agreement)</FONT></P>

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   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Section</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Heading</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>

   <TD width="33%" noWrap align=right><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Page</FONT></TD></TR></TABLE><BR>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 1.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman">AUTHORIZATION OF NOTES</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">1</FONT></TD></TR>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 2.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman">SALE AND PURCHASE OF NOTES AND SECURITY FOR THE NOTES</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">1</FONT></TD></TR></TABLE>

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   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 2.1.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Sale and Purchase of Notes</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">1</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 2.2.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Security for the Notes; First Mortgage Bonds</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">1</FONT></TD></TR></TABLE>

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   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: bottom; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">SECTION 3.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">CLOSING</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">2</FONT></FONT></TD></TR>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">SECTION 4.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">CONDITIONS TO CLOSING</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">3</FONT></FONT></TD></TR></TABLE>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></FONT></FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 4.1.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Representations and Warranties</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">3</FONT></FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 4.2.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Performance; No Default</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">3</FONT></FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.3.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Compliance Certificates</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">3</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.4.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Opinions of Counsel</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.5.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Purchase Permitted by Applicable Law, Etc</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.6.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Related Transactions</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.7.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Payment of Special Counsel Fees</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.8.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Private Placement Number</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.9.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Changes in Corporate Structure</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">4</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.10.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Funding Instructions</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">5</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.11.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Board Approval</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">5</FONT></FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.12.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">First Mortgage Bonds and Supplemental Indenture</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">5</FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 4.13.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Proceedings and Documents</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">5</FONT></TD></TR></TABLE>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></TD></TR>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">SECTION 5.</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">REPRESENTATIONS AND WARRANTIES OF THE COMPANY</FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">6</FONT></FONT></TD></TR></TABLE>

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   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></FONT></FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></FONT></FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.1.</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Organization; Power and Authority</FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">6</FONT></FONT></FONT></FONT></TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.2.</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Authorization, Etc</FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">6</FONT></FONT></FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.3.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Disclosure</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">6</FONT></FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.4.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Organization and Ownership of Shares of Subsidiaries</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">6</FONT></FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.5.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Financial Statements</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">7</FONT></FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.6.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Compliance with Laws, Other Instruments, Etc</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">7</FONT></FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.7.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Governmental Authorizations, Etc</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">7</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.8.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Litigation; Observance of Statutes and Orders</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">7</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.9.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Taxes</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">8</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.10.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Title to Property; Leases</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">8</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.11.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Licenses, Permits, Etc</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">8</FONT></FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 5.12.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Compliance with ERISA</FONT></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">&nbsp;</FONT></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">8</FONT></FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman"><BR></FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">-i-</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<BR>



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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 5.13.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Private Offering by the Company</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">9</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 5.14.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Use of Proceeds; Margin Regulations</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">9</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 5.15.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Existing Debt</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 5.16.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Foreign Assets Control Regulations, Etc</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">10</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 5.17.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Status under Certain Statutes</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">11</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 5.18.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Environmental Matters</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">11</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 5.19.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Perfection of Liens</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">12</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 5.20.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">First Mortgage Bonds Pari Passu</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">12</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 5.21.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">No Event of Default</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">12</FONT></TD></TR>

<TR STYLE="line-height: 1pt; vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 6.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">REPRESENTATIONS OF THE PURCHASERS</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">12</FONT></TD></TR></TABLE>


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<TR vAlign=bottom>

   <TD vAlign=middle width="1%" noWrap align=left></TD>

   <TD vAlign=middle width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=middle width="1%" noWrap align=left></TD>

   <TD vAlign=middle width="100%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=middle width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 6.1.</FONT></TD>

   <TD vAlign=middle width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=middle width="100%" align=left><FONT size=2 face="Times New Roman">Purchase for Investment</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">12</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 6.2.</FONT></TD>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=middle width="100%" align=left><FONT size=2 face="Times New Roman">Source of Funds</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">13</FONT></TD></TR></TABLE>


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<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">SECTION 7.</FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 100%; text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">INFORMATION AS TO COMPANY</FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; background-color: Silver">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">14</FONT></TD></TR></TABLE>


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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 7.1.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Financial and Business Information</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">14</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 7.2.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Officer&#8217;s Certificate</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">16</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 7.3.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Inspection</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">17</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 7.4.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Electronic Delivery</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">17</FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="100%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 8.</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="100%" align=left><FONT size=2 face="Times New Roman">PREPAYMENT OF THE NOTES</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">18</FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 8.1.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Required Prepayments</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">18</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 8.2.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Required Prepayment&#8212;Condemnation; Required Sale</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">18</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 8.3.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Optional Prepayments with and Without Make-Whole Amount</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">19</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 8.4.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Allocation of Partial Prepayments</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">19</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 8.5.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Maturity; Surrender, Etc</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">20</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 8.6.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Purchase of Notes</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">20</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 8.7.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Make-Whole Amount for Notes</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">20</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 8.8.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Offer to Prepay upon Asset Disposition</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">22</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 8.9.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Offer to Prepay in the Event of a Change of Control</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">23</FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 9.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">AFFIRMATIVE COVENANTS</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">24</FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 9.1.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Compliance with Laws</FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">24</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 9.2.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Insurance</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">24</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 9.3.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Maintenance of Properties</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">24</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 9.4.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Payment of Taxes and Claims</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">24</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 9.5.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Corporate Existence, Etc</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">24</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 9.6.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Regulated Nature</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">25</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 9.7.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Evidence of Recorded Supplemental Indentures</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">25</FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">SECTION 10.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">NEGATIVE COVENANTS</FONT></FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">25</FONT></FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 10.1.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">[Reserved]</FONT></FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">25</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 10.2.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Liens</FONT></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">25</FONT></FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">-ii-</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>


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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.3.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">Restricted Payments</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">27</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.4.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">[RESERVED]</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">27</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.5.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">Sale of Assets, Etc</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">27</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.6.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">Merger, Consolidation, Etc</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">28</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.7.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">[RESERVED]</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">29</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.8.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">Limitations on Subsidiaries, Partnerships and Joint Ventures</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">29</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.9.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">Limitation on Certain Leases</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">29</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.10.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">Nature of Business</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">29</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.11.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">Transactions with Affiliates</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">29</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.12.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">[RESERVED]</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">30</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 10.13.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" align=left><FONT size=2 face="Times New Roman">Economic Sanctions, Etc</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">30</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE>


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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 11.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">EVENTS OF DEFAULT</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">30</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 12.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">REMEDIES ON DEFAULT, ETC</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">32</FONT></TD></TR></TABLE>


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<TR vAlign=bottom>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="95%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 12.1.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Acceleration</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">32</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 12.2.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Other Remedies</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">33</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 12.3.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">Rescission</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">33</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 12.4.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="95%" noWrap align=left><FONT size=2 face="Times New Roman">No Waivers or Election of Remedies, Expenses, Etc</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">34</FONT></TD></TR></TABLE>


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<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="96%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 13.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman">REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">34</FONT></TD></TR></TABLE>


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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 13.1.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Registration of Notes</FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">34</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 13.2.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Transfer and Exchange of Notes</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">35</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 13.3.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Replacement of Notes</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">35</FONT></TD></TR></TABLE>


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<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="96%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">SECTION 14.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">PAYMENTS ON NOTES</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">35</FONT></FONT></TD></TR></TABLE>


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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 14.1.</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Place of Payment</FONT></FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">35</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 14.2.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Home Office Payment</FONT></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">36</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 14.3.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">FATCA Information</FONT></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">36</FONT></TD></TR></TABLE>


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<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="96%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">SECTION 15.</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="96%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">EXPENSES, ETC</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">36</FONT></FONT></TD></TR></TABLE>


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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 15.1.</FONT></FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Transaction Expenses</FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">36</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 15.2.</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Certain Taxes</FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">37</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 15.3.</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Survival</FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">37</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></FONT>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></TD></TR></TABLE>


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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">SECTION 16.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">37</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">SECTION 17.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">AMENDMENT AND WAIVER</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">38</FONT></FONT></TD></TR></TABLE>

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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 17.1.</FONT></FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Requirements</FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">38</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 17.2.</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Solicitation of Purchasers and Holders of Notes</FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">38</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Section 17.3.</FONT></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Binding Effect, Etc</FONT></FONT></FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">39</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 17.4.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Notes Held by Company, Etc</FONT></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">39</FONT></TD></TR></TABLE>



<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">-iii-</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>


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<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 18.</FONT></TD>

   <TD vAlign=middle width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=middle width="96%" align=left><FONT size=2 face="Times New Roman">NOTICES</FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">39</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=middle width="1%" noWrap align=left></TD>

   <TD vAlign=middle width="96%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 19.</FONT></TD>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=middle width="96%" align=left><FONT size=2 face="Times New Roman">REPRODUCTION OF DOCUMENTS</FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">40</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=middle width="96%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 20.</FONT></TD>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=middle width="96%" align=left><FONT size=2 face="Times New Roman">CONFIDENTIAL INFORMATION</FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">40</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=middle width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=middle width="96%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 21.</FONT></TD>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=middle width="96%" align=left><FONT size=2 face="Times New Roman">SUBSTITUTION OF PURCHASER</FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">41</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=middle width="96%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SECTION 22.</FONT></TD>

   <TD vAlign=middle width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=middle width="96%" align=left><FONT size=2 face="Times New Roman">MISCELLANEOUS</FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">42</FONT></TD></TR>                                                                                                          <TR STYLE="vertical-align: bottom; background-color: Silver">
   <TD STYLE="vertical-align: middle; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: middle; white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
   <TD STYLE="vertical-align: bottom; white-space: nowrap; text-align: right">&nbsp;</TD>
   <TD STYLE="vertical-align: bottom; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
</TABLE>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 22.1.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Successors and Assigns</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">42</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 22.2.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Submission to Jurisdiction; Waiver of Jury Trial</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">42</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 22.3.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Payments Due on Non-Business Days</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">42</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 22.4.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Accounting Terms</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">43</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 22.5.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Severability</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">43</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 22.6.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Construction</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">43</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 22.7.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Counterparts; Electronic Contracting</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">44</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 22.8.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Governing Law</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=right><FONT size=2 face="Times New Roman">44</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 100%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: bottom; width: 1%; white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">SECTION 23.</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">APPOINTMENT AND DIRECTION OF COLLATERAL AGENT</FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">44</FONT></FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></TD></TR></TABLE>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR style="LINE-HEIGHT: 1pt; background-color: Silver" vAlign=bottom>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="100%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.1.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Appointment and Authority; Direction</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">44</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.2.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Limited Agency</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">44</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.3.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Delegation of Duties</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">44</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.4.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Exculpatory Provisions</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">45</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.5.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Reliance by Collateral Agent</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">45</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.6.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Indemnification</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">46</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.7.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Duties; Obligations</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">46</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.8.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Requesting Instructions</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">46</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.9.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Administrative Actions</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">46</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.10.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Exercise of Remedies</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">46</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.11.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Sharing and Application of Proceeds</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">47</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.12.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Resignation or Termination of Collateral Agent</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">47</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.13.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Succession of Successor Collateral Agent</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">48</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.14.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Eligibility of Collateral Agent</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">48</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.15.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Successor Collateral Agent by Merger</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">48</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.16.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Compensation and Reimbursement of Collateral Agent</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">48</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.17.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Self Dealing</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">49</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Section 23.18.</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" noWrap align=left><FONT size=2 face="Times New Roman">Third Party Beneficiary</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=bottom width="1%" noWrap align=left><FONT size=2 face="Times New Roman">49</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">-iv-</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Attachments to Note Purchase Agreement</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SCHEDULE A</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Information Relating to Purchasers</FONT></TD></TR>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SCHEDULE B</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Defined Terms</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SCHEDULE 4.9</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Changes in Corporate Structure</FONT></TD></TR>

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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SCHEDULE 5.3</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Disclosure Materials</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SCHEDULE 5.5</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Financials</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SCHEDULE 5.8</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Certain Litigation</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SCHEDULE 5.11</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Patents, Etc</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SCHEDULE 5.14</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Use of Proceeds</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">SCHEDULE 5.15</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Existing Debt</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">EXHIBIT 1(a)</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Form of 2.87% Senior Notes, Series 2020D, due September 1, 2050</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">EXHIBIT 1(b)</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Form of 2.97% Senior Notes, Series 2020E, due September 1, 2060</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">EXHIBIT 2</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Form of Supplemental Indenture</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">EXHIBIT 4.4(a)</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Form of Opinion of Special Counsel to the Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left>&nbsp;</TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">EXHIBIT 4.4(b)</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&#8212;</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="100%" align=left><FONT size=2 face="Times New Roman">Form of Opinion of Special Counsel to the Purchasers</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">-v-</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman" style="font-variant: small-caps">New Jersey Natural Gas Company<BR></FONT></B><B><FONT size=2 face="Times New Roman">1415 Wyckoff Road <BR>Wall, New Jersey 07719</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">$25,000,000 2.87% Senior Notes, Series 2020D, due September 1, 2050<BR>$50,000,000 2.97% Senior Notes, Series 2020E, due September 1, 2060</FONT></P>

<P style="TEXT-ALIGN: right"><FONT size=2 face="Times New Roman">Dated as of September 1, 2020</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">To the Purchasers Listed in<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Attached Schedule a Hereto:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Ladies and Gentlemen:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">New Jersey Natural Gas Company, </FONT><FONT size=2 face="Times New Roman">a New Jersey corporation (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Company&#8221;</FONT></I><FONT size=2 face="Times New Roman">), agrees with each of you as follows:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Section 1. Authorization of Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company will authorize the issue and sale of $75,000,000 aggregate principal amount of its senior notes consisting of (a) $25,000,000 aggregate principal amount of its 2.87% Senior Notes, Series 2020D, due September 1, 2050 (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Series D Notes</FONT></I><FONT size=2 face="Times New Roman">&#8221;) and (b) $50,000,000 aggregate principal amount of its 2.97% Senior Notes, Series 2020E, due September 1, 2060 (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Series E Notes&#8221; </FONT></I><FONT size=2 face="Times New Roman">and together with the Series D Notes, the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Notes&#8221; </FONT></I><FONT size=2 face="Times New Roman">such term shall also include any such Series D Notes or Series E Notes issued in substitution therefor pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 13 </FONT></B><FONT size=2 face="Times New Roman">of this Agreement). The Series D Notes and the Series E Notes shall be substantially in the form set out in </FONT><B><FONT size=2 face="Times New Roman">Exhibit 1(a) and Exhibit 1(b)</FONT></B><FONT size=2 face="Times New Roman">, respectively, with such changes therefrom, if any, as may be approved by the Purchasers and the Company. Certain capitalized terms used in this Agreement are defined in </FONT><B><FONT size=2 face="Times New Roman">Schedule B</FONT></B><FONT size=2 face="Times New Roman">; references to a &#8220;Schedule&#8221; or an &#8220;Exhibit&#8221; are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. References to a &#8220;Section&#8221; are references to a Section of this Agreement unless otherwise specified.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Section 2. Sale and Purchase of Notes and Security for the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 2.1 Sale and Purchase of Notes. </FONT></I><FONT size=2 face="Times New Roman">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 </FONT><B><FONT size=2 face="Times New Roman">Section 3</FONT></B><FONT size=2 face="Times New Roman">, Notes of the series and in the principal amount specified opposite such Purchaser&#8217;s name in </FONT><B><FONT size=2 face="Times New Roman">Schedule A </FONT></B><FONT size=2 face="Times New Roman">at the purchase price of 100% of the principal amount thereof. Each Purchaser&#8217;s obligations hereunder are several and not joint obligations and no Purchaser shall have any obligation or liability to any Person for the performance or non-performance by any other Purchaser hereunder.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 2.2 Security for the Notes; First Mortgage Bonds. </FONT></I><FONT size=2 face="Times New Roman">(a) The Notes of each series shall be secured by an equal principal amount of the related First Mortgage Bonds issued by the Company under the Mortgage Indenture to U.S. Bank National Association, as collateral agent for the holders of the Notes. The First Mortgage Bonds will rank </FONT><I><FONT size=2 face="Times New Roman">pari passu </FONT></I><FONT size=2 face="Times New Roman">with all other existing and future first mortgage bonds issued pursuant to the Mortgage Indenture.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Terms of First Mortgage Bonds. </FONT></I><FONT size=2 face="Times New Roman">The First Mortgage Bonds of each series will have the same stated interest rate, interest payment dates, stated maturity and redemption provisions (including Make-Whole Amount, if any), and will be in the same aggregate principal amount, as the related Notes. Payments of the principal of, Make-Whole Amount, if any, and interest on the Notes of a series shall be deemed to satisfy and discharge the Company&#8217;s obligation to make such payments on the related First Mortgage Bonds. Principal of, Make-Whole Amount, if any, and interest on the First Mortgage Bonds are payable at the principal office of the Mortgage Trustee in Morristown, New Jersey or at the Company&#8217;s option at the principal office of the Collateral Agent.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><I><FONT size=2 face="Times New Roman">Parallel Payments of Notes and First Mortgage Bonds. </FONT></I><FONT size=2 face="Times New Roman">The First Mortgage Bonds of each series shall contain optional and mandatory redemption provisions (including Make-Whole Amount, if any) which correspond to the optional and mandatory prepayment provisions of the related Notes. In addition, the First Mortgage Bonds shall be subject to mandatory redemption if the Company or the Mortgage Trustee is notified that an Event of Default under this Agreement has occurred and is continuing and that the principal amount of all Notes then outstanding has become due and payable in accordance with this Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) In the event the Company elects to or is required to prepay the Notes, in whole or in part, in accordance with the provisions of this Agreement, the Company&#8217;s obligations with respect to a principal amount of related First Mortgage Bonds equal to the principal amount of such Notes being prepaid will, upon prepayment of such Notes, be satisfied and discharged, and the Collateral Agent shall deliver corresponding First Mortgage Bonds in a principal amount equal to the principal amount of the Notes so prepaid to the Company for further delivery to the Mortgage Trustee for cancellation.</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) In the event the Company elects to or is required to redeem First Mortgage Bonds in whole or in part, in accordance with the provisions of the Mortgage Indenture, the Company shall prepay a principal amount of the related Notes equal to the principal amount of such First Mortgage Bonds being redeemed in accordance with the provisions of </FONT><B><FONT size=2 face="Times New Roman">Section 8.2 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">Section 8.3</FONT></B><FONT size=2 face="Times New Roman">, as applicable, and the Company&#8217;s obligation in respect of First Mortgage Bonds equal to the principal amount of such prepaid Notes will be satisfied and discharged, and the Collateral Agent shall deliver corresponding First Mortgage Bonds in a principal amount equal to the principal amount of such Notes so prepaid to the Company for further delivery to the Mortgage Trustee for cancellation.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Section 3. Closing.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The sale and purchase of the Notes to be purchased by the Purchasers shall occur at the offices of Schiff Hardin LLP, 1185 Sixth Avenue, Suite 3000, New York, New York 10036, at 11:00 a.m., New York, New York time, at a closing (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Closing&#8221;</FONT></I><FONT size=2 face="Times New Roman">) on September 1, 2020. 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 of the applicable series (or such greater number of Notes of such series in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser&#8217;s name (or in the name of its nominee), 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 in accordance with the funding instructions provided pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 4.10</FONT></B><FONT size=2 face="Times New Roman">. If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this </FONT><B><FONT size=2 face="Times New Roman">Section 3</FONT></B><FONT size=2 face="Times New Roman">, or any of the conditions specified in </FONT><B><FONT size=2 face="Times New Roman">Section 4 </FONT></B><FONT size=2 face="Times New Roman">shall not have been fulfilled to such Purchaser&#8217;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 or such nonfulfillment.</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Section 4. Conditions to Closing.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Each Purchaser&#8217;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&#8217;s satisfaction, prior to or at the Closing, of the following conditions:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.1 Representations and Warranties</FONT></I><FONT size=2 face="Times New Roman">. (a) The representations and warranties of the Company in this Agreement shall be true and correct at the time of the Closing, except for any representation or warranty that by its terms speaks as of a particular time, in which case such representation or warranty shall have been correct as of that time, and (b) the representations and warranties of the Company in the Mortgage Indenture (including the Supplemental Indenture) and the First Mortgage Bond Documents to which it is a party shall be correct upon execution and delivery of the First Mortgage Bond Documents at the time of the Closing.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.2 Performance; No Default. </FONT></I><FONT size=2 face="Times New Roman">The Company shall have performed and complied with all agreements and conditions contained in this Agreement, the Mortgage Indenture (including the Supplemental Indenture) and the First Mortgage Bond Documents to which it is a party required to be performed or complied with by it prior to or at 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 </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.14</FONT></B><FONT size=2 face="Times New Roman">) and the issue of the First Mortgage Bonds, no Default or Event of Default shall have occurred and be continuing.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.3 Compliance Certificates</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Officer&#8217;s Certificate</FONT></I><FONT size=2 face="Times New Roman">. The Company shall have delivered to such Purchaser an Officer&#8217;s Certificate, dated the date of the Closing, certifying that the conditions specified in </FONT><B><FONT size=2 face="Times New Roman">Sections 4.1, 4.2 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">4.9 </FONT></B><FONT size=2 face="Times New Roman">have been fulfilled.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Secretary&#8217;s Certificate</FONT></I><FONT size=2 face="Times New Roman">. The Company shall have delivered to such Purchaser a certificate of its Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of this Agreement, the Supplemental Indenture, the First Mortgage Bond Documents to which it is a party, the Notes and the First Mortgage Bonds and (ii) the Company&#8217;s organizational documents as then in effect.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.4 Opinions of Counsel</FONT></I><FONT size=2 face="Times New Roman">. Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a) from Alex Gonzalez, Esq., Assistant General Counsel of NJR Service Corporation, and Troutman Pepper Hamilton Sanders LLP, special counsel for the Company, covering the matters set forth in </FONT><B><FONT size=2 face="Times New Roman">Exhibit 4.4(a) </FONT></B><FONT size=2 face="Times New Roman">and covering such other matters incident to the transactions contemplated hereby as such Purchaser or special counsel to the Purchasers may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to such Purchaser) and (b) from Schiff Hardin LLP, special counsel to the Purchasers in connection with such transactions, covering the matters set forth in </FONT><B><FONT size=2 face="Times New Roman">Exhibit 4.4(b) </FONT></B><FONT size=2 face="Times New Roman">and covering such other matters incident to such transactions as such Purchaser may reasonably request.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.5 Purchase Permitted by Applicable Law, Etc</FONT></I><FONT size=2 face="Times New Roman">. On the date of the Closing, such Purchaser&#8217;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, without limitation, 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. If requested by such Purchaser, such Purchaser shall have received an Officer&#8217;s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable it to determine whether such purchase is so permitted.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.6 Related Transactions</FONT></I><FONT size=2 face="Times New Roman">. The Company shall have consummated the sale of the entire principal amount of the Notes scheduled to be sold on the date of the Closing pursuant to this Agreement and delivered the First Mortgage Bonds to the Collateral Agent pursuant to this Agreement and the Supplemental Indenture.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.7 Payment of Special Counsel Fees. </FONT></I><FONT size=2 face="Times New Roman">Without limiting the provisions of </FONT><B><FONT size=2 face="Times New Roman">Section 15.1</FONT></B><FONT size=2 face="Times New Roman">, the Company shall have paid on or before the Closing the reasonable fees, charges and disbursements of the Purchasers&#8217; special counsel referred to in </FONT><B><FONT size=2 face="Times New Roman">Section 4.4(b) </FONT></B><FONT size=2 face="Times New Roman">to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.8 Private Placement Number</FONT></I><FONT size=2 face="Times New Roman">. A Private Placement Number issued by CUSIP Global Services (in cooperation with the SVO) shall have been obtained for each series of the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.9 Changes in Corporate Structure</FONT></I><FONT size=2 face="Times New Roman">. Except as specified in </FONT><B><FONT size=2 face="Times New Roman">Schedule 4.9</FONT></B><FONT size=2 face="Times New Roman">, the Company shall not have changed its jurisdiction of incorporation or been a party to any merger or consolidation and shall not have 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 </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.5</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>



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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.10 Funding Instructions</FONT></I><FONT size=2 face="Times New Roman">. At least five Business Days prior to the date of the Closing, such Purchaser shall have received written instructions executed by an authorized financial officer of the Company on letterhead of the Company directing the manner of the payment of funds and setting forth (a) the name and address of the transferee bank, (b) such transferee bank&#8217;s ABA number, (c) the account name and number into which the purchase price for the Notes is to be deposited and (d) the name and telephone number of the account representative at the Company responsible for (1) verifying receipt of such funds and (2) verifying the information set forth in the instructions. Such Purchaser has the right, but not the obligation, upon written notice (which may be by email) to the Company, to elect to deliver a micro deposit (less than $50.00) to the account identified in the written instructions no later than two Business Days prior to the date of the Closing. If such Purchaser delivers a micro deposit, a Responsible Officer must verbally verify the receipt and amount of the micro deposit to such Purchaser on a telephone call initiated by such Purchaser prior to the Closing. The Company shall not be obligated to return the amount of the micro deposit, nor will the amount of the micro deposit be netted against the Purchaser&#8217;s purchase price of the Notes to be issued at the Closing.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.11 Board Approval. </FONT></I><FONT size=2 face="Times New Roman">The New Jersey Board of Public Utilities shall have entered an appropriate order authorizing the issuance and sale of the Notes to the Purchasers and the delivery of the First Mortgage Bonds to the Collateral Agent as security for the Notes, upon terms not inconsistent with this Agreement, the Supplemental Indenture, the Notes and the First Mortgage Bonds and such order shall not be subject to appeal.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.12 First Mortgage Bonds and Supplemental Indentur</FONT></I><FONT size=2 face="Times New Roman">e</FONT><I><FONT size=2 face="Times New Roman">. </FONT></I><FONT size=2 face="Times New Roman">(a) All conditions precedent set forth in the Mortgage Indenture with respect to the execution and delivery of the Supplemental Indenture and the issuance of the First Mortgage Bonds shall have been satisfied.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The First Mortgage Bonds, the Supplemental Indenture and the First Mortgage Bond Documents shall have been duly authorized, executed, authenticated in the case of the First Mortgage Bonds and delivered by the respective parties thereto, shall constitute legal, valid and binding contracts and agreements of such parties, and such Purchaser shall have received true, complete, executed copies thereof and a certified copy of the Mortgage Indenture.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) The Mortgage Indenture and the Supplemental Indenture shall have been duly recorded as an indenture on real property and duly filed, recorded or indexed as a security interest in personal property so as to constitute a valid, perfected first Lien on all of the Company&#8217;s property covered by the Mortgage Indenture and the Supplemental Indenture, all in accordance with applicable law, and the Company shall have caused satisfactory evidence thereof to be furnished to such Purchaser and special counsel to the Purchasers.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 4.13 Proceedings and Documents</FONT></I><FONT size=2 face="Times New Roman">. 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 special counsel to the Purchasers, and such Purchaser and special counsel to the Purchasers shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or special counsel to the Purchasers may reasonably request.</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Section 5. Representations and Warranties of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company represents and warrants to each Purchaser that:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.1 Organization; Power and Authority</FONT></I><FONT size=2 face="Times New Roman">. The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and 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. The Company 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, the Supplemental Indenture, the First Mortgage Bond Documents to which it is a party, the Notes and the First Mortgage Bonds, and to perform the provisions hereof, thereof and of the Mortgage Indenture.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.2 Authorization, Etc</FONT></I><FONT size=2 face="Times New Roman">. This Agreement, the Mortgage Indenture (including the Supplemental Indenture), the First Mortgage Bond Documents to which the Company is a party, the Notes, and the First Mortgage Bonds have been duly authorized by all necessary corporate action on the part of the Company, and this Agreement and the Mortgage Indenture constitute, and upon execution and delivery thereof the Supplemental Indenture, the First Mortgage Bond Documents to which the Company is a party, each Note and each First Mortgage Bond constitutes, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its respective terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors&#8217; rights generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.3 Disclosure</FONT></I><FONT size=2 face="Times New Roman">. The Company, through its agents, Mizuho Securities USA LLC and PNC Capital Markets LLC, has delivered to each Purchaser a copy of an Investor Presentation, dated August 12, 2020 (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Investor Presentation&#8221;</FONT></I><FONT size=2 face="Times New Roman">), relating to the transactions contemplated hereby. Except as disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.3</FONT></B><FONT size=2 face="Times New Roman">, this Agreement, the Supplemental Indenture, the Investor Presentation, the documents, certificates or other writings identified in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.3 </FONT></B><FONT size=2 face="Times New Roman">and the financial statements listed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.5 </FONT></B><FONT size=2 face="Times New Roman">(collectively, the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Disclosure Documents&#8221;</FONT></I><FONT size=2 face="Times New Roman">), 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 September 30, 2019, there has been no change in the financial condition, operations, business or properties of the Company except changes that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.4 Organization and Ownership of Shares of Subsidiaries</FONT></I><FONT size=2 face="Times New Roman">. The Company has no Subsidiaries.</FONT></P>



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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.5 Financial Statements</FONT></I><FONT size=2 face="Times New Roman">. The Company has delivered to each Purchaser copies of the financial statements of the Company listed on </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.5</FONT></B><FONT size=2 face="Times New Roman">. All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the financial position of the Company as of the respective dates specified in such Schedule and the results of its 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 Company does not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.6 Compliance with Laws, Other Instruments, Etc</FONT></I><FONT size=2 face="Times New Roman">. Neither the execution and delivery by the Company of this Agreement, the Supplemental Indenture, the First Mortgage Bond Documents to which it is a party, the Notes or the First Mortgage Bonds nor the performance by the Company of this Agreement, the Mortgage Indenture (including the Supplemental Indenture), the First Mortgage Bond Documents to which it is a party, the Notes or the First Mortgage Bonds will (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien (other than the Liens contemplated thereby) in respect of any property of the Company under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease corporate charter or by-laws, or any other Material agreement or instrument to which the Company is bound or by which the Company or any of its properties may be bound or affected, (b) 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 or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.7 Governmental Authorizations, Etc</FONT></I><FONT size=2 face="Times New Roman">. No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution and delivery by the Company of this Agreement, the Supplemental Indenture, the First Mortgage Bond Documents to which it is a party, the Notes or the First Mortgage Bonds or the performance by the Company of this Agreement, the Mortgage Indenture (including the Supplemental Indenture), the First Mortgage Bond Documents to which it is a party, the Notes or the First Mortgage Bonds other than such consents, approvals, authorizations, registrations, filings or declarations that have been or will be obtained or made prior to the date of the Closing.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.8 Litigation; Observance of Statutes and Orders. </FONT></I><FONT size=2 face="Times New Roman">(a) Except as disclosed in</FONT><B><FONT size=2 face="Times New Roman"> Schedule 5.8</FONT></B><FONT size=2 face="Times New Roman">, there are no actions, suits or proceedings pending or, to the knowledge of the Company, threatened against or affecting the Company or any property of the Company in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The Company is not in default under any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including, without limitation, ERISA, Environmental Laws or the USA PATRIOT Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.9 Taxes</FONT></I><FONT size=2 face="Times New Roman">. The Company has filed all income tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not, individually or in the aggregate, Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company has established adequate reserves in accordance with GAAP. The charges, accruals and reserves on the books of the Company in respect of Federal, state or other taxes for all fiscal periods are adequate. The Federal income tax liabilities of the Company have been determined by the Internal Revenue Service and paid for all fiscal years up to and including the fiscal year ended September 30, 2014.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.10 Title to Property; Leases</FONT></I><FONT size=2 face="Times New Roman">. The Company has good and sufficient title related to the ownership of its Material properties, including all such Material properties reflected in the most recent audited balance sheet referred to in </FONT><B><FONT size=2 face="Times New Roman">Section 5.5 </FONT></B><FONT size=2 face="Times New Roman">or purported to have been acquired by the Company after said 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 or the Mortgage Indenture (including the Supplemental Indenture), except for those defects in title and Liens that, individually or in the aggregate, would not have a Material Adverse Effect. All Material leases are valid and subsisting and are in full force and effect in all material respects.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.11 Licenses, Permits, Etc</FONT></I><FONT size=2 face="Times New Roman">. Except as disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.11</FONT></B><FONT size=2 face="Times New Roman">, the Company owns or possesses all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks, trade names and domain names or rights thereto, that are Material, without known conflict with the rights of others, except for those conflicts that, individually or in the aggregate, would not have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 5.12 Compliance with ERISA</FONT></I><FONT size=2 face="Times New Roman">. (a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred 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 (as defined in section 3 of ERISA) with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, and no event, transaction or condition has occurred or exists with respect to any Plan that would reasonably be expected to result in the incurrence of any such liability under Title I or IV of ERISA or the penalty or excise tax provisions of the Code by the Company or any ERISA Affiliate, or in the imposition of any Lien under section 430 of the Code or section 4068 of ERISA on any of the rights, properties or assets of the Company or any ERISA Affiliate, other than any such liabilities or Liens as would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The present value of the aggregate benefit liabilities under each of the Plans which are subject to Title IV of ERISA (other than Multiemployer Plans), determined as of the end of such Plan&#8217;s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan&#146;s most recent actuarial valuation report, did not exceed the aggregate current value, of the assets of such Plans allocable to such benefit liabilities by more than &#36;25,000,000. The term &#147;benefit liabilities&#148; has the meaning specified in section 4001 of ERISA and the terms &#147;current value&#148; and &#147;present value&#148; have the meanings specified in section 3 of ERISA.</FONT></P>
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<FONT size=2 face="Times New Roman">(c) The Company and its ERISA Affiliates have not incurred withdrawal liabilities under section 4201 or 4204 of ERISA (and are not subject to contingent withdrawal liabilities under section 4204) in respect of Multiemployer Plans that, individually or in the aggregate, are reasonably expected to result in a Material Adverse Effect.</FONT></P>
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<FONT size=2 face="Times New Roman">(d) The accumulated post-retirement benefit obligation (determined as of the last day of the Company&#146;s most recently ended fiscal year in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company is not reasonably expected to result in a Material Adverse Effect.</FONT></P>
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<FONT size=2 face="Times New Roman">(e) The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of section 406(a)(1)(A)-(D) of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the Company in the first sentence of this </FONT><B><FONT size=2 face="Times New Roman">Section 5.12(e) </FONT></B><FONT size=2 face="Times New Roman">with respect to each Purchaser is made in reliance upon and subject to the accuracy of such Purchaser&#146;s representation in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2 </FONT></B><FONT size=2 face="Times New Roman">as to the sources of the funds used to pay the purchase price of the Notes to be purchased by such Purchaser.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.13 Private Offering by the Company</FONT></I><FONT size=2 face="Times New Roman">. Neither the Company nor anyone authorized to act on its behalf has offered the Notes, the First Mortgage Bonds or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than 60 other Institutional Investors of the type described in clause (c) of the definition thereof, each of which has been offered the Notes at a private sale for investment. Neither the Company nor anyone authorized to act on its 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.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.14 Use of Proceeds; Margin Regulations</FONT></I><FONT size=2 face="Times New Roman">. The Company will apply the proceeds of the sale of the Notes hereunder as set forth in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.14</FONT></B><FONT size=2 face="Times New Roman">. 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). Margin stock does not constitute more than 25% of the value of the assets of the Company and the Company does not have any present intention that margin stock will constitute more than 25% of the value of such assets. As used in this Section, the terms &#147;margin stock&#148; and &#147;purpose of buying or carrying&#148; shall have the meanings assigned to them in said Regulation U.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.15 Existing Debt</FONT></I><FONT size=2 face="Times New Roman">. (a) Except as described therein, </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.15 </FONT></B><FONT size=2 face="Times New Roman">sets forth a complete and correct list of all outstanding Debt of the Company as of June 30, 2020, since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Debt of the Company, except as described in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.15</FONT></B><FONT size=2 face="Times New Roman">. The Company is not in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Debt of the Company and no event or condition exists with respect to any Debt of the Company the outstanding principal amount of which exceeds &#36;10,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt to become due and payable before its stated maturity or before its regularly scheduled dates of payment.</FONT></P>
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<FONT size=2 face="Times New Roman">(b) The Company is not a party to, or otherwise subject to any provision contained in, any instrument evidencing Debt of the Company, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Debt of the Company, except as provided in the Mortgage Indenture and any Bank Credit Agreement and as otherwise specifically indicated in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.15</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.16 Foreign Assets Control Regulations, Etc</FONT></I><FONT size=2 face="Times New Roman">. (a) Neither the Company 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.</FONT></P>
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<FONT size=2 face="Times New Roman">(b) Neither the Company 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 Company&#146;s 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.</FONT></P>
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<FONT size=2 face="Times New Roman">(c) No part of the proceeds from the sale of the Notes hereunder:</FONT></P>
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<FONT size=2 face="Times New Roman">(i) constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company 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;</FONT></P>
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<FONT size=2 face="Times New Roman">(ii) 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</FONT></P>
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<FONT size=2 face="Times New Roman">(iii) 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.</FONT></P>
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<FONT size=2 face="Times New Roman">(d) The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to ensure that the Company 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.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.17 Status under Certain Statutes</FONT></I><FONT size=2 face="Times New Roman">. The Company is not an &#147;investment company&#148; registered or required to be registered under the Investment Company Act of 1940 or an &#147;affiliated person&#148; of an &#147;investment company&#148; or an &#147;affiliated person&#148; of such &#147;affiliated person&#148; or under the &#147;control&#148; of an &#147;investment company&#148; as such terms are defined in the Investment Company Act of 1940, as amended, and shall not become such an &#147;investment company&#148; or such an &#147;affiliated person&#148; or under such &#147;control.&#148; The Company is not a &#147;holding company&#148; or a &#147;subsidiary company&#148; of a &#147;holding company,&#148; or an &#147;affiliate&#148; of a &#147;holding company&#148; or of a &#147;subsidiary company&#148; of a &#147;holding company&#148; within the meaning of the Public Utility Holding Company Act of 2005, as amended. Based upon the immediately preceding sentence, neither the Company nor the issue and sale of the Notes or the issuance of the First Mortgage Bonds pursuant to the Supplemental Indenture is subject to regulation under the Public Utility Holding Company Act of 2005, as amended. The Company is not subject to the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. The Company is not subject to any Federal or state statute or regulation limiting its ability to incur Debt except for rules and regulations of the New Jersey Board of Public Utilities.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.18 Environmental Matters</FONT></I><FONT size=2 face="Times New Roman">. Except as disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.8</FONT></B><FONT size=2 face="Times New Roman">, the Company does not have knowledge of any claim and has not received any notice of any claim, and no proceeding has been instituted raising any claim against the Company or any of its real properties now or formerly owned, leased or operated by the Company or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect. Except as otherwise disclosed in </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.8</FONT></B><FONT size=2 face="Times New Roman">:</FONT></P>
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<FONT size=2 face="Times New Roman">(a) the Company does not have 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 the Company or to other assets or their use, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect;</FONT></P>
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<FONT size=2 face="Times New Roman">(b) the Company has not stored any Hazardous Materials on real properties now or formerly owned, leased or operated by the Company or disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect; and</FONT></P>
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<FONT size=2 face="Times New Roman">(c) all buildings on all real properties now owned, leased or operated by the Company are in compliance with applicable Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.19 Perfection of Liens. </FONT></I><FONT size=2 face="Times New Roman">(a) Each of the Mortgage Indenture and the Supplemental Indenture has been duly recorded and filed in each place in which such recording or filing is required to protect and preserve the Lien of the Mortgage Indenture and the Supplemental Indenture, as the case may be, in and to the Trust Estate and such Lien constitutes a valid, fully perfected and continuing first priority Lien in and to, all right, title and interest of the Company in the Trust Estate, subject only to Permitted Encumbrances (as defined in the Mortgage Indenture), and all taxes and recording or filing fees required to be paid in connection with the execution, recording or filing of the Mortgage Indenture and the Supplemental Indenture have been duly paid; and</FONT></P>
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<FONT size=2 face="Times New Roman">(b) The Lien of the Collateral Agent in the First Mortgage Bonds constitutes a valid, fully perfected and continuing first priority Lien, subject only to Permitted Encumbrances (as defined in the Mortgage Indenture).</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.20 First Mortgage Bonds Pari Passu. </FONT></I><FONT size=2 face="Times New Roman">The Company&#146;s obligations under the Supplemental Indenture and the First Mortgage Bonds rank </FONT><I><FONT size=2 face="Times New Roman">pari passu </FONT></I><FONT size=2 face="Times New Roman">in right of payment, without preference or priority, with its obligations under each other series of first mortgage bonds issued and outstanding under the Mortgage Indenture.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 5.21 No Event of Default. </FONT></I><FONT size=2 face="Times New Roman">No &#147;Event of Default&#148; under the Mortgage Indenture exists on the date of execution and delivery of this Agreement or, upon the execution and delivery thereof, the Supplemental Indenture, or will exist immediately after giving effect to the transactions contemplated by this Agreement or the Supplemental Indenture and the applications of the proceeds from the issue and sale of the Notes and the issuance of the First Mortgage Bonds.</FONT></P>
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<FONT style="font-variant: small-caps" size=2 face="Times New Roman">Section 6. Representations of the Purchasers.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 6.1 Purchase for Investment</FONT></I><FONT size=2 face="Times New Roman">. 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, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that the disposition of such Purchaser&#146;s or such pension or trust fund&#146;s property shall at all times be within such Purchaser&#146;s or such pension or trust fund&#146;s control. Each Purchaser represents that it is an &#147;accredited investor,&#148; as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act. 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. Each Purchaser also represents that the Company has made available to it, a reasonable time prior to the consummation of the transactions contemplated hereby, the opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Notes that it is purchasing or shall purchase and to obtain any additional information which the Company possesses or could acquire without unreasonable effort or expense; </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that the foregoing shall not be construed as limiting the ability of any Purchaser to rely on the representations and warranties contained herein.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 6.2 Source of Funds</FONT></I><FONT size=2 face="Times New Roman">. Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a </FONT><I><FONT size=2 face="Times New Roman">&#147;Source&#148;</FONT></I><FONT size=2 face="Times New Roman">) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:</FONT></P>
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<FONT size=2 face="Times New Roman">(a) the Source is an &#147;insurance company general account&#148; (as the term is defined in the United States Department of Labor&#146;s Prohibited Transaction Exemption (</FONT><I><FONT size=2 face="Times New Roman">&#147;PTE&#148;</FONT></I><FONT size=2 face="Times New Roman">) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the </FONT><I><FONT size=2 face="Times New Roman">&#147;NAIC Annual Statement&#148;</FONT></I><FONT size=2 face="Times New Roman">)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser&#146;s state of domicile; or</FONT></P>
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<FONT size=2 face="Times New Roman">(b) the Source is a separate account that is maintained solely in connection with such Purchaser&#146;s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or</FONT></P>
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<FONT size=2 face="Times New Roman">(c) the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or</FONT></P>
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<FONT size=2 face="Times New Roman">(d) the Source constitutes assets of an &#147;investment fund&#148; (within the meaning of Part VI of PTE 84-14 (the </FONT><I><FONT size=2 face="Times New Roman">&#147;QPAM Exemption&#148;</FONT></I><FONT size=2 face="Times New Roman">)) managed by a &#147;qualified professional asset manager&#148; or &#147;QPAM&#148; (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan&#146;s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a Person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be &#147;related&#148; within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or</FONT></P>
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<FONT size=2 face="Times New Roman">(e) the Source constitutes assets of a &#147;plan(s)&#148; (within the meaning of Part IV(h) of PTE 96-23 (the </FONT><I><FONT size=2 face="Times New Roman">&#147;INHAM Exemption&#148;</FONT></I><FONT size=2 face="Times New Roman">)) managed by an &#147;in-house asset manager&#148; or &#147;INHAM&#148; (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of &#147;control&#148; in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or</FONT></P>
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<FONT size=2 face="Times New Roman">(f) the Source is a governmental plan; or</FONT></P>
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<FONT size=2 face="Times New Roman">(g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or</FONT></P>
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<FONT size=2 face="Times New Roman">(h) the Source does not include assets of (i) any employee benefit plan, other than a plan exempt from the coverage of ERISA, or (ii) any &#147;plan&#148; as defined in Section 4975(e)(1) of the Code.</FONT></P>
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<FONT size=2 face="Times New Roman">As used in this </FONT><B><FONT size=2 face="Times New Roman">Section 6.2</FONT></B><FONT size=2 face="Times New Roman">, the terms </FONT><B><FONT size=2 face="Times New Roman">&#147;</FONT></B><FONT size=2 face="Times New Roman">employee benefit plan,&#148; &#147;governmental plan,&#148; and &#147;separate account&#148; shall have the respective meanings assigned to such terms in section 3 of ERISA.</FONT></P>
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<FONT style="font-variant: small-caps"  size=2 face="Times New Roman">Section 7. Information as to Company.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 7.1 Financial and Business Information</FONT></I><FONT size=2 face="Times New Roman">. The Company shall deliver to each holder of Notes that is an Institutional Investor:</FONT></P>
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<FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Quarterly Statements </FONT></I><FONT size=2 face="Times New Roman">&#151; within 60 days after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of:</FONT></P>
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<FONT size=2 face="Times New Roman">(1) a balance sheet of the Company as of the end of such quarter, and</FONT></P>
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<FONT size=2 face="Times New Roman">(2) statements of income, changes in shareholders&#146; equity and cash flows of the Company for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,</FONT></P>

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<FONT size=2 face="Times New Roman">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 quarterly 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 normal year-end adjustments;</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Annual Statements </FONT></I><FONT size=2 face="Times New Roman">&#151; within 120 days after the end of each fiscal year of the Company, duplicate copies of:</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify">
<FONT size=2 face="Times New Roman">(1) a balance sheet of the Company as of the end of such year, and</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify">
<FONT size=2 face="Times New Roman">(2) statements of income, changes in shareholders&#146; equity and cash flows of the Company, for such year,</FONT></P>
<P STYLE="margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">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 &#147;going concern&#148; 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 certified public accountants of recognized national 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;</FONT></P>
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<FONT size=2 face="Times New Roman">(c) </FONT><I><FONT size=2 face="Times New Roman">SEC and Other Reports </FONT></I><FONT size=2 face="Times New Roman">&#151; with reasonable promptness, upon their becoming available, one copy of (1) each financial statement, report, notice or proxy statement sent by the Company to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing availability) or to its public securities holders generally and (2) each regular or periodic report, each registration statement that shall have become effective (without exhibits except as expressly requested by such holder), and each final prospectus and all amendments thereto filed by the Company with the Securities and Exchange Commission, excluding in any event confidential correspondence delivered to the Securities and Exchange Commission;</FONT></P>
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<FONT size=2 face="Times New Roman">(d) </FONT><I><FONT size=2 face="Times New Roman">Notice of Default or Event of Default </FONT></I><FONT size=2 face="Times New Roman">&#151; with reasonable promptness, and in any event within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with respect thereto;</FONT></P>
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<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) </FONT><I><FONT size=2 face="Times New Roman">ERISA Matters </FONT></I><FONT size=2 face="Times New Roman">&#8212; with reasonable promptness, and in any event within five 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 Company or an ERISA Affiliate proposes to take with respect thereto:</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) with respect to any Plan, the occurrence of 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; or</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) the taking by the PBGC of steps to institute, or the threatening in writing 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 the Company 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; or</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) the occurrence of any event or transaction that results in the incurrence of any liability by the Company 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 with respect to any Plan, or in the imposition of any Lien under section 430 of the Code or section 4068 of ERISA or any successor thereto, on any of the rights, properties or assets of the Company or any ERISA Affiliate, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse Effect; and</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) </FONT><I><FONT size=2 face="Times New Roman">Requested Information </FONT></I><FONT size=2 face="Times New Roman">&#8212; with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company or relating to the ability of the Company to perform its obligations hereunder, under the Notes, the Mortgage Indenture (including the Supplemental Indenture), the First Mortgage Bond Documents to which the Company is a party and the First Mortgage Bonds, as from time to time may be reasonably requested by any such holder of Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 7.2 Officer&#8217;s Certificate</FONT></I><FONT size=2 face="Times New Roman">. Each set of financial statements delivered to a holder of Notes pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 7.1(a) </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">Section 7.1(b) </FONT></B><FONT size=2 face="Times New Roman">hereof shall be accompanied by a certificate of a Senior Financial Officer setting forth:</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Covenant Compliance </FONT></I><FONT size=2 face="Times New Roman">&#8212; the information (including reasonably detailed calculations) required in order to establish whether the Company was in compliance with the requirements of </FONT><B><FONT size=2 face="Times New Roman">Section 10.2 </FONT></B><FONT size=2 face="Times New Roman">through </FONT><B><FONT size=2 face="Times New Roman">Section 10.5</FONT></B><FONT size=2 face="Times New Roman">, inclusive, and </FONT><B><FONT size=2 face="Times New Roman">Section 10.9 </FONT></B><FONT size=2 face="Times New Roman">during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence). In the event that the Company 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 22.4) as to the period covered by any such financial statement, such Senior Financial Officer&#8217;s certificate as to such period shall include a reconciliation from GAAP with respect to such election; and</FONT></P>

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<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Event of Default </FONT></I><FONT size=2 face="Times New Roman">&#8212; a statement that such Senior Financial Officer has reviewed the relevant terms hereof, the Mortgage Indenture (including the Supplemental Indenture), and the First Mortgage Bond Documents to which the Company is a party, and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company from the beginning of the quarterly 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 that is continuing as of the end of such quarterly or annual period, as the case may be, and, if any such condition or event then exists (including, without limitation, any such event or condition resulting from the failure of the Company to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 7.3 Inspection</FONT></I><FONT size=2 face="Times New Roman">. The Company shall permit the representatives of each holder of Notes that is an Institutional Investor:</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">No Default </FONT></I><FONT size=2 face="Times New Roman">&#8212; if no Default under Section 11(b) or an Event of Default then exists, at the expense of such Purchaser or such holder and upon reasonable prior written notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company with the Company&#8217;s officers, and, with the consent of the Company (which consent will not be unreasonably withheld) to visit the other offices and properties of the Company, all at such reasonable times during normal business hours and as often as may be reasonably requested in writing; and</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Default </FONT></I><FONT size=2 face="Times New Roman">&#8212; if a Default under Section 11(b) or an Event of Default then exists, at the expense of the Company, upon prior written notice to the Company, to visit and inspect any of the offices or properties of the Company, to examine all its books of account, records, reports and other papers, to make copies and extracts therefrom, and to discuss its affairs, finances and accounts with its officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company), all at such times during normal business hours and as often as may be requested.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 7.4 Electronic Delivery</FONT></I><FONT size=2 face="Times New Roman">. Financial statements, opinions of independent certified public accountants, other information and Officer&#8217;s Certificates that are required to be delivered by the Company pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed to have been delivered if the Company satisfies any of the following requirements with respect thereto:</FONT></P>

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<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) such financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer&#8217;s Certificate satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each holder of a Note by e-mail at the e-mail address set forth in Schedule A or as communicated from time to time in a separate writing delivered to the Company;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) the Company shall have timely filed such Form 10&#8211;Q or Form 10&#8211;K, satisfying the requirements of Section 7.1(a) or Section 7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form and the related Officer&#8217;s Certificate satisfying the requirements of Section 7.2 available on its home page on the internet, which is located at http://investor.njresources.com/njng-reports.cfm as of the date hereof;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) such financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer&#8217;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 Company on IntraLinks or on any other similar website to which each holder of Notes has free access; or</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) the Company shall have timely filed any of the items referred to in Section 7.1(c) with the SEC on 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;</FONT></P>

<P style="TEXT-ALIGN: justify"><I><FONT size=2 face="Times New Roman">provided however, </FONT></I><FONT size=2 face="Times New Roman">that in no case shall access to such financial statements, other information and Officer&#8217;s Certificates be conditioned upon any waiver or other agreement or consent (other than confidentiality provisions consistent with Section 20 of this Agreement); </FONT><I><FONT size=2 face="Times New Roman">provided further</FONT></I><FONT size=2 face="Times New Roman">, that in the case of any of clauses (b), (c) or (d), the Company shall have given each holder of a Note prior written notice, which may be by e-mail or in accordance with Section 18, of such posting or filing in connection with each delivery, </FONT><I><FONT size=2 face="Times New Roman">provided further, </FONT></I><FONT size=2 face="Times New Roman">that upon request of any holder to receive paper copies of such forms, financial statements, other information and Officer&#8217;s Certificates or to receive them by e-mail, the Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Section 8. Prepayment of the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.1 Required Prepayments</FONT></I><FONT size=2 face="Times New Roman">. Subject to </FONT><B><FONT size=2 face="Times New Roman">Section 8.2</FONT></B><FONT size=2 face="Times New Roman">, the Notes shall not be subject to required prepayments. The entire unpaid principal balance of the Notes of each series shall be due and payable on the respective stated maturity date thereof.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.2 Required Prepayment&#8212;Condemnation; Required Sale. </FONT></I><FONT size=2 face="Times New Roman">In the event that, pursuant to the terms of section 8.08 of the Mortgage Indenture, the First Mortgage Bonds are called for redemption, in whole or in part, then the Company shall, (i) at least 30 days and not more than 60 days prior to the redemption date of the First Mortgage Bonds pursuant to section 8.08 of the Mortgage Indenture, give written notice to the Collateral Agent, as the registered holder of the First Mortgage Bonds, and each holder of the related Notes, of the redemption of all or a portion of the related First Mortgage Bonds and the corresponding prepayment of all or a portion of the related Notes, and (ii) on the redemption date of the First Mortgage Bonds so called for redemption, prepay the related Notes in an aggregate principal amount equal to the amount of First Mortgage Bonds called for redemption at a prepayment price equal to 100% of the First Mortgage Bonds being redeemed, together with interest accrued thereon to the date of such prepayment, but without any Make-Whole Amount. The notice described in (i) above shall specify the prepayment 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 <b>Section 8.4</b>), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.3 Optional Prepayments with and Without Make-Whole Amount</FONT></I><FONT size=2 face="Times New Roman">. 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 of any series, in an amount not less than $1,000,000 in aggregate principal amount of the Notes of such series then outstanding in the case of a partial prepayment, at 100% of the aggregate principal amount so prepaid together with interest accrued thereon to the date of such prepayment and the Make-Whole Amount, if any, determined for the prepayment date with respect to such principal amount; </FONT><I><FONT size=2 face="Times New Roman">provided, </FONT></I><FONT size=2 face="Times New Roman">that at any time on or after March 1, 2050 with respect to the Series D Notes and any time on or after March 1, 2060 with respect to the Series E Notes, the Company may, at its option, upon notice as provided below, prepay all or any part of the applicable series of Notes at 100% of the aggregate principal amount so prepaid together with interest accrued thereon to the date of such prepayment. Notwithstanding the foregoing, the Company may not prepay any series of the Notes pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.3 </FONT></B><FONT size=2 face="Times New Roman">if a Default or Event of Default shall exist or would result from such optional prepayment unless, all Notes at the time outstanding are prepaid on a pro rata basis. The Company will give each holder of Notes of any series to be prepaid written notice of each optional prepayment under this </FONT><B><FONT size=2 face="Times New Roman">Section 8.3 </FONT></B><FONT size=2 face="Times New Roman">not less than 30 days and not more than 60 days prior to the date fixed for such prepayment. 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 </FONT><B><FONT size=2 face="Times New Roman">Section 8.4</FONT></B><FONT size=2 face="Times New Roman">), 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, if any, 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 of any series to be prepaid pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.3 </FONT></B><FONT size=2 face="Times New Roman">a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount, if any, as of the specified prepayment date.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.4 Allocation of Partial Prepayments</FONT></I><FONT size=2 face="Times New Roman">. In the case of each partial prepayment of the Notes of any series pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 8.2 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">Section 8.3 </FONT></B><FONT size=2 face="Times New Roman">hereof, the principal amount of the Notes of such series to be prepaid shall be allocated among all of the Notes of such series at the time outstanding in proportion, as nearly as reasonably practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. All partial prepayments or purchases made pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 8.6(b)</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">Section 8.8 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">Section 8.9 </FONT></B><FONT size=2 face="Times New Roman">shall be applied only to the Notes of the holders who have elected to participate in such prepayment or purchase.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.5 Maturity; Surrender, Etc</FONT></I><FONT size=2 face="Times New Roman">. In the case of each prepayment of Notes pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8</FONT></B><FONT size=2 face="Times New Roman">, the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, 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, 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.6 Purchase of Notes</FONT></I><FONT size=2 face="Times New Roman">. The Company will not, and will not permit any Affiliate to, purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes of any series except (a) upon the payment or prepayment of the Notes of such series in accordance with the terms of this Agreement and the Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate </FONT><I><FONT size=2 face="Times New Roman">pro rata </FONT></I><FONT size=2 face="Times New Roman">to the holders of all Notes of such series at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder of the Notes of the series being offered for purchase 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 Notes of any series being offered to be purchased then outstanding accept such offer, the Company shall promptly notify the remaining holders of the Notes of such series of such fact and the expiration date for the acceptance by holders of Notes of such series 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 it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. Notwithstanding the forgoing, neither the Company nor any Affiliate may offer to purchase any series of the Notes if a Default or Event of Default shall exist or would result therefrom unless such Person shall offer to purchase all outstanding Notes on a pro rata basis upon the same terms and conditions but taking into account the different maturity dates and interest rates for each series of the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.7 Make-Whole Amount for Notes</FONT></I><FONT size=2 face="Times New Roman">. The term </FONT><I><FONT size=2 face="Times New Roman">&#8220;Make-Whole Amount&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Note of a series, 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 Note over the amount of such Called Principal, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings: </FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Called Principal&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Note, the principal of such Note that is to be prepaid pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 8.3 </FONT></B><FONT size=2 face="Times New Roman">or has become or is declared to be immediately due and payable pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, as the context requires.</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Discounted Value&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates 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 Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.</FONT></P>

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<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Reinvestment Yield&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the ask-side yield(s) reported as of 10:00 a.m. (New York, New York time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as &#8220;Page PX1&#8221; (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (</FONT><I><FONT size=2 face="Times New Roman">&#8220;Reported&#8221;</FONT></I><FONT size=2 face="Times New Roman">) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such 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 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 Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then &#8220;Reinvestment Yield&#8221; means, with respect to the Called Principal of any Note, 0.50% over 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 Settlement Date with respect to such Called Principal, 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 Remaining Average Life of such Called Principal as of such Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such 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 Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Remaining Average Life&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Called Principal, the number of years 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, computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.</FONT></P>

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<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Remaining Scheduled Payments&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal and if no payment of such Called Principal were made prior to its scheduled due date, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Notes, 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 </FONT><B><FONT size=2 face="Times New Roman">Section 8.3 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Settlement Date&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 8.3 </FONT></B><FONT size=2 face="Times New Roman">or has become or is declared to be immediately due and payable pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, as the context requires.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.8 Offer to Prepay upon Asset Disposition</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Notice and Offer</FONT></I><FONT size=2 face="Times New Roman">. In the event of a Transfer where the Company has elected to apply all or a portion of the Net Proceeds Amount of such Transfer as a Debt Prepayment Application pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 10.5(b)</FONT></B><FONT size=2 face="Times New Roman">, the Company shall, no later than the 305<SUP>th </SUP>day following the date of such Transfer, give written notice of such event (an </FONT><I><FONT size=2 face="Times New Roman">&#8220;Asset Disposition Prepayment Event&#8221;</FONT></I><FONT size=2 face="Times New Roman">) to each holder of Notes. Such notice shall contain, and shall constitute, an irrevocable offer to prepay a Ratable Portion of the Notes held by such holder on the date (which shall be a Business Day) specified in such notice (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Asset Disposition Prepayment Date&#8221;</FONT></I><FONT size=2 face="Times New Roman">) which date shall be not less than 30 days and not more than 60 days after such notice.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Acceptance and Payment. </FONT></I><FONT size=2 face="Times New Roman">A holder of Notes may accept or reject the offer to prepay pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.8 </FONT></B><FONT size=2 face="Times New Roman">by causing a notice of such acceptance or rejection to be delivered to the Company at least 10 days prior to the Asset Disposition Prepayment Date. A failure by a holder of the Notes to respond to an offer to prepay made pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.8 </FONT></B><FONT size=2 face="Times New Roman">shall be deemed to constitute a rejection of such offer by such holder. If so accepted, such offered prepayment in respect of the Ratable Portion of the Notes of each holder that has accepted such offer shall be due and payable on the Asset Disposition Prepayment Date. Such offered prepayment shall be made at 100% of the aggregate Ratable Portion of the Notes of each holder that has accepted such offer, together with interest on that portion of the Notes then being prepaid accrued to the Asset Disposition Prepayment Date, but without any Make-Whole Amount. If any holder of a Note rejects or is deemed to have rejected such offer of prepayment, the Company may use the Ratable Portion for such Note for general corporate purposes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><I><FONT size=2 face="Times New Roman">Officer&#8217;s Certificate. </FONT></I><FONT size=2 face="Times New Roman">Each offer to prepay the Notes pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.8 </FONT></B><FONT size=2 face="Times New Roman">shall be accompanied by a certificate, executed by a Senior Financial Officer and dated the date of such offer, specifying: (1) the Asset Disposition Prepayment Date; (2) that such offer is being made pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.8 </FONT></B><FONT size=2 face="Times New Roman">and that the failure by a holder to respond to such offer by the deadline established in </FONT><B><FONT size=2 face="Times New Roman">Section 8.8(b) </FONT></B><FONT size=2 face="Times New Roman">shall result in such offer to such holder being deemed rejected; (3) the Ratable Portion of each such Note offered to be prepaid; (4) the interest that would be due on the Ratable Portion of each such Note offered to be prepaid, accrued to the Asset Disposition Prepayment Date; (5) that the conditions of this </FONT><B><FONT size=2 face="Times New Roman">Section 8.8 </FONT></B><FONT size=2 face="Times New Roman">have been satisfied and (6) in reasonable detail, a description of the nature and date of the Asset Disposition Prepayment Event giving rise to such offer of prepayment.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 8.9 Offer to Prepay in the Event of a Change of Control</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Notice of Change of Control. </FONT></I><FONT size=2 face="Times New Roman">The Company will, at least 30 days prior to any Change of Control, give written notice of such Change of Control to each holder of the Notes. Such notice shall contain and constitute an offer to prepay the Notes as described in </FONT><B><FONT size=2 face="Times New Roman">Section 8.9(c) </FONT></B><FONT size=2 face="Times New Roman">and shall be accompanied by the certificate described in </FONT><B><FONT size=2 face="Times New Roman">Section 8.9(f)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Notice of Acceptance of Offer under Section 8.9(a). </FONT></I><FONT size=2 face="Times New Roman">If the Company shall at any time receive an acceptance to an offer to prepay Notes under </FONT><B><FONT size=2 face="Times New Roman">Section 8.9(a) </FONT></B><FONT size=2 face="Times New Roman">from some, but not all, of the holders of the Notes, then the Company will, within two Business Days after the receipt of such acceptance, give written notice of such acceptance to each other holder of the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><I><FONT size=2 face="Times New Roman">Offer to Prepay Notes. </FONT></I><FONT size=2 face="Times New Roman">The offer to prepay Notes contemplated by </FONT><B><FONT size=2 face="Times New Roman">Section 8.9(a) </FONT></B><FONT size=2 face="Times New Roman">shall be an offer to prepay, in accordance with and subject to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.9</FONT></B><FONT size=2 face="Times New Roman">, all, but not less than all, of the Notes held by each holder (in this case only, &#8220;holder&#8221; in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) at the time of the occurrence of the Change of Control.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) </FONT><I><FONT size=2 face="Times New Roman">Rejection; Acceptance. </FONT></I><FONT size=2 face="Times New Roman">A holder of Notes may accept or reject the offer to prepay made pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.9 </FONT></B><FONT size=2 face="Times New Roman">by causing a notice of such acceptance or rejection to be delivered to the Company prior to the prepayment date. A failure by a holder of Notes to so respond to an offer to prepay made pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.9(d) </FONT></B><FONT size=2 face="Times New Roman">shall be deemed to constitute an acceptance of such offer by such holder.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) </FONT><I><FONT size=2 face="Times New Roman">Prepayment. </FONT></I><FONT size=2 face="Times New Roman">Prepayment of the Notes to be prepaid pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.9 </FONT></B><FONT size=2 face="Times New Roman">shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to the date of prepayment, but without any Make-Whole Amount. The prepayment shall be made at the time of occurrence of a Change of Control.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) </FONT><I><FONT size=2 face="Times New Roman">Officer&#8217;s Certificate. </FONT></I><FONT size=2 face="Times New Roman">Each offer to prepay the Notes pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.9 </FONT></B><FONT size=2 face="Times New Roman">shall be accompanied by a certificate, executed by a Responsible Officer of the Company and dated the date of such offer, specifying (i) the proposed prepayment date (which shall be the date of the Change of Control), (ii) that such offer is made pursuant to this </FONT><B><FONT size=2 face="Times New Roman">Section 8.9</FONT></B><FONT size=2 face="Times New Roman">, (iii) the principal amount of each Note offered to be prepaid, (iv) the interest that would be due on each Note offered to be prepaid, accrued to the prepayment date, (v) that the conditions of this </FONT><B><FONT size=2 face="Times New Roman">Section 8.9 </FONT></B><FONT size=2 face="Times New Roman">have been fulfilled, and (vi) in reasonable detail, the nature and anticipated date of the Change of Control.</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Section 9. Affirmative Covenants.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">So long as any of the Notes are outstanding, the Company covenants that:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.1 Compliance with Laws</FONT></I><FONT size=2 face="Times New Roman">. Without limiting </FONT><B><FONT size=2 face="Times New Roman">Section 10.13</FONT></B><FONT size=2 face="Times New Roman">, the Company will comply with all laws, ordinances or governmental rules or regulations to which the Company is subject, including, without limitation, ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in </FONT><B><FONT size=2 face="Times New Roman">Section 5.16</FONT></B><FONT size=2 face="Times New Roman">, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of its properties or to the conduct of its 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 would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.2 Insurance</FONT></I><FONT size=2 face="Times New Roman">. The Company will maintain, with financially sound and reputable insurers, insurance with respect to its 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 in the same industry and similarly situated.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.3 Maintenance of Properties</FONT></I><FONT size=2 face="Times New Roman">. The Company will maintain and keep, or cause to be maintained and kept, its 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, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that this </FONT><B><FONT size=2 face="Times New Roman">Section 9.3 </FONT></B><FONT size=2 face="Times New Roman">shall not prevent the Company 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 Company has concluded that such discontinuance would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.4 Payment of Taxes and Claims</FONT></I><FONT size=2 face="Times New Roman">. The Company will file all income tax or similar tax returns required to be filed in any jurisdiction and pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges or levies payable by the Company, to the extent the same have become due and payable and before they have become delinquent, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that the Company need not pay any such tax, assessment, governmental charge or levy if (1) the amount, applicability or validity thereof is contested by the Company on a timely basis in good faith and in appropriate proceedings, and the Company has established adequate reserves therefor in accordance with GAAP on the books of the Company or (2) the nonpayment of all such taxes, assessments, governmental charges and levies would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.5 Corporate Existence, Etc</FONT></I><FONT size=2 face="Times New Roman">. Subject to </FONT><B><FONT size=2 face="Times New Roman">Section 10.6</FONT></B><FONT size=2 face="Times New Roman">, the Company will at all times preserve and keep in full force and effect its corporate existence. Subject to </FONT><B><FONT size=2 face="Times New Roman">Sections 10.5 </FONT></B><FONT size=2 face="Times New Roman">and </FONT><B><FONT size=2 face="Times New Roman">10.6</FONT></B><FONT size=2 face="Times New Roman">, the Company will at all times preserve and keep in full force and effect all rights and franchises of the Company unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such right or franchise would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.6 Regulated Nature. </FONT></I><FONT size=2 face="Times New Roman">The Company will at all times be and remain a Person that is subject under law to regulation by a public utility commission or other governmental regulatory body with oversight responsibilities for utilities.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 9.7 Evidence of Recorded Supplemental Indentures. </FONT></I><FONT size=2 face="Times New Roman">As soon as commercially practicable and without limiting </FONT><B><FONT size=2 face="Times New Roman">Section 4.12(c)</FONT></B><FONT size=2 face="Times New Roman">, the Company will seek to obtain evidence of recorded copies of the Supplemental Indenture, and the Company shall cause satisfactory evidence thereof to be promptly furnished to each holder of Notes and special counsel to the holders of Notes.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Section 10. Negative Covenants.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">So long as any of the Notes are outstanding, the Company covenants that:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.1 [Reserved]</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.2 Liens</FONT></I><FONT size=2 face="Times New Roman">. The Company will not directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including, without limitation, any document or instrument in respect of goods or accounts receivable) of the Company, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, except:</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) Liens for taxes, assessments or other governmental charges which are not yet due and payable or the payment of which is not at the time required by </FONT><B><FONT size=2 face="Times New Roman">Section 9.4</FONT></B><FONT size=2 face="Times New Roman">;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other similar Liens, in each case, incurred in the ordinary course of business for sums not yet due and payable or the payment of which is not at the time required by </FONT><B><FONT size=2 face="Times New Roman">Section 9.4</FONT></B><FONT size=2 face="Times New Roman">;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) Liens (other than any Lien imposed by section 430 of the Code or section 4068 of ERISA or any successor thereto) incurred or deposits made in the ordinary course of business (1) in connection with workers&#8217; compensation, unemployment insurance and other types of social security or retirement benefits, or (2) to secure (or to obtain letters of credit that secure) the performance of tenders, statutory obligations, surety bonds, appeal bonds, bids, leases (other than Capital Leases), performance bonds, purchase, construction or sales contracts, and other similar obligations, in each case not incurred or made in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property;</FONT></P>

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<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) subject to </FONT><B><FONT size=2 face="Times New Roman">Section 11(k)</FONT></B><FONT size=2 face="Times New Roman">, any attachment or judgment Lien, unless the judgment it secures shall not, within 30 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged within 30 days after the expiration of any such stay;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) leases or subleases granted to others, easements, rights-of-way, restrictions and other similar charges or encumbrances or minor survey exceptions, in each case incidental to, and not interfering with, the ordinary conduct of the business of the Company, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that such Liens do not, in the aggregate, materially detract from the value of such property;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) [Reserved];</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) Liens existing on the date of the Closing and described on </FONT><B><FONT size=2 face="Times New Roman">Schedule 5.15 </FONT></B><FONT size=2 face="Times New Roman">hereto (other than Liens on </FONT><I><FONT size=2 face="Times New Roman">&#8220;Excepted Property&#8221; </FONT></I><FONT size=2 face="Times New Roman">of the Company as defined in the Mortgage Indenture as in effect on the date of the Closing);</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) [Reserved];</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) any Lien created to secure all or any part of the purchase price, or to secure Debt incurred or assumed to pay all or any part of the purchase price or cost of construction, of property (or any improvement thereon) acquired or constructed by the Company after the date of the Closing, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that:</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) any such Lien shall extend solely to the item or items of such property (or improvement thereon) so acquired or constructed and, if required by the terms of the instrument originally creating such Lien, other property (or improvement thereon) which is an improvement to or is acquired for specific use in connection with such acquired or constructed property (or improvement thereon) or which is real property being improved by such acquired or constructed property (or improvement thereon);</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) the principal amount of the Debt secured by any such Lien shall at no time exceed an amount equal to the lesser of (i) the cost to the Company of the property (or improvement thereon) so acquired or constructed and (ii) the Fair Market Value (as determined in good faith by one or more officers of the Company to whom authority to enter into the subject transaction has been delegated by the board of directors of the Company) of such property (or improvement thereon) at the time of such acquisition or construction; and</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) any such Lien shall be created contemporaneously with, or within 180 days after, the acquisition or construction of such property;</FONT></P>

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<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(j) any Lien existing on property of a Person immediately prior to its being consolidated with or merged into the Company, or any Lien existing on any property acquired by the Company at the time such property is so acquired (whether or not the Debt secured thereby shall have been assumed), </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that (1) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such acquisition of property, and (2) each such Lien shall extend solely to the item or items of property so acquired and, if required by the terms of the instrument originally creating such Lien (i) other property which is an improvement to or is acquired for specific use in connection with such acquired property or (ii) other property that does not constitute property or assets of the Company;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(k) Liens on assets of the Company (other than Liens on &#8220;Excepted Property&#8221; as defined in the Mortgage Indenture as in effect on the date of the Closing) which Liens secure Debt outstanding as of the date of the Closing under the Mortgage Indenture and any additional Debt that is issued in accordance with Article Two of the Mortgage Indenture (as in effect on the date of the Closing); </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that such additional Debt shall not contain covenants, defaults and other terms and conditions more restrictive than or in addition to those contained in this Agreement;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(l) any Lien renewing, extending or refunding any Lien permitted by paragraphs (g), (i), (j) or (k) of this </FONT><B><FONT size=2 face="Times New Roman">Section 10.2</FONT></B><FONT size=2 face="Times New Roman">, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that (1) the principal amount of Debt secured by such Lien immediately prior to such extension, renewal or refunding is not increased or the maturity thereof reduced, (2) such Lien is not extended to any other property and (3) immediately after such extension, renewal or refunding no Default or Event of Default would exist; and</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(m) other Liens not otherwise permitted by paragraphs (a) through (l), inclusive, of this </FONT><B><FONT size=2 face="Times New Roman">Section 10.2 </FONT></B><FONT size=2 face="Times New Roman">securing Debt.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.3 Restricted Payments</FONT></I><FONT size=2 face="Times New Roman">. (a) The Company will not declare or make or incur any liability to declare or make any Restricted Payment unless immediately after giving effect to such action no Default or Event of Default would exist.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) The Company will not declare a Restricted Payment that is not payable within 60 days of such declaration.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.4 </FONT></I><FONT size=2 face="Times New Roman">[Reserved]</FONT><I><FONT size=2 face="Times New Roman">.</FONT></I></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.5 Sale of Assets, Etc. </FONT></I><FONT size=2 face="Times New Roman">(a) Except as permitted under </FONT><B><FONT size=2 face="Times New Roman">Section 10.6</FONT></B><FONT size=2 face="Times New Roman">, the Company will not make any Asset Disposition </FONT><I><FONT size=2 face="Times New Roman">unless</FONT></I><FONT size=2 face="Times New Roman">:</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) in the good faith opinion of the Company, the Asset Disposition is in the best interest of the Company;</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) immediately after giving effect to the Asset Disposition, no Default or Event of Default would exist; and</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) immediately after giving effect to the Asset Disposition the Disposition Value of all property that was the subject of any Asset Disposition occurring in the immediately preceding 12 consecutive month period would not exceed 10% of Tangible Assets as of the end of the then most recently ended fiscal year of the Company.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) If the Net Proceeds Amount for any Transfer is, within 365 days after such Transfer, (1) applied to a Debt Prepayment Application, (2) applied to or would otherwise constitute a Property Reinvestment Application or (3) applied to any combination of the foregoing clauses (1) and (2), then such Transfer, only for the purpose of determining compliance with subsection (3) of </FONT><B><FONT size=2 face="Times New Roman">Section 10.5(a) </FONT></B><FONT size=2 face="Times New Roman">as of a date on or after the Net Proceeds Amount is so applied, shall be deemed not to be an Asset Disposition.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.6 Merger, Consolidation, Etc. </FONT></I><FONT size=2 face="Times New Roman">The Company will not 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, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that the foregoing restriction does not apply to the consolidation or merger of the Company with, or the conveyance, transfer or lease of all or substantially all of the assets of the Company in a single transaction or series of transactions to, any Person so long as:</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company as an entirety, as the case may be (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Successor Corporation&#8221;</FONT></I><FONT size=2 face="Times New Roman">), shall be a solvent Person organized and existing under the laws of the United States or any State thereof (including the District of Columbia);</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) if the Company is not the Successor Corporation, (1) such Person shall have executed and delivered to each holder of the Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes and the Mortgage Indenture (including the Supplemental Indenture), the First Mortgage Bond Documents to which it is a party and the First Mortgage Bonds (pursuant to such agreements or instruments as shall be reasonably satisfactory to the Required Holders), and (2) such Person shall have caused to be delivered to each Purchaser and each holder of the Notes an opinion of inside counsel to the Company, Troutman Pepper Hamilton Sanders LLP or another nationally recognized counsel, or other counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof (subject to bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors&#8217; rights generally, and general principles of equity (regardless of whether the application of such principles is considered in a proceeding in equity or at law) and subject to such other customary qualifications and exceptions for legal opinions of this type or as may be reasonably acceptable to the Required Holders); and</FONT></P>

<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) immediately after giving effect to such transaction, no Default or Event of Default would exist.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">No such conveyance, transfer or lease of all or substantially all of the assets of the Company shall have the effect of releasing the Company or any Successor Corporation that shall theretofore have become such in the manner prescribed in this <STRONG>Section 10.6</STRONG> from its liability under this Agreement or the Notes or the Mortgage Indenture (including the Supplemental Indenture), the First Mortgage Bond Documents to which it is a party or the First Mortgage Bonds.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.7 </FONT></I><FONT size=2 face="Times New Roman">[Reserved].</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.8 Limitations on Subsidiaries, Partnerships and Joint Ventures. </FONT></I><FONT size=2 face="Times New Roman">The Company will not own or create directly or indirectly any Subsidiaries without the prior written consent of the Required Holders. Without limiting the foregoing sentence, the Company shall not become or agree to become (a) a general or limited partner in any general or limited partnership, except that the Company may be a limited partner in a Permitted Related Business Opportunity, (b) a member or manager of, or hold a limited liability company interest in, a limited liability company, except that the Company may be a member or manager of, or hold limited liability company interests in a Permitted Related Business Opportunity or (c) a joint venturer or hold a joint venture interest in any joint venture, except that the Company may become a joint venturer in or hold a joint venture interest in any joint venture that is a Permitted Related Business Opportunity.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.9 Limitation on Certain Leases. </FONT></I><FONT size=2 face="Times New Roman">The Company will not engage in any off-balance sheet transaction (</FONT><I><FONT size=2 face="Times New Roman">i.e., </FONT></I><FONT size=2 face="Times New Roman">the liabilities in respect of which do not appear on the liability side of the balance sheet, with such balance sheet prepared in accordance with GAAP) providing the functional equivalent of borrowed money (including asset securitizations, sale/leasebacks or Synthetic Leases (other than any sale/leaseback transaction or Synthetic Lease entered into, in either case, with respect to meter assets and which transaction is otherwise permitted by this Agreement)) with liabilities in excess, in the aggregate for the Company as of any date of determination, of 5% of the Tangible Assets.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">For purposes of this </FONT><B><FONT size=2 face="Times New Roman">Section 10.9</FONT></B><FONT size=2 face="Times New Roman">, the amount of any lease which is not a Capital Lease is the aggregate amount of minimum lease payments due pursuant to such lease for any non-cancelable portion of its term.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.10 Nature of Business</FONT></I><FONT size=2 face="Times New Roman">. The Company will not engage in any business if, as a result, the general nature of the business in which the Company would then be engaged would be substantially and materially changed from the general nature of the business in which the Company is engaged on the date hereof.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.11 Transactions with Affiliates</FONT></I><FONT size=2 face="Times New Roman">. Except in the case of a Permitted Related Business Opportunity, the Company will not enter into, directly or indirectly, any Material transaction or group of related transactions (including, without limitation, the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate, except in the ordinary course and pursuant to the reasonable requirements of the Company&#8217;s business and upon fair and reasonable terms no less favorable to the Company than would be obtainable in a comparable arm&#8217;s-length transaction with a Person not an Affiliate.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.12 </FONT></I><FONT size=2 face="Times New Roman">[Reserved]</FONT><I><FONT size=2 face="Times New Roman">.</FONT></I></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 10.13 Economic Sanctions, Etc</FONT></I><FONT size=2 face="Times New Roman">. The Company 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 (i) would cause any holder or any affiliate of such holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Section 11. Events of Default.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">An </FONT><I><FONT size=2 face="Times New Roman">&#8220;Event of Default&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall exist if any of the following conditions or events shall occur and be continuing:</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the Company defaults in the payment of any principal or Make-Whole Amount 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 </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable; or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) the Company defaults in the performance of or compliance with any term contained in </FONT><B><FONT size=2 face="Times New Roman">Section 9.6, Section 10.2 </FONT></B><FONT size=2 face="Times New Roman">through </FONT><B><FONT size=2 face="Times New Roman">Section 10.9</FONT></B><FONT size=2 face="Times New Roman">, inclusive, or </FONT><B><FONT size=2 face="Times New Roman">Section 10.13</FONT></B><FONT size=2 face="Times New Roman">; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) the Company defaults in the performance of or compliance with any term contained herein (other than those referred to in paragraphs (a), (b) and (c) of this </FONT><B><FONT size=2 face="Times New Roman">Section 11</FONT></B><FONT size=2 face="Times New Roman">) and such default is not remedied within 30 days after the earlier of (1) a Responsible Officer obtaining actual knowledge of such default and (2) the Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a &#8220;notice of default&#8221; and to refer specifically to this paragraph (d) of </FONT><B><FONT size=2 face="Times New Roman">Section 11</FONT></B><FONT size=2 face="Times New Roman">); or </FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in this Agreement or in the Mortgage Indenture (including the Supplemental Indenture) or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to have been false or incorrect in any material respect on the date as of which made; or </FONT></P>



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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) (1) the Company 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 Debt that is outstanding in an aggregate principal amount of at least $30,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto or (2) the Company is in default in the performance of or compliance with any term of any evidence of any Debt in an aggregate outstanding principal amount of at least $30,000,000 (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 Debt has become, or has been declared (or one or more Persons are entitled to declare such Debt to be), due and payable before its stated maturity or before its regularly scheduled dates of payment or (3) 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 Debt to convert such Debt into equity interests), (i) the Company has become obligated to purchase or repay Debt before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $30,000,000 (or its equivalent in the relevant currency of payment) or (ii) one or more Persons have the right to require the Company to purchase or repay such Debt; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) an &#8220;Event of Default&#8221; under the Mortgage Indenture shall have occurred and be continuing; </FONT><I><FONT size=2 face="Times New Roman">provided, however, </FONT></I><FONT size=2 face="Times New Roman">that anything in this Agreement to the contrary notwithstanding, the waiver or cure of such default under the Mortgage Indenture and the rescission and annulment of the consequences thereof under the Mortgage Indenture shall constitute a waiver of the corresponding Event of Default hereunder and a rescission and annulment of the consequences thereof hereunder; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) the Company is in default under the terms of any agreement involving any off-balance sheet transaction (including any asset securitization, sale/leaseback transaction or Synthetic Lease) with obligations in the aggregate thereunder for which the Company may be obligated in an amount in excess of $30,000,000 (or its equivalent in the relevant currency of payment), and such breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect thereto) any obligation when due (whether at stated maturity, by acceleration or otherwise) or if such breach or default permits or causes the acceleration of any obligation or the termination of such agreement; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) the Company (1) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (2) 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, (3) makes an assignment for the benefit of its creditors, (4) 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, (5) is adjudicated as insolvent or to be liquidated or (6) takes corporate action for the purpose of any of the foregoing; or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(j) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company, 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 the Company, or any such petition shall be filed against the Company and such petition shall not be dismissed within 60 days; or</FONT></P>

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<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(k) a final judgment or judgments for the payment of money aggregating in excess of $30,000,000 (or its equivalent in the relevant currency of payment) (exclusive of amounts fully covered by valid and collectible insurance in respect thereof subject to customary deductibles) are rendered against one or more of the Company and which judgments are not, within 45 days after entry thereof (or such shorter period as judgment creditors are stayed pursuant to applicable law from executing on such judgment or judgments), bonded, discharged or stayed pending appeal, or are not discharged within 45 days after the expiration of such stay (or such shorter period as judgment creditors are stayed pursuant to applicable law from executing on such judgment or judgments); or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(l) if (1) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (2) a notice of intent to terminate any Plan on other than a standard basis shall have been filed with the PBGC by the Company or any ERISA Affiliate or the PBGC shall have notified the Company or any ERISA Affiliate of the institution of proceedings under section 4042 of ERISA to terminate or appoint a trustee to administer any Plan or that a Plan is the subject of any such proceedings, (3) the present value of the aggregate &#8220;amount of unfunded benefit liabilities&#8221; within the meaning of section 4001(a)(18) of ERISA under all Plans (determined in accordance with Title IV of ERISA as of the end of the most recent Plan year on the basis of the actuarial assumptions specified for funding purposes in the most recent actuarial valuation), shall exceed the aggregate actuarial value of their assets by more than $25,000,000, (4) the Company or any ERISA Affiliate shall have incurred 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 with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, (5) the Company or any ERISA Affiliate incurs withdrawal liability with respect to any Multiemployer Plan or (6) the Company or any ERISA Affiliate establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any ERISA Affiliate thereunder; and any such event or events described in clauses (1) through (6) above, either individually or together with any other such event or events, would reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">As used in </FONT><B><FONT size=2 face="Times New Roman">Section 11(l)</FONT></B><FONT size=2 face="Times New Roman">, the terms &#8220;employee benefit plan&#8221; and &#8220;employee welfare benefit plan&#8221; shall have the respective meanings assigned to such terms in section 3 of ERISA.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Section 12. Remedies on Default, Etc.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 12.1 Acceleration</FONT></I><FONT size=2 face="Times New Roman">. (a) If an Event of Default with respect to the Company described in paragraph (i) or (j) of </FONT><B><FONT size=2 face="Times New Roman">Section 11 </FONT></B><FONT size=2 face="Times New Roman">(other than an Event of Default described in clause (1) of paragraph (i) or described in clause (6) of paragraph (i) by virtue of the fact that such clause encompasses clause (1) of paragraph (i)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) 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 Company, declare all the Notes then outstanding to be immediately due and payable.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) If any Event of Default described in paragraph (a) or (b) of </FONT><B><FONT size=2 face="Times New Roman">Section 11 </FONT></B><FONT size=2 face="Times New Roman">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 Company, declare all the Notes held by it or them to be immediately due and payable.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Upon any Note becoming due and payable under this </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, whether automatically or by declaration, such Note will forthwith mature and the entire unpaid principal amount of such Note, plus (1) all accrued and unpaid interest thereon and (2) the Make-Whole Amount, if any, determined in respect of such principal amount (to the full extent permitted by applicable law) 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 Company acknowledges, 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 Company (except as herein specifically provided for), and that the provision for payment of the Make-Whole Amount 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 12.2 Other Remedies</FONT></I><FONT size=2 face="Times New Roman">. (a) 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 </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, 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 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) If any Event of Default has occurred and is continuing and the Notes then outstanding have become due and payable pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, the holders of the Notes may immediately proceed to exercise their rights pursuant to section 10.53 and section 10.55 of the Mortgage Indenture (added by section 3.1 and section 5.1 of the Supplemental Indenture, respectively), as the case may be, to require the redemption of the First Mortgage Bonds and, upon any failure of the Company to so redeem the First Mortgage Bonds, to exercise all rights as beneficial owners of the First Mortgage Bonds under the Mortgage Indenture.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 12.3 Rescission</FONT></I><FONT size=2 face="Times New Roman">. At any time after any Notes have been declared due and payable pursuant to clause (b) or (c) of </FONT><B><FONT size=2 face="Times New Roman">Section 12.1</FONT></B><FONT size=2 face="Times New Roman">, the Required Holders, by written notice to the Company, 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, 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, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company 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 </FONT><B><FONT size=2 face="Times New Roman">Section 17 </FONT></B><FONT size=2 face="Times New Roman">and (d) 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 </FONT><B><FONT size=2 face="Times New Roman">Section 12.3 </FONT></B><FONT size=2 face="Times New Roman">will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 12.4 No Waivers or Election of Remedies, Expenses, Etc</FONT></I><FONT size=2 face="Times New Roman">. 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&#8217;s rights, powers or remedies. No right, power or remedy conferred by this Agreement or by 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 Company under </FONT><B><FONT size=2 face="Times New Roman">Section 15</FONT></B><FONT size=2 face="Times New Roman">, the Company 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 </FONT><B><FONT size=2 face="Times New Roman">Section 12</FONT></B><FONT size=2 face="Times New Roman">, including, without limitation, reasonable attorneys&#8217; fees, expenses and disbursements.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Section 13. Registration; Exchange; Substitution of Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 13.1 Registration of Notes</FONT></I><FONT size=2 face="Times New Roman">. The Company shall cause its transfer agent to keep at its office designated pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 13.2 </FONT></B><FONT size=2 face="Times New Roman">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&#8217;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(s) in whose name any Note(s) shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not 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.</FONT></P>



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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 13.2 Transfer and Exchange of Notes</FONT></I><FONT size=2 face="Times New Roman">. Upon surrender of any Note at the corporate trust office of the Company&#8217;s transfer agent, U.S. Bank National Association by mail at U.S. Bank Global Corporate Trust Services, Attention: Transfers &#8212; EP-MN-WS2N, 60 Livingston Avenue, St. Paul, Minnesota 55107-2292 or by hand at U.S. Bank Global Corporate Trust Services, Attention: Transfers, 1st Floor, 60 Livingston Avenue, St. Paul, Minnesota 55107-2292, or at such other addresses as may be provided in writing to the holders of the Notes, for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or accompanied by a written instrument of transfer duly executed by the registered holder of such Note or its attorney duly authorized in writing and accompanied by the address 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&#8217;s expense (except as provided below), one or more new Notes of the same series (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 </FONT><B><FONT size=2 face="Times New Roman">Exhibit 1(a) </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">Exhibit 1(b)</FONT></B><FONT size=2 face="Times New Roman">, as applicable. 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 $100,000, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of a series, one Note of such series may be in a denomination of less than $100,000. Any 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 </FONT><B><FONT size=2 face="Times New Roman">Section 6.2</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 13.3 Replacement of Notes</FONT></I><FONT size=2 face="Times New Roman">. Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note of any series (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</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (</FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">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 $50,000,000, such Person&#8217;s own unsecured agreement of indemnity shall be deemed to be satisfactory), or</FONT></P>

<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) in the case of mutilation, upon surrender and cancellation thereof, </FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">within 10 Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, 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.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Section 14. Payments on Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 14.1 Place of Payment</FONT></I><FONT size=2 face="Times New Roman">. Subject to </FONT><B><FONT size=2 face="Times New Roman">Section 14.2</FONT></B><FONT size=2 face="Times New Roman">, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office of U.S. Bank National Association 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.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 14.2 Home Office Payment</FONT></I><FONT size=2 face="Times New Roman">. So long as any Purchaser or its nominee shall be the holder of any Note of any series, and notwithstanding anything contained in </FONT><B><FONT size=2 face="Times New Roman">Section 14.1 </FONT></B><FONT size=2 face="Times New Roman">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, interest and all other amounts due hereunder by the method and at the address specified for such purpose below such Purchaser&#8217;s name in </FONT><B><FONT size=2 face="Times New Roman">Schedule A</FONT></B><FONT size=2 face="Times New Roman">, 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 </FONT><B><FONT size=2 face="Times New Roman">Section 14.1</FONT></B><FONT size=2 face="Times New Roman">. Prior to any sale or other disposition of any Note held by any 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 of the same series pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 13.2</FONT></B><FONT size=2 face="Times New Roman">. The Company will afford the benefits of this </FONT><B><FONT size=2 face="Times New Roman">Section 14.2 </FONT></B><FONT size=2 face="Times New Roman">to any Institutional Investor that is the direct or indirect transferee of any Note purchased by any Purchaser under this Agreement and that has made the same agreement relating to such Note as such Purchaser has made in this </FONT><B><FONT size=2 face="Times New Roman">Section 14.2</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 14.3 FATCA Information</FONT></I><FONT size=2 face="Times New Roman">. By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United States Person, such holder&#8217;s United States tax identification number or other Forms reasonably requested by the Company necessary to establish such holder&#8217;s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) 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 to comply with its obligations under FATCA and to determine that such holder has complied with such holder&#8217;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 14.3 shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Section 15. Expenses, Etc.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 15.1 Transaction Expenses</FONT></I><FONT size=2 face="Times New Roman">. Whether or not the transactions contemplated hereby are consummated, the Company will pay the reasonable out-of-pocket costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information, and all subsequent annual and interim filings of documents and financial information related thereto, with the SVO (which costs and expenses shall not exceed $5,000 without the prior written consent of the Company), and all out-of-pocket costs and expenses (including reasonable attorneys&#8217; fees of a special counsel and, if reasonably required, local or other counsel) incurred by the Purchasers or any other holder of a Note in connection with the transactions contemplated hereby and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Notes, the Mortgage Indenture (including the Supplemental Indenture) and the First Mortgage Bonds (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the out-of-pocket costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Notes, the Mortgage Indenture (including the Supplemental Indenture) and the First Mortgage Bonds, or in responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, the Notes, the Mortgage Indenture (including the Supplemental Indenture) and the First Mortgage Bonds, or by reason of being a holder of any Note and (b) the out-of-pocket costs and expenses, including financial advisors&#8217; fees, incurred in connection with the insolvency or bankruptcy of the Company or in connection with any work-out or restructuring of the transactions contemplated hereby, by the Notes, by the Mortgage Indenture (including the Supplemental Indenture) or by the First Mortgage Bonds. If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI).</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Company will pay, and will save the Purchasers 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 retained by such Person), (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&#8217; 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 15.2 Certain Taxes</FONT></I><FONT size=2 face="Times New Roman">. The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where the Company has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement 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 the Company pursuant to this Section 15, 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 the Company hereunder.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 15.3 Survival</FONT></I><FONT size=2 face="Times New Roman">. The obligations of the Company under this </FONT><B><FONT size=2 face="Times New Roman">Section 15 </FONT></B><FONT size=2 face="Times New Roman">will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement or the Notes, and the termination of this Agreement.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 style="font-variant: small-caps" face="Times New Roman">Section 16. Survival of Representations and Warranties; Entire Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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</FONT></P>

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<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of any Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. Subject to the preceding sentence, this Agreement and the Notes embody the entire agreement and understanding between the Purchasers and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 style="font-variant: small-caps" face="Times New Roman">Section 17. Amendment and Waiver.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 17.1 Requirements</FONT></I><FONT size=2 face="Times New Roman">. 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), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of </FONT><B><FONT size=2 face="Times New Roman">Section 1, 2, 3, 4, 5, 6 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">21 </FONT></B><FONT size=2 face="Times New Roman">hereof, or any defined term (as it is used therein), will be effective as to any Purchaser or holder of a Note unless consented to by such Purchaser or holder in writing and (b) no such amendment or waiver may, without the written consent of each Purchaser or the holder of each Note at the time outstanding affected thereby, (1) subject to the provisions of </FONT><B><FONT size=2 face="Times New Roman">Section 12 </FONT></B><FONT size=2 face="Times New Roman">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 interest or of the Make-Whole Amount on, the Notes, (2) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver or (3) amend any of </FONT><B><FONT size=2 face="Times New Roman">Sections 8, 11(a), 11(b), 12, 17, 20 </FONT></B><FONT size=2 face="Times New Roman">or </FONT><B><FONT size=2 face="Times New Roman">23</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 17.2 Solicitation of Purchasers and Holders of Notes</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(a) </FONT><I><FONT size=2 face="Times New Roman">Solicitation</FONT></I><FONT size=2 face="Times New Roman">. The Company will provide each holder of the Notes (irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such 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. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this </FONT><B><FONT size=2 face="Times New Roman">Section 17 </FONT></B><FONT size=2 face="Times New Roman">to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(b) </FONT><I><FONT size=2 face="Times New Roman">Payment</FONT></I><FONT size=2 face="Times New Roman">. The Company 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 any other credit support, to any holder of a Note as consideration for or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(c) </FONT><I><FONT size=2 face="Times New Roman">Consent in Contemplation of Transfer. </FONT></I><FONT size=2 face="Times New Roman">Any consent made pursuant to this </FONT>
<B><FONT size=2 face="Times New Roman">Section 17 </FONT></B><FONT size=2 face="Times New Roman">by a holder of a Note that has transferred a portion or has agreed to transfer all or a portion of its Notes to (i) the Company, (ii) any 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 the Company and/or any of its Affiliates and, in each case, has provided or has agreed to provide such written consent as a condition to such transfer shall be void and of no force and 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 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.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 17.3 Binding Effect, Etc</FONT></I><FONT size=2 face="Times New Roman">. Any amendment or waiver consented to as provided in this </FONT><B><FONT size=2 face="Times New Roman">Section 17 </FONT></B><FONT size=2 face="Times New Roman">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 Company 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 Company and any Purchaser or holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any Purchaser or holder of such Note. As used herein, the term &#147;this Agreement&#148; and references thereto shall mean this Agreement as it may from time to time be amended or supplemented.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<I><FONT size=2 face="Times New Roman">Section 17.4 Notes Held by Company, Etc</FONT></I><FONT size=2 face="Times New Roman">. 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 or the Notes, or have directed the taking of any action provided herein or in 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 the Company or any of its Affiliates shall be deemed not to be outstanding.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 style="font-variant: small-caps" face="Times New Roman">Section 18. Notices.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">Except to the extent otherwise provided in </FONT><B><FONT size=2 face="Times New Roman">Section 7.4</FONT></B><FONT size=2 face="Times New Roman">, all notices and communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid) or (c) by a recognized overnight delivery service (charges prepaid). Any such notice must be sent:</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(1) if to any Purchaser or its nominee, to such Purchaser or its nominee at the address specified for such communications in </FONT><B><FONT size=2 face="Times New Roman">Schedule A</FONT></B><FONT size=2 face="Times New Roman">, or at such other address as such Purchaser or its nominee shall have specified to the Company in writing,</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(2) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or</FONT></P>
<P STYLE="text-indent: 15pt; margin-left: 15pt; text-align: justify">
<FONT size=2 face="Times New Roman">(3) if to the Company, to the Company at its address set forth at the beginning hereof to the attention of the Chief Financial Officer of the Company, or at such other address as the Company shall have specified to the holder of each Note in writing.</FONT></P>
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<P style="text-align: justify;">
<FONT size=2 face="Times New Roman">Notices under this </FONT><B><FONT size=2 face="Times New Roman">Section 18 </FONT></B><FONT size=2 face="Times New Roman">will be deemed given only when actually received.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 style="font-variant: small-caps" face="Times New Roman">Section 19. Reproduction of Documents.</FONT></P>
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<FONT size=2 face="Times New Roman">This Agreement or the Mortgage Indenture (including the Supplemental Indenture), as the case may be, and all documents relating hereto and thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by the Purchasers at the Closing (except the Notes themselves) and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser or holder of the Notes, may be reproduced by such Purchaser or such holder by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and such Purchaser or such holder may destroy any original document so reproduced. The Company agrees and stipulates 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 any Purchaser or holder of the Notes in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. This </FONT><B><FONT size=2 face="Times New Roman">Section 19 </FONT></B><FONT size=2 face="Times New Roman">shall not prohibit the Company or any other Purchaser or holder of a Note 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.</FONT></P>
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<FONT style="font-variant: small-caps" size=2 face="Times New Roman">Section 20. Confidential Information.</FONT></P>
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<FONT size=2 face="Times New Roman">For the purposes of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">, </FONT><I><FONT size=2 face="Times New Roman">&#147;Confidential Information&#148; </FONT></I><FONT size=2 face="Times New Roman">shall mean information delivered to any Purchaser by or on behalf of the Company 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 the Company, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">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 (</FONT><I><FONT size=2 face="Times New Roman">provided, however, </FONT></I><FONT size=2 face="Times New Roman">that to such Purchaser&#146;s actual knowledge, the source of such information was not, at the time of disclosure to such Purchaser, bound by a confidentiality agreement with the Company relating to such information), (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser&#146;s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by the Company (</FONT><I><FONT size=2 face="Times New Roman">provided, however, </FONT></I><FONT size=2 face="Times New Roman">that to such Purchaser&#146;s actual knowledge, the source of such information was not, at the time of disclosure to such Purchaser, bound by a confidentiality agreement with the Company relating to such information) or (d) constitutes financial statements delivered to such Purchaser under </FONT><B><FONT size=2 face="Times New Roman">Section 7.1 </FONT></B><FONT size=2 face="Times New Roman">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, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that such Purchaser may deliver or disclose Confidential Information to (1) its directors, officers, trustees, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates to the administration of the investment represented by its Notes and such individuals are bound by the terms of this </FONT><B><FONT size=2 face="Times New Roman">Section 20 </FONT></B><FONT size=2 face="Times New Roman">or agree to hold confidential the Confidential Information substantially in accordance with the terms of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">), (2) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">, (3) any other holder of any Note, (4) any Institutional Investor to which such Purchaser 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 the provisions of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">), (5) any Person from which such Purchaser offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">), (6) any Federal or state regulatory authority having jurisdiction over such Purchaser, (7) 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&#146;s investment portfolio or (8) any other Person to which such delivery or disclosure may be necessary or appropriate (i) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (ii) in response to any subpoena or other legal process, (iii) in connection with any litigation to which such Purchaser is a party or (iv) 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&#146;s Notes and this Agreement (</FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">with respect to subclauses (i) (except where required disclosure of the purchase of the Notes is to be made to any supervisory or regulatory body during the normal course of its exercise of its regulatory or supervisory function over such Purchaser and consistent with such Purchaser&#146;s usual practice), (ii) and (iii) that, to the extent not prohibited by applicable law, rule, regulation or order, such Purchaser shall use commercially reasonable efforts to notify the Company of such pending disclosure so that the Company may seek a protective order or to pursue such further legal action as may be necessary to preserve the privileged nature and confidentiality of the Confidential Information). 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 </FONT><B><FONT size=2 face="Times New Roman">Section 20 </FONT></B><FONT size=2 face="Times New Roman">as though it were a party to this Agreement. On reasonable request by the Company 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 Company embodying the provisions of this </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>
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<FONT size=2 face="Times New Roman">In the event that as a condition to receiving access to information relating to the Company 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 </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">, this </FONT><B><FONT size=2 face="Times New Roman">Section 20 </FONT></B><FONT size=2 face="Times New Roman">shall not be amended thereby and, as between such Purchaser or such holder and the Company, this </FONT><B><FONT size=2 face="Times New Roman">Section 20 </FONT></B><FONT size=2 face="Times New Roman">shall supersede any such other confidentiality undertaking.</FONT></P>
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<FONT style="font-variant: small-caps" size=2 face="Times New Roman">Section 21. Substitution of Purchaser.</FONT></P>
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<FONT size=2 face="Times New Roman">Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that such Purchaser has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate&#146;s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in </FONT><B><FONT size=2 face="Times New Roman">Section 6</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>
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<FONT size=2 face="Times New Roman">Upon receipt of such notice, wherever the word &#147;Purchaser&#148; is used in this Agreement (other than in this </FONT><B><FONT size=2 face="Times New Roman">Section 21</FONT></B><FONT size=2 face="Times New Roman">), such word shall be deemed to refer to such Affiliate in lieu of such Purchaser. In the event that such Affiliate is so substituted as a purchaser hereunder and such Affiliate thereafter transfers to such Purchaser all of the Notes of a series then held by such Affiliate, upon receipt by the Company of notice of such transfer, wherever the word &#147;Purchaser&#148; is used in this Agreement (other than in this </FONT><B><FONT size=2 face="Times New Roman">Section 21</FONT></B><FONT size=2 face="Times New Roman">), such word shall no longer be deemed to refer to such Affiliate, but shall refer to such Purchaser, and such Purchaser shall have all the rights of an original holder of the Notes of the applicable series under this Agreement.</FONT></P>
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<FONT style="font-variant: small-caps" size=2 face="Times New Roman">Section 22. Miscellaneous.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 22.1 Successors and Assigns</FONT></I><FONT size=2 face="Times New Roman">. 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, without limitation, any subsequent holder of a Note) whether so expressed or not, except that, subject to Section 10.5, the Company 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.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 22.2 Submission to Jurisdiction; Waiver of Jury Trial. </FONT></I><FONT size=2 face="Times New Roman">(a) The Company hereby irrevocably submits to the non-exclusive jurisdiction of any State of New York court or any Federal court located in New York County, New York, New York for the adjudication of any matter arising out of or relating to this Agreement, and consents to the service of all writs, process and summonses by registered or certified priority or express mail out of any such court or by service of process on the Company at its address to which notices are to be given pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 18 </FONT></B><FONT size=2 face="Times New Roman">hereof and hereby waives any requirement to have an agent for service of process in the State of New York. Nothing contained herein shall affect the right of any holder of the Notes to serve legal process in any other manner or to bring any proceeding hereunder in any jurisdiction where the Company may be amenable to suit. The Company hereby irrevocably waives any objection to any suit, action or proceeding in any New York court or Federal court located in New York County, New York, New York on the grounds of venue and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.</FONT></P>
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<FONT size=2 face="Times New Roman">(b) 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.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 22.3 Payments Due on Non-Business Days</FONT></I><FONT size=2 face="Times New Roman">. Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in </FONT><B><FONT size=2 face="Times New Roman">Section 8.5 </FONT></B><FONT size=2 face="Times New Roman">that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount, if any, or interest on any Note that is due on a date other than 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; </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date 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.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 22.4 Accounting Terms. </FONT></I><FONT size=2 face="Times New Roman">All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP; </FONT><I><FONT size=2 face="Times New Roman">provided</FONT></I><FONT size=2 face="Times New Roman">, that, if the Company notifies the holders of Notes that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (or if the Required Holder(s) notify the Company that the Required Holder(s) request an amendment to any provision hereof for such purposes), then (i) such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith and (ii) the Company shall provide to the holders financial statements and other documents required by this Agreement or requested by any holder setting forth reconciliations between the computations relating to the compliance with the provisions hereof and financial statements provided hereunder made before and after giving effect to such changes in GAAP or the application thereof. For purposes of determining compliance with this Agreement (including, without limitation, </FONT><B><FONT size=2 face="Times New Roman">Section 9</FONT></B><FONT size=2 face="Times New Roman">, </FONT><B><FONT size=2 face="Times New Roman">Section 10 </FONT></B><FONT size=2 face="Times New Roman">and the definition of &#147;Debt&#148;), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification Topic No. 825-10-25 &#151; </FONT><I><FONT size=2 face="Times New Roman">Fair Value Option, International Accounting Standard 39 </FONT></I>
<I><FONT size=2 face="Times New Roman">&#151; Financial Instruments: Recognition and Measurement </FONT></I><FONT size=2 face="Times New Roman">or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 22.5 Severability</FONT></I><FONT size=2 face="Times New Roman">. 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.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 22.6 Construction</FONT></I><FONT size=2 face="Times New Roman">. 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.</FONT></P>
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<FONT size=2 face="Times New Roman">For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 22.7 Counterparts; Electronic Contracting</FONT></I><FONT size=2 face="Times New Roman">. 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. The parties agree to electronic contracting and signatures with respect to this Agreement and any other agreement or instrument hereunder (other than the Notes). Delivery of an electronic signature to, or a signed copy of, this Agreement and any other agreement or instrument hereunder (other than the Notes) by facsimile, email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes. Notwithstanding the foregoing, if any Purchaser shall request manually signed counterpart signatures to any agreement or instrument hereunder, the Company hereby agrees to use its reasonable endeavors to provide such manually signed signature pages as soon as reasonably practicable.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 22.8 Governing Law</FONT></I><FONT size=2 face="Times New Roman">. 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 require the application of the laws of a jurisdiction other than such State.</FONT></P>
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<FONT style="font-variant: small-caps" size=2 face="Times New Roman">Section 23. Appointment and Direction of Collateral Agent.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 23.1 Appointment and Authority; Direction</FONT></I><FONT size=2 face="Times New Roman">. Each holder of the Notes, by its acceptance thereof, designates and appoints U.S. Bank National Association to act as Collateral Agent for it under this Agreement, and authorizes U.S. Bank National Association, as the Collateral Agent acting on behalf of and for such holder&#146;s benefit, to (a) accept delivery of the First Mortgage Bonds, issued in the name of the Collateral Agent, and to hold the First Mortgage Bonds for the benefit of the holders of the Notes in accordance with this Agreement in a collateral account established by the Collateral Agent, (b) execute and deliver the Collateral Agent Acceptance in connection with the Closing (the </FONT><I><FONT size=2 face="Times New Roman">&#147;First Mortgage Bond Documents&#148;</FONT></I><FONT size=2 face="Times New Roman">) and (c) enter into each and all other instruments relating to the security for the Notes and to take such action under the provisions of the this Agreement, the Mortgage Indenture and all other instruments relating hereto and thereto, and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms hereof and thereof.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 23.2 Limited Agency</FONT></I><FONT size=2 face="Times New Roman">. Notwithstanding any provision to the contrary set forth elsewhere in this Agreement or any document related hereto, the Collateral Agent shall not have any duties or responsibilities in its capacity as Collateral Agent except those expressly set forth herein or therein, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or the First Mortgage Bond Documents or otherwise exist against the Collateral Agent.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 23.3 Delegation of Duties</FONT></I><FONT size=2 face="Times New Roman">. The Collateral Agent may exercise its powers and execute any of its duties under this Agreement and the First Mortgage Bond Documents by or through employees, agents or attorneys-in-fact and shall be entitled to take and to rely on advice of counsel concerning all matters pertaining to such powers and duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. The Collateral Agent may utilize the services of such Persons as the Collateral Agent in its sole discretion may determine, and all reasonable fees and expenses of such Persons shall be borne by the Company.</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 23.4 Exculpatory Provisions</FONT></I><FONT size=2 face="Times New Roman">. (a) The Collateral Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall not be (1) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or the First Mortgage Bond Documents (except for its or such Person&#146;s personal liability for its own or such Person&#146;s own gross negligence or willful misconduct) or (2) responsible in any manner to any of the holders for any recitals, statements, representations or warranties made by the Company or any officer thereof contained herein or in any First Mortgage Bond Document or in any certificate, report, statement or other document referred to or provided for in, or received by, the Collateral Agent under or in connection with this Agreement or any First Mortgage Bond Document, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of the First Mortgage Bond Documents or for any failure of the Company to perform its obligations thereunder. The Collateral Agent shall not be under any obligation to the holders to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, the First Mortgage Bond Documents.</FONT></P>
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<FONT size=2 face="Times New Roman">(b) The Collateral Agent shall be deemed to have exercised reasonable care in the custody of any First Mortgage Bonds in its possession if the First Mortgage Bonds are accorded treatment substantially equal to that which it accords its own property.</FONT></P>
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<FONT size=2 face="Times New Roman">(c) The Collateral Agent shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the rights or powers conferred upon it by this Agreement.</FONT></P>
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<FONT size=2 face="Times New Roman">(d) In no event shall the Collateral Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit).</FONT></P>
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<I><FONT size=2 face="Times New Roman">Section 23.5 Reliance by Collateral Agent</FONT></I><FONT size=2 face="Times New Roman">. The Collateral Agent shall be entitled to conclusively rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or facsimile message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Company), independent accountants and other experts selected by the Collateral Agent. The Collateral Agent shall be fully justified in failing or refusing to take action under this Agreement or the First Mortgage Bond Documents unless it shall first receive such advice or concurrence of the Required Holders and it shall first be indemnified to its reasonable satisfaction by the holders against any and all liability and expense which may be incurred by it by reason of taking, continuing to take or refraining from taking any such action. The Collateral Agent, in all cases, shall be fully protected in acting, or in refraining from acting, under this Agreement and the First Mortgage Bond Documents if such acting or refraining from acting is in accordance with the provisions hereof, and any action taken or failure to act pursuant hereto shall be binding upon all the holders.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.6 Indemnification</FONT></I><FONT size=2 face="Times New Roman">. Each holder severally agrees to indemnify the Collateral Agent in its capacity as such (to the extent not reimbursed by the Company (and without limiting the Company&#8217;s obligation to do so) within 45 days after the Collateral Agent&#8217;s written request therefor), ratably according to its respective share of the outstanding principal amount of the Notes held thereby, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Notes) be imposed on, incurred by or asserted against the Collateral Agent in any way relating to or arising out of actions or omissions of the Collateral Agent specifically required or permitted by this Agreement or by written instructions of the Required Holders, delivered pursuant thereto, </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that no holder shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting from the Collateral Agent&#8217;s own gross negligence or willful misconduct. The agreements in this </FONT><B><FONT size=2 face="Times New Roman">Section 23.6 </FONT></B><FONT size=2 face="Times New Roman">shall survive the payment of the Notes.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.7 Duties; Obligations</FONT></I><FONT size=2 face="Times New Roman">. The only duties and obligations which the Collateral Agent shall have are those set forth in this Agreement and in the First Mortgage Bond Documents.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.8 Requesting Instructions</FONT></I><FONT size=2 face="Times New Roman">. The Collateral Agent may at any time request directions in writing from the holders as to any course of action or other matter relating to the performance of its duties under this Agreement and the First Mortgage Bond Documents and the holders shall promptly comply with such request. Directions given to the Collateral Agent by the Required Holders shall be binding on each of the holders.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.9 Administrative Actions</FONT></I><FONT size=2 face="Times New Roman">. The Collateral Agent shall have the right to take such actions, or omit to take such actions, hereunder and under the First Mortgage Bond Documents not inconsistent with the written instructions of the requisite holders or the terms of the First Mortgage Bond Documents and this Agreement, including without limitation actions the Collateral Agent deems necessary or appropriate to perfect or continue the perfection of the Liens on the First Mortgage Bonds for the benefit of the holders or to protect the First Mortgage Bonds. Except as provided above and as otherwise provided pursuant to applicable law, the Collateral Agent shall have no duty as to the collection or protection of the First Mortgage Bonds or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of rights pertaining to the First Mortgage Bonds beyond the safe custody of any First Mortgage Bonds in the Collateral Agent&#8217;s possession.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.10 Exercise of Remedies</FONT></I><FONT size=2 face="Times New Roman">. Except as otherwise provided in </FONT><B><FONT size=2 face="Times New Roman">Section 23.9</FONT></B><FONT size=2 face="Times New Roman">, the Collateral Agent shall only be authorized to take such actions under the First Mortgage Bond Documents and to enforce or prepare to enforce the remedies available under such First Mortgage Bond Documents as are approved in a written notice by the Required Holders; </FONT><I><FONT size=2 face="Times New Roman">provided, however, </FONT></I><FONT size=2 face="Times New Roman">that no notice to release First Mortgage Bonds shall be effective unless signed by all of the holders. In furtherance of the foregoing, the Collateral Agent agrees to make such demands and give such notices under the First Mortgage Bond Documents as may be requested by, and to take such action to enforce the First Mortgage Bond Documents and to foreclose upon, collect and dispose of the First Mortgage Bonds or any portion thereof as may be directed by the Required Holders; </FONT><I><FONT size=2 face="Times New Roman">provided, however, </FONT></I><FONT size=2 face="Times New Roman">that the Collateral Agent shall not be required to take any action that is in its opinion contrary to law or the terms of this Agreement or the First Mortgage Bond Documents and the Collateral Agent shall not be required to take any action unless indemnified in accordance with the provisions of </FONT><B><FONT size=2 face="Times New Roman">Section 23.6 </FONT></B><FONT size=2 face="Times New Roman">hereof.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.11 Sharing and Application of Proceeds</FONT></I><FONT size=2 face="Times New Roman">. The holders agree all amounts owing with respect to the Notes shall be secured </FONT><I><FONT size=2 face="Times New Roman">pro rata </FONT></I><FONT size=2 face="Times New Roman">by the Collateral Agent without distinction. Upon any realization upon the First Mortgage Bonds by the Collateral Agent, the holders agree that the proceeds thereof shall be applied (i) </FONT><I><FONT size=2 face="Times New Roman">first, </FONT></I><FONT size=2 face="Times New Roman">to the payment of expenses incurred by and amounts owed to the Collateral Agent with respect to maintenance and protection of the First Mortgage Bonds and of expenses incurred with respect to the sale of or realization upon any of the First Mortgage Bonds or the perfection, enforcement or protection of the rights of the holders (including reasonable attorneys&#8217; fees and expenses of every kind, including, without limitation, reasonable allocated costs of staff counsel); (ii) </FONT><I><FONT size=2 face="Times New Roman">second, </FONT></I><FONT size=2 face="Times New Roman">equally and ratably to the payment of all amounts of interest on the Notes, according to the aggregate amounts thereof owing to each holder; (iii) </FONT><I><FONT size=2 face="Times New Roman">third, </FONT></I><FONT size=2 face="Times New Roman">equally and ratably to the payment of all amounts of principal on the Notes according to the aggregate amounts thereof owing to each holder; (iv) </FONT><I><FONT size=2 face="Times New Roman">fourth, </FONT></I><FONT size=2 face="Times New Roman">equally and ratably to the payment of all Make-Whole Amounts according to the aggregate amounts thereof owing to each holder; (v) </FONT><I><FONT size=2 face="Times New Roman">fifth, </FONT></I><FONT size=2 face="Times New Roman">equally and ratably to the payment of other amounts then due to the holders under this Agreement (including but not limited to all fees and expenses) with amounts prorated, if necessary, based on the aggregate amounts thereof then owing to each holder, and (vi) s</FONT><I><FONT size=2 face="Times New Roman">ixth, </FONT></I><FONT size=2 face="Times New Roman">the balance, if any, shall be returned to the Company.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.12 Resignation or Termination of Collateral Agent</FONT></I><FONT size=2 face="Times New Roman">. The Collateral Agent may resign as Collateral Agent upon not less than 60 days&#8217; written notice to each of the holders (with a copy to the Company), such resignation to take effect upon the acceptance by a successor Collateral Agent of its appointment as the Collateral Agent hereunder. In addition, the Required Holders may remove the Collateral Agent, with or without cause, each at any time by giving written notice thereof to the Collateral Agent, such resignation to take effect upon the acceptance by a successor Collateral Agent of its appointment as the Collateral Agent hereunder. Upon any such resignation or removal, the Required Holders shall have the right to appoint a successor Collateral Agent which meets the eligibility requirements of </FONT><B><FONT size=2 face="Times New Roman">Section 23.14</FONT></B><FONT size=2 face="Times New Roman">. If no successor Collateral Agent shall have been so appointed and shall have accepted such appointment in writing within 60 days after the retiring Collateral Agent&#8217;s giving of notice of resignation or its removal, then any holder or the retiring Collateral Agent (unless the Collateral Agent is being removed), on behalf of the holders, may petition at the expense of the Company a court of competent jurisdiction for the appointment of a successor Collateral Agent. Such court shall, after such notice as it may deem proper, appoint a successor Collateral Agent meeting the qualifications specified in </FONT><B><FONT size=2 face="Times New Roman">Section 23.14. </FONT></B><FONT size=2 face="Times New Roman">The holders of the Notes hereby consent to such petition and appointment so long as such criteria are met. Upon acceptance of appointment as Collateral Agent, such successor shall thereupon and forthwith succeed to and become vested with all the rights, powers and privileges, immunities and duties of the retiring Collateral Agent, and the retiring Collateral Agent, upon the signing, transferring and setting over to such successor Collateral Agent all rights, moneys and other collateral held by it in its capacity as Collateral Agent, shall be discharged from its duties and obligations hereunder. After any retiring Collateral Agent&#8217;s resignation or removal as Collateral Agent, the provisions of this </FONT><B><FONT size=2 face="Times New Roman">Section 23</FONT></B><FONT size=2 face="Times New Roman">, shall inure to its benefit as to any actions taken or omitted to be taken by it while it acted as Collateral Agent.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.13 Succession of Successor Collateral Agent</FONT></I><FONT size=2 face="Times New Roman">. Any successor Collateral Agent appointed hereunder shall execute, acknowledge and deliver to the holders and the predecessor Collateral Agent an instrument accepting such appointment, and thereupon such successor Collateral Agent, without any further act, deed, conveyance or transfer, shall become vested with the title to the First Mortgage Bonds, and with all the rights, powers, duties and obligations of the predecessor Collateral Agent in the First Mortgage Bonds and the First Mortgage Bond Documents, with like effect as if originally named as Collateral Agent herein.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Upon the request of any such successor Collateral Agent, however, the holders and the predecessor Collateral Agent shall promptly execute and deliver such instruments of conveyance and further assurance reflecting terms consistent with the terms of this Agreement and the First Mortgage Bond Documents then in effect and do such other things as may reasonably be required for more fully and certainly vesting and confirming in such successor Collateral Agent its interest in the First Mortgage Bonds and all such rights, powers, duties and obligations of the predecessor Collateral Agent hereunder, and the predecessor Collateral Agent shall also promptly assign and deliver to the successor Collateral Agent any First Mortgage Bonds which may then be in its possession. The Company, to the extent requested by any holder of the Notes or the Collateral Agent shall procure any and all documents, conveyances or instruments and execute the same, to the extent required, in order to reflect the transfer to the successor Collateral Agent.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.14 Eligibility of Collateral Agent. </FONT></I><FONT size=2 face="Times New Roman">Any successor Collateral Agent shall be (a) a state or national bank or trust company in good standing, organized under the laws of the United States of America or of any state, having capital, surplus and undivided profits aggregating at least $500,000,000 and subject to supervision or examination by a Federal or state banking authority and (b) authorized under the laws of the jurisdiction of its incorporation or organization to assume the functions of the Collateral Agent, if there be such a bank or trust company willing and able to accept the duties hereunder upon reasonable and customary terms.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.15 Successor Collateral Agent by Merger</FONT></I><FONT size=2 face="Times New Roman">. Any corporation into which the Collateral Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Collateral Agent shall be a party, or any state or national bank or trust company in any manner succeeding to the corporate trust business of the Collateral Agent as a whole or substantially as a whole, if eligible as provided in </FONT><B><FONT size=2 face="Times New Roman">Section 23.14</FONT></B><FONT size=2 face="Times New Roman">, shall be the successor of the Collateral Agent hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything to the contrary contained herein notwithstanding.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.16 Compensation and Reimbursement of Collateral Agent</FONT></I><FONT size=2 face="Times New Roman">. The Company agrees:</FONT></P>
<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) to pay to the Collateral Agent all of its out-of-pocket expenses in connection with the preparation, execution and delivery of this Agreement and the First Mortgage Bond Documents and the transactions contemplated hereby, including but not limited to the reasonable charges and disbursements of its special counsel;</FONT></P>
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<P STYLE="text-indent: 15pt; margin-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) to pay to the Collateral Agent from time to time reasonable compensation for all services rendered by it hereunder;</FONT></P>
<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) to reimburse the Collateral Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of this Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall have been caused by its own gross negligence or willful misconduct; and</FONT></P>
<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) to indemnify the Collateral Agent for, and to hold it harmless against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs or disbursements of any kind whatsoever imposed on, incurred by or asserted against the Collateral Agent without gross negligence or willful misconduct on its part, at any time (including without limitation, at any time following the payment of the Notes), arising out of or in connection with this Agreement or any First Mortgage Bond Document or any action taken or omitted by it thereunder or in connection therewith, including, but not limited to, the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder, and any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs or disbursements of any kind whatsoever or claims arising out of its possession or control, of the First Mortgage Bonds.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding any other provision of this Agreement or the First Mortgage Bond Documents, the Collateral Agent shall in all cases be fully justified in failing or refusing to act hereunder unless it shall be indemnified to its satisfaction by the Company or, to the extent it is not satisfactorily indemnified by the Company, the holders of the Notes against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.17 Self Dealing</FONT></I><FONT size=2 face="Times New Roman">. In the event that a holder serves as the Collateral Agent, such holder acting in its capacity as such shall have the same rights and powers under this Agreement and the Notes as any other holder and may exercise or refrain from exercising the same as though it were not the Collateral Agent. Without limiting the generality of the foregoing, the Collateral Agent or any holding company, trust company or corporation in or with which the Collateral Agent or the Collateral Agent&#8217;s stockholders may be interested or affiliated, or any officer or director of the Collateral Agent, or of any other such entity, or any agent appointed by the Collateral Agent, may have commercial relations or otherwise deal with any of the holders, or with any other corporation having relations with any of the holders, and with any other entity, whether or not affiliated with the Collateral Agent.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Section 23.18 Third Party Beneficiary. </FONT></I><FONT size=2 face="Times New Roman">The Collateral Agent is hereby deemed a third party beneficiary of Section 23 of this Agreement.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The execution hereof by the Purchasers shall constitute a contract between the Company and the Purchasers for the uses and purposes and on the terms hereinabove set forth.</FONT></P>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left"><FONT size=2 face="Times New Roman">Very truly yours,</FONT></TD></TR>
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   <TD STYLE="width: 50%"></TD>
   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New Jersey Natural Gas Company</FONT></TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
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   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By&nbsp;</FONT></TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Roberto F. Bel</FONT></TD></TR>
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   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Roberto F. Bel</FONT></TD></TR>
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   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Vice President, Treasurer</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Pacific Life Insurance Company</FONT></B></TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
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   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT>&nbsp;</TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Matthew A. Levene</FONT></TD></TR>
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   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Matthew A. Levene</FONT></TD></TR>
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   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Assistant Vice President</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">[Signature Page to Note Purchase Agreement]</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Metropolitan Life Insurance Company</FONT></B></TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left">&nbsp;</TD></TR>
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   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">MetLife Investment Management, LLC, Its</FONT></TD></TR>
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   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Investment Manager</FONT></TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left">&nbsp;</TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Metlife Insurance K.K.</FONT></B></TD></TR>
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   <TD STYLE="text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
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   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">MetLife Investment Management, LLC, Its</FONT></TD></TR>
<TR vAlign=bottom>
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   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Investment Manager</FONT></TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left">&nbsp;</TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Symetra Life Insurance Company</FONT></B></TD></TR>
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   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">MetLife Investment Management, LLC, Its</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">Investment Manager</FONT></TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left">&nbsp;</TD></TR>
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   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ John Wills</FONT></TD></TR>
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   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">John Wills</FONT></TD></TR>
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   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Authorized Signatory</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>
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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>
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   <TD COLSPAN="3" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Transamerica Premier Life Insurance Company</FONT></B></TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
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   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">AEGON USA Investment Management,</FONT></TD></TR>
<TR vAlign=bottom>
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   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">LLC, its investment manager</FONT></TD></TR>
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   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
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   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Bill Henricksen</FONT></TD></TR>
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   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Bill Henricksen</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Vice President</FONT></TD></TR>
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   <TD STYLE="width: 50%"></TD>
   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD COLSPAN="3" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Transamerica Life Insurance Company</FONT></B></TD></TR>
<TR>
   <TD STYLE="width: 50%"></TD>
   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">AEGON USA Investment Management,</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">LLC, its investment manager</FONT></TD></TR>
<TR>
   <TD STYLE="width: 50%"></TD>
   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Bill Henricksen</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Bill Henricksen</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Vice President</FONT></TD></TR>
<TR>
   <TD STYLE="width: 50%"></TD>
   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD COLSPAN="3" STYLE="width: 50%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Transamerica Pacific Re Inc.</FONT></B></TD></TR>
<TR>
   <TD STYLE="width: 50%"></TD>
   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">AEGON USA Investment Management,</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD COLSPAN="2" STYLE="width: 49%; text-align: left"><FONT size=2 face="Times New Roman">LLC, its investment manager</FONT></TD></TR>
<TR>
   <TD STYLE="width: 50%"></TD>
   <TD COLSPAN="3" STYLE="width: 50%">&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>
   <TD COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; width: 49%; text-align: left"><FONT size=2 face="Times New Roman">/s/ Bill Henricksen</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Name:</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Bill Henricksen</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 50%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"></TD>
   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD STYLE="width: 48%; text-align: left"><FONT size=2 face="Times New Roman">Vice President</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>
<HR align=center width="100%" noShade size="2">


<!-- Part 09 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman">&nbsp;</FONT></B></TD>

   <TD COLSPAN="2" STYLE="padding-left: 15pt; white-space: nowrap; text-align: left; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">The Prudential Insurance Company of<BR>America </FONT></B></TD></TR>


<TR>

   <TD></TD>

   <TD COLSPAN="2">&nbsp;</TD></TR>

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   <TD STYLE="width: 50%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD STYLE="width: 49%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">/s/ Brian Lemons</FONT></TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="padding-left: 15pt; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Second Vice President</FONT></TD></TR>


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   <TD></TD>

   <TD COLSPAN="2">&nbsp;</TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Pruco Life Insurance Company</FONT></B></TD></TR>


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   <TD></TD>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Brian Lemons</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="padding-left: 15pt; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Assistant Vice President&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></TD></TR></TABLE></P>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">The Northwestern Mutual Life<BR>Insurance Company</FONT></B></TD></TR>

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   <TD>&nbsp;</TD>

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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:</FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Northwestern Mutual Investment</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Times New Roman">Management Company, LLC, its</FONT></TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">investment advisor</FONT></TD></TR>

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   <TD STYLE="text-align: left"></TD>

   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>


<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Bradley T. Kunath</FONT></TD></TR>

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   <TD STYLE="width: 50%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="width: 48%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Bradley T. Kunath</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left">

   <P><FONT size=2 face="Times New Roman">Title:</FONT></P></TD>

   <TD STYLE="white-space: nowrap; text-align: left">



   <P><FONT size=2 face="Times New Roman">Managing Director</FONT></P></TD></TR>


<TR>

   <TD STYLE="text-align: left"></TD>

   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">The Northwestern Mutual Life<BR>Insurance Company for its Group<BR>Annuity Separate Account </FONT></B></TD></TR>


<TR>

   <TD STYLE="text-align: left"></TD>

   <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Bradley T. Kunath</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Bradley T. Kunath</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title: </FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Its Authorized Representative</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Manufacturers Life Reinsurance Limited</FONT></B></TD></TR>


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   <TD STYLE="width: 50%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 48%"></TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Tatsuya Oshiro</FONT> <FONT size=2 face="Times New Roman"></FONT></TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Tatsuya Oshiro</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title: </FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Co-Head of Investments, Manulife</FONT></TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">General Account Investments (Singapore)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Pte. Ltd. as investment manager of</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Manufacturers Life Reinsurance Limited</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Manulife (International) Limited</FONT></B></TD></TR>


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   <TD STYLE="width: 50%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 48%"></TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Calvin Yip</FONT></TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Calvin Yip</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Head of Corporate Finance Asia, General</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Account Investments</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New York Life Insurance Company </FONT></B></TD></TR>


<TR>

   <TD></TD>

   <TD>&nbsp;</TD>

   <TD COLSPAN="2"></TD></TR>

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   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Kimberly Stepancic</FONT></TD></TR>

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   <TD STYLE="width: 50%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="width: 48%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Kimberly Stepancic</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Corporate Vice President</FONT></TD></TR>


<TR>
   <TD>&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD COLSPAN="2">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New York Life Insurance and Annuity<BR>Corporation </FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">NYL Investors LLC, its Investment</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Manager</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD>

   <TD></TD>

   <TD COLSPAN="2"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Kimberly Stepancic</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Kimberly Stepancic</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Senior Director</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD>

   <TD></TD>

   <TD COLSPAN="2"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New York Life Insurance and Annuity<BR>Corporation Institutionally Owned<BR>Life Insurance Separate Account<BR>(BOLI 3)</FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">NYL Investors LLC, its Investment</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Manager</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD>

   <TD></TD>

   <TD COLSPAN="2"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Kimberly Stepancic</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Kimberly Stepancic&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></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Senior Director</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">New York Life Insurance and Annuity<BR>Corporation Institutionally Owned<BR>Life Insurance Separate Account<BR>(BOLI 30c) </FONT></B></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">NYL Investors LLC, its Investment</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Manager</FONT></TD></TR>


<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Kimberly Stepancic</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 50%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="width: 48%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Kimberly Stepancic&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></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Senior Director</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">United of Omaha Life Insurance <BR>Company </FONT></B></TD></TR>


<TR>

   <TD STYLE="width: 50%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 48%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Lee Martin</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Lee Martin</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Vice President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B></TD>

   <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></B><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Farm Bureau Life Insurance Company </FONT></B></TD></TR>


<TR>

   <TD STYLE="width: 50%">&nbsp;</TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 1%"></TD>

   <TD STYLE="width: 48%"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">/s/ Herman L. Riva</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Herman L. Riva</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Securities Vice President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<!-- Part 10 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<DIV align=right>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="50%" border=0>



<TR vAlign=bottom>

   <TD width="100%" colSpan=3 noWrap align=left><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Ameritas Life Insurance Corp.</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 noWrap align=left><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Ameritas Life Insurance Corp. of New York</FONT></B></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">Ameritas Investment Partners Inc., as Agent</FONT></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">/s/ Tina Udell</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Tina Udell</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Vice President &amp; Managing Director</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<DIV align=right>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="50%" border=0>



<TR vAlign=bottom>

   <TD width="100%" colSpan=3 noWrap align=left><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Standard Insurance Company</FONT></B></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">/s/ Chris Beaulieu</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Chris Beaulieu</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">VP, Individual Annuities &amp; Investments</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<DIV align=right>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="50%" border=0>



<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 100%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Life Insurance Company of the Southwest</FONT></B></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">/s/ Ken Weliczka</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Ken Weliczka</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Head of Private Placements</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" align=left></TD>

   <TD width="98%" align=left><FONT size=2 face="Times New Roman">Sentinel Asset Management, Inc.</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The foregoing is hereby agreed to as of the date hereof.</FONT></P>

<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="50%" border=0>



<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 100%; text-align: left"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">United Farm Family Life Insurance <BR>Company</FONT></B></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">/s/ Michael Lucado</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Michael Lucado</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Portfolio Manager</FONT></TD></TR></TABLE>
</DIV>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Signature Page to Note Purchase Agreement</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Information Relating to Purchasers</FONT></B></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Pacific Life Insurance Company</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">700 Newport Center Drive, 3rd Floor</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">Newport Beach, CA 92660</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$5,000,000</FONT></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">All scheduled payments of principal and interest shall be made by wire transfer of immediately available funds to:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all notices with respect to payments and written confirmation of such wire transfers:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The Bank of New York Mellon<BR>Attn: Pacific Life Accounting Team<BR>One Mellon Bank Center &#8211; Room 1130<BR>Pittsburgh, PA 15258-0001</FONT></P>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Copy to:</FONT></P>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Pacific Life Insurance Company<BR>Attn: IM &#8211; Cash Team<BR>700 Newport Center Drive<BR>Newport Beach, CA 92660<BR>Fax: (949) 718-5845</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all other notices and communications:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Pacific Life Insurance Company<BR>Attn: IM &#8211; Credit Analysis<BR>700 Newport Center Drive<BR>Newport Beach, CA 92660-6397<BR>Email: PrivatePlacementCompliance@PacificLife.com</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></P>


<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Nominee: Mac &amp; Co., as nominee for Pacific Life Insurance Company</FONT></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT style="font-variant: small-caps" size=2 face="Times New Roman">Schedule A<BR>(to Note Purchase Agreement)</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman"  style="FONT-VARIANT: small-caps">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Metlife Insurance K.K.</FONT></B></TD>

   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$7,400,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">1-3, Kioicho, Chiyoda-ku</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">Tokyo, 102-8525 Japan</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">All scheduled payments of principal and interest shall be made by wire transfer of immediately available funds to:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all notices and communications:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">MetLife Asset Management Corp. (Japan)<BR>Administration Department<BR>Tokyo Garden Terrace Kioicho Kioi Tower 25F<BR>1-3, Kioicho, Chiyoda-ku, Tokyo 102-8525 Japan<BR>Attn: Administration Dept. Manager<BR>Email: saura@metlife.co.jp</FONT></P>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Copy to:</FONT></P>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">MetLife Insurance K.K.<BR>c/o MetLife Investment Management, LLC<BR>Investments, Private Placements<BR>One MetLife Way<BR>Whippany, NJ 07981<BR>Attn: Shaun Oliver, Associate Director, Private Placements; Michael Brown, Associate<BR>- Privates, Private Placements; Frederic Sporer, VP Private Placements-Corporates,<BR>Private Placements<BR>Emails: PPUCompliance@metlife.com; soliver@metlife.com;<BR>michael.t.brown@metlife.com; fsporer@metlife.com;
OpsPvtPlacements@metlife.com</FONT></P>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">With another copy </FONT><U><FONT size=2 face="Times New Roman">other than</FONT></U><FONT size=2 face="Times New Roman"> with respect to deliveries of financial statements to:</FONT></P>
<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">MetLife Insurance K.K.<BR>c/o MetLife Investment Management, LLC, Investments Law<BR>One MetLife Way<BR>Whippany, NJ 07981<BR>Attn: Chief Counsel-Investments Law (PRIV)<BR>Email: sec_invest_law@metlife.com</FONT></P>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-2</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for audit requests:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Hard copy to:</FONT></P>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Metropolitan Life Insurance Company<BR>Attn: Private Placements Operations (Attn: Audit Confirmations)<BR>18210 Crane Nest Drive &#8211; 5<SUP>th </SUP>Floor<BR>Tampa, FL 33647</FONT></P>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Soft copy to: Auditconfirms.pvtplacements@metlife.com</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR></TABLE>


<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></P>


<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR></TABLE>
<BR>
<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Tax Identification Numbers: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-3</FONT></P>

<HR align=center width="100%" noShade size="2">



<!-- Part 11 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of
   Notes</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount<BR>of Notes<BR>to be Purchased</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Metropolitan Life Insurance Company</FONT></B></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series E</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$2,900,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">200 Park Avenue</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">New York, NY 10166</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=left></TD></TR></TABLE>
<BR>
<TABLE style="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">All scheduled payments of principal and interest shall be made by wire transfer of immediately available funds to:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all notices and communications:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Metropolitan Life Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o MetLife Investment Management, LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Investments, Private Placements</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">One MetLife Way</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Whippany, NJ 07981</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Shaun Oliver, Associate Director, Private Placements; Michael Brown, Associate - Privates, Private Placements; Frederic Sporer, VP Private Placements-Corporates, Private Placements</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Emails: PPUCompliance@metlife.com; soliver@metlife.com;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">michael.t.brown@metlife.com; fsporer@metlife.com; OpsPvtPlacements@metlife.com</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">With a copy </FONT><U><FONT size=2 face="Times New Roman">other than</FONT></U><FONT size=2 face="Times New Roman"> with respect to deliveries of financial statements to:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Metropolitan Life Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o MetLife Investment Management, LLC, Investments Law</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">One MetLife Way</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Whippany, NJ 07981</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Chief Counsel-Investments Law (PRIV)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: sec_invest_law@metlife.com</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for audit requests:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Hard copy to:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Metropolitan Life Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements Operations (Attn: Audit Confirmations)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">18210 Crane Nest Drive &#8211; 5<SUP>th </SUP>Floor</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Tampa, FL 33647</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Soft copy to: Auditconfirms.pvtplacements@metlife.com</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-4</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-5</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of
   Notes</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount<BR>of Notes<BR>to be Purchased</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Symetra Life Insurance Company</FONT></B></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series E</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$2,700,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">200 Park Avenue</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">New York, NY 10166</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=left></TD></TR></TABLE>
<BR>
<TABLE style="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">All scheduled payments of principal and interest shall be made by wire transfer of immediately available funds to:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all notices and communications:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Symetra Life Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o MetLife Investment Management, LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Investments, Private Placements</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">One MetLife Way</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Whippany, NJ 07981</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Shaun Oliver, Associate Director, Private Placements; Michael Brown, Associate - Privates, Private Placements; Frederic Sporer, VP Private Placements-Corporates, Private Placements</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Emails: PPUCompliance@metlife.com; soliver@metlife.com;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">michael.t.brown@metlife.com; fsporer@metlife.com</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">With a copy other than with respect to deliveries of financial statements to:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Symetra Life Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o MetLife Investment Management, LLC, Investments Law</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">One MetLife Way</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Whippany, NJ 07981</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Chief Counsel-Investments Law (PRIV)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: sec_invest_law@metlife.com</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">and</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Symetra Life Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Nate Zaientz</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">308 Farmington Ave, 3rd floor</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Farmington, CT 06032</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: RLIM-Investments@resolutionlife.com</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">and</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2 align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Resolution Re Ltd.</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-6</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Wessex House</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">2nd Floor, 45 Reid Street</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Hamilton HM12, Bermuda</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: RLIM-Investments@resolutionlife.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Address for audit requests:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Hard copy to:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Metropolitan Life Insurance Company</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements Operations (Attn: Audit Confirmations)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">18210 Crane Nest Drive &#8211; 5<SUP>th </SUP>Floor</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Tampa, FL 33647</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Soft copy to: Auditconfirms.pvtplacements@metlife.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Nominee: CUDD and CO</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-7</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of
   Notes</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount<BR>of Notes<BR>to be Purchased</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Transamerica Life Insurance Company</FONT></B></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series E</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$4,500,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=left></TD></TR></TABLE>
<BR>
<TABLE style="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">All payments on account of the Transamerica Life Insurance Company shall be made by wire transfer to:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all notices and communications of payment:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">AEGON USA Investment Management, LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: AAM GA Portfolio Accounting MS 3G-CR</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: AAMValueHub@aegonusa.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Ref: Series E PPN: 645869 H@0</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">and to:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">AEGON USA Investment Management, LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements MS 3C-CR</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: privateplacements@aegonusa.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Ref: Series E PPN: 645869 H@0</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all other notices:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">AEGON USA Investment Management, LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Director of Private Placements MS 3C-CR</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (319) 355-2429</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: privateplacements@aegonusa.com</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>
   <TD STYLE="width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-8</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of
   Notes</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount<BR>of Notes<BR>to be Purchased</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Transamerica Pacific Re Inc.</FONT></B></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series E</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$4,500,000</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="32%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="33%" noWrap align=left></TD></TR></TABLE>
<BR>
<TABLE style="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">All payments on account of the Transamerica Life Insurance Company shall be made by wire transfer to:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all notices and communications of payment:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">AEGON USA Investment Management, LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: AAM GA Portfolio Accounting MS 3G-CR</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: AAMValueHub@aegonusa.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Ref: Series E PPN: 645869 H@0</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">and to:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">AEGON USA Investment Management, LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements MS 3C-CR</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: privateplacements@aegonusa.com</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Ref: Series E PPN: 645869 H@0</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all other notices:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">AEGON USA Investment Management, LLC</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Director of Private Placements MS 3C-CR</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (319) 355-2429</FONT></TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: privateplacements@aegonusa.com</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>
   <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>
   <TD STYLE="width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-9</FONT></P>
<HR align=center width="100%" noShade size="2">
<!-- Part 12 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD vAlign=top width="33%" align=left></TD>

   <TD vAlign=top width="1%" align=left></TD>

   <TD vAlign=top width="32%" align=left></TD>

   <TD vAlign=top width="1%" align=left></TD>

   <TD vAlign=top width="33%" align=center><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="33%" align=left></TD>

   <TD vAlign=top width="1%" align=left></TD>

   <TD vAlign=top width="32%" align=center><FONT style="font-variant:small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="1%" align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="33%" align=center><FONT style="font-variant:small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 33%; text-align: left; white-space: nowrap"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD vAlign=top width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="32%" align=center><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD vAlign=top width="1%" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD vAlign=top width="33%" align=center><FONT style="font-variant:small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 33%; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Transamerica Premier Life Insurance Company</FONT></B></TD>

   <TD vAlign=top width="1%" align=left>&nbsp;</TD>

   <TD vAlign=top width="32%" align=center><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD vAlign=top width="1%" align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD vAlign=top width="33%" align=center><FONT size=2 face="Times New Roman">$4,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="33%" align=left><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD>

   <TD vAlign=top width="1%" align=left></TD>

   <TD vAlign=top width="32%" align=left></TD>

   <TD vAlign=top width="1%" align=left></TD>

   <TD vAlign=top width="33%" align=left></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="33%" align=left><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD>

   <TD vAlign=top width="1%" align=left></TD>

   <TD vAlign=top width="32%" align=left></TD>

   <TD vAlign=top width="1%" align=left></TD>

   <TD vAlign=top width="33%" align=left></TD></TR></TABLE><BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="LINE-HEIGHT: normal; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">All payments on account of the Transamerica Premier Life Insurance Company shall be made by wire transfer to:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><I><FONT size=2 face="Times New Roman">&nbsp;</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Address for all notices and communications of payment:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">AEGON USA Investment Management, LLC</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: AAM GA Portfolio Accounting MS 3G-CR</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: AAMValueHub@aegonusa.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Ref: Series E PPN: 645869 H@0</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">and to:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">AEGON USA Investment Management, LLC</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Private Placements MS 3C-CR</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: privateplacements@aegonusa.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Ref: Series E PPN: 645869 H@0</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Address for all other notices:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">AEGON USA Investment Management, LLC</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Director of Private Placements MS 3C-CR</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">6300 C Street SW</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Cedar Rapids, IA 52499</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (319) 355-2429</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: privateplacements@aegonusa.com</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR>

   <TD COLSPAN="2"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>                                                                                                                                                                                                                                                                                                                     <TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
</TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-10</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="LINE-HEIGHT: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 33%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 32%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 33%; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Series
of Notes</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="font-variant:small-caps" size=2 face="Times New Roman">The Prudential Insurance Company of America</FONT></B></TD>

   <TD STYLE="vertical-align: top; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman">$5,963,333.34</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman">2200 Ross Ave., Suite 4300W</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman">Dallas, TX 75201</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD></TR></TABLE>

<BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%" align=justify><FONT size=2 face="Times New Roman">All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%" align=justify><FONT size=2 face="Times New Roman">Address for all notices and communications:</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Prudential Insurance Company of America</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o Prudential Private Capital</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">2200 Ross Ave.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Suite 4300W</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Dallas, TX 75201</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Managing Director, Real Assets &#8211; Oil &amp; Gas</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">cc: Vice President and Corporate Counsel</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">and for all notices relating solely to scheduled principal and interest payments to:</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Prudential Insurance Company of America</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o PGIM, Inc.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Prudential Tower</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">655 Broad Street</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">14th Floor - South Tower</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Newark, NJ 07102</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: PIM Private Accounting Processing Team</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: Pim.Private.Accounting.Processing.Team@prudential.com</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%" align=justify><FONT size=2 face="Times New Roman">Address for external audit confirmations of loan balances for transactions:</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Preferred remittance: PPCauditconfirms@prudential.com</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">PGIM Private Placement Operations</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">655 Broad Street, 14th Floor South</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Mail Stop # NJ 08-14-75</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Newark, NJ 07102-5096</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: PPC Audit Confirmation Coordinator</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: left"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-11</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="LINE-HEIGHT: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Series
of Notes</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Pruco Life Insurance Company</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"  style="font-variant:small-caps">Series D</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$1,036,666.66</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">2200 Ross Ave., Suite 4300W</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Dallas, TX 75201</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR></TABLE>

<BR>

<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%" align=justify><FONT size=2 face="Times New Roman">All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%" align=justify><FONT size=2 face="Times New Roman">Address for all notices and communications:</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Pruco Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o Prudential Private Capital</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">2200 Ross Ave.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Suite 4300W</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Dallas, TX 75201</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Managing Director, Real Assets &#8211; Oil &amp; Gas</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">cc: Vice President and Corporate Counsel</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">and for all notices relating solely to scheduled principal and interest payments to:</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Pruco Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">c/o PGIM, Inc.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Prudential Tower</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">655 Broad Street</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">14th Floor - South Tower</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Newark, NJ 07102</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: PIM Private Accounting Processing Team</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: Pim.Private.Accounting.Processing.Team@prudential.com</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%" align=justify><FONT size=2 face="Times New Roman">Address for external audit confirmations of loan balances for transactions:</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Preferred remittance: PPCauditconfirms@prudential.com</FONT></TD></TR>

<TR>

   <TD vAlign=top width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">PGIM Private Placement Operations</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">655 Broad Street, 14th Floor South</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Mail Stop # NJ 08-14-75</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Newark, NJ 07102-5096</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: left; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: PPC Audit Confirmation Coordinator</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="vertical-align: top; text-align: left; padding-left: 30pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom"><TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt">
<FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="padding-left: 30pt; white-space: nowrap; text-align: left"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
</TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-12</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="LINE-HEIGHT: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 33%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 32%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 33%; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="font-variant:small-caps" size=2 face="Times New Roman">The Northwestern Mutual Life Insurance Company</FONT></B></TD>

   <TD STYLE="vertical-align: top; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman">$5,940,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman">720 East Wisconsin Avenue</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman">Milwaukee, WI 53202</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD></TR></TABLE>

<BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="LINE-HEIGHT: normal; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: justify"><FONT size=2 face="Times New Roman">All payments on account of Note held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, the amount of the dividend and/or redemption (as applicable) and the identity of the security as to which payment is being made:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: justify"><FONT size=2 face="Times New Roman">All notices with respect to confirmation of payments on account of the Note shall be delivered or mailed to:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Northwestern Mutual Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">720 East Wisconsin Avenue</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Milwaukee, WI 53202</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Investment Operations</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: payments@northwesternmutual.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (414) 665-1679</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: justify"><FONT size=2 face="Times New Roman">Address for all other communications:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Northwestern Mutual Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">720 East Wisconsin Avenue</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Milwaukee, WI 53202</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Securities Department</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: privateinvest@northwesternmutual.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Facsimile: (414) 625-7643</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">With copies to: bradkunath@northwesternmutual.com and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 95pt"><FONT size=2 face="Times New Roman">kevinshanley@northwesternmutual.com</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: justify"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: justify"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: justify"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-13</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 33%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 32%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left"></TD>

   <TD STYLE="vertical-align: top; width: 33%; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Series
of Notes</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="font-variant:small-caps" size=2 face="Times New Roman">The Northwestern Mutual Life Insurance Company for its Group Annuity Separate Account</FONT></B></TD>

   <TD STYLE="vertical-align: top; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman" style="font-variant:small-caps">Series D</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: center"><FONT size=2 face="Times New Roman">$60,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman">720 East Wisconsin Avenue</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman">Milwaukee, WI 53202</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD>

   <TD STYLE="vertical-align: top; text-align: left"></TD></TR></TABLE>

<BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="LINE-HEIGHT: normal; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="vertical-align: top; width: 99%; text-align: justify"><FONT size=2 face="Times New Roman">All payments on account of Note held by such Purchaser shall be made by wire transfer of immediately available funds, providing sufficient information to identify the source of the transfer, the amount of the dividend and/or redemption (as applicable) and the identity of the security as to which payment is being made:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: justify"><FONT size=2 face="Times New Roman">All notices with respect to confirmation of payments on account of the Note shall be delivered or mailed to:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Northwestern Mutual Life Insurance Company for its Group Annuity Separate Account</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">720 East Wisconsin Avenue</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Milwaukee, WI 53202</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Investment Operations</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: payments@northwesternmutual.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Telephone: (414) 665-1679</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: justify"><FONT size=2 face="Times New Roman">Address for all other communications:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">The Northwestern Mutual Life Insurance Company for its Group Annuity Separate Account</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">720 East Wisconsin Avenue</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Milwaukee, WI 53202</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Attn: Securities Department</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Email: privateinvest@northwesternmutual.com</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">Facsimile: (414) 625-7643</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">With copies to: bradkunath@northwesternmutual.com and</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 95pt"><FONT size=2 face="Times New Roman">kevinshanley@northwesternmutual.com</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: justify"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="vertical-align: top; text-align: justify; padding-left: 30pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR>

   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD STYLE="vertical-align: top; text-align: justify"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR></TABLE>







<BR>


<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="padding-right: 8pt; width: 1%; vertical-align: top; text-align: left">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">(6)</FONT></P></TD>

   <TD STYLE="width: 99%; vertical-align: top; text-align: left">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-14</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Principal Amount</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps"></font></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">of Notes</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Name and Address of Purchaser</font></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Series
of Notes</font></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">to be Purchased</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Manufacturers Life Reinsurance Limited</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$3,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">The Goddard Building, Haggatt Hall</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">St. Michael, BB 11059</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Barbados</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR></TABLE>


<BR>

<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Payments:</FONT></P></TD></TR>

<TR>
   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">All payments to be by bank wire transfer of immediately available funds to:</FONT></P></TD></TR>

<TR>
   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 99%; padding-left: 15pt">







   <P style="TEXT-ALIGN: left"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></P></TD></TR>


<TR>
   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="padding-left: 15pt">&nbsp;</TD></TR>
<TR>

   <TD width="1%"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Notices:</FONT></P></TD></TR></TABLE></div><BR>

<div style="padding-left:15pt">
<TABLE style="BORDER-COLLAPSE: collapse; LINE-HEIGHT: 14pt" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD style="BORDER-TOP: black 1pt solid; WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-TOP: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Notices with</FONT></TD>

   <TD style="BORDER-TOP: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Notices and</FONT></TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Electronic</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">respect to</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">communication</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">notices</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">payments,</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">with respect to</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">and all</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">prepayments</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">compliance</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">other</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">(scheduled</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">reporting,</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Notices</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">and</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">financial</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">unscheduled,</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">statements and</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">whether</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">related</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">partial or in</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">certifications</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">full) and</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="padding-bottom: 4pt; width: 55%; white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; padding-left: 4pt; padding-right: 4pt"></TD>

   <TD STYLE="padding-bottom: 4pt; width: 15%; white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; padding-left: 4pt; padding-right: 4pt"><FONT size=2 face="Times New Roman">maturity</FONT></TD>

   <TD STYLE="padding-bottom: 4pt; width: 15%; white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; padding-left: 4pt; padding-right: 4pt"></TD>

   <TD STYLE="padding-bottom: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-left: 4pt; padding-right: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Manulife Financial</FONT></TD>

   <TD ROWSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; width: 15%; white-space: nowrap; text-align: center; padding-top: 4pt; padding-left: 4pt; border-left: Black 1pt solid; padding-right: 4pt"><FONT size=2 face=Arial>&#10003;</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">200 Bloor Street East, NT2-D70</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Toronto, Ontario, Canada M4W 1E5</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: black 1pt solid; width: 55%; white-space: nowrap; text-align: left; padding-left: 19pt; padding-right: 4pt; text-indent: -15pt"><FONT size=2 face="Times New Roman">Attn: Asia-Canadian Private Placement<BR>Team</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Email: Asia-Canadian_PP@manulife.com</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Manulife General Account Investments (HK)</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD ROWSPAN="7" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; width: 15%; white-space: nowrap; text-align: center; padding-top: 4pt; padding-left: 4pt; border-left: Black 1pt solid; padding-right: 4pt"><FONT size=2 face=Arial>&#10003;</FONT></TD>

   <TD ROWSPAN="7" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; border-right: black 1pt solid; border-left: Black 1pt solid; width: 15%; white-space: nowrap; text-align: center; padding-top: 4pt; padding-left: 4pt; padding-right: 4pt"><FONT size=2 face=Arial>&#10003;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">16/F, Lee Garden One, 33 Hysan Avenue</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Causeway Bay, Hong Kong</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="border-left: black 1pt solid; width: 55%; white-space: nowrap; text-align: left; padding-left: 19pt; padding-right: 4pt; text-indent: -15pt"><FONT size=2 face="Times New Roman">Attn: Calvin Yip, Helen Lo, Justin<BR>Yeung, Jonathan Luk</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Email:</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">corporate_finance_asia@manulife.com</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Fax number: 852-2295-1771</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">John Hancock Financial Services</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD ROWSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; width: 15%; white-space: nowrap; text-align: center; padding-top: 4pt; padding-left: 4pt; border-left: Black 1pt solid; padding-right: 4pt"><FONT size=2 face=Arial>&#10003;</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">197 Clarendon Street, C-2</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Boston, MA 02116</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Attn: Bond and Corporate Finance</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Team Email: navin_dookhie@manulife.com</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Asia GA Legal</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; BORDER-LEFT: black 1pt solid"></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 1pt solid" rowSpan=2><FONT size=2 face=Arial>&#10003;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Email: Asia_GA_Legal@manulife.com</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; BORDER-LEFT: black 1pt solid"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; BORDER-LEFT: black 1pt solid"></TD></TR></TABLE></div>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-15</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<BR>


<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover</FONT></I></P></TD></TR>

<TR>
   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Registered Name of Securities: Manufacturers Life Reinsurance Limited</FONT></P></TD></TR>

<TR>
   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Original securities should be sent the day after closing to:</FONT></P></TD></TR>

<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>

   <TD width="99%">&nbsp;
</TD></TR>          <TR>
   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="padding-left: 15pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
</TABLE></DIV>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-16</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Principal Amount</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps"></font></TD>

   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">of Notes</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Name and Address of Purchaser</font></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Series
of Notes</font></TD>

   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">to be Purchased</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Manulife (International) Limited</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman"></FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$2,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">22/F, Manulife Financial Centre,</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">223-231 Wai Yip Street, Kwun Tong,</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Kowloon,</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Hong Kong</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR></TABLE>

<BR>


<DIV>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Payments:</FONT></P></TD></TR>

<TR>
   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="99%">







   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">All payments to be by bank wire transfer of immediately available funds to:</FONT></P></TD></TR>

<TR>
   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="width: 99%; padding-left: 15pt">







   <P style="TEXT-ALIGN: left"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></P></TD></TR>                                                                                                                                                                           <TR>
   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>



<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Notices and Audit Requests:</FONT></P></TD></TR></TABLE></div><BR>

<div style="padding-left:15pt">
<TABLE style="BORDER-COLLAPSE: collapse; LINE-HEIGHT: 14pt" cellSpacing=0 cellPadding=0 width="100%" border=0>



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   <TD style="BORDER-TOP: black 1pt solid; WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-TOP: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Notices with</FONT></TD>

   <TD style="BORDER-TOP: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Notices and</FONT></TD>

   <TD style="BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Electronic</FONT></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">respect to</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">communication</FONT></TD>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">payments,</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">with respect to</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">and all</FONT></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">prepayments</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">compliance</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">other</FONT></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">(scheduled</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">reporting,</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Notices</FONT></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">and</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">financial</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">unscheduled,</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">statements and</FONT></TD>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">whether</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">related</FONT></TD>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">partial or in</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">certifications</FONT></TD>

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   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">full) and</FONT></TD>

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   <TD STYLE="padding-bottom: 4pt; width: 55%; white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; padding-left: 4pt; padding-right: 4pt"></TD>

   <TD STYLE="padding-bottom: 4pt; width: 15%; white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; padding-left: 4pt; padding-right: 4pt"><FONT size=2 face="Times New Roman">maturity</FONT></TD>

   <TD STYLE="padding-bottom: 4pt; width: 15%; white-space: nowrap; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; padding-left: 4pt; padding-right: 4pt"></TD>

   <TD STYLE="padding-bottom: 4pt; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 15%; white-space: nowrap; text-align: left; padding-left: 4pt; padding-right: 4pt"></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Manulife Financial</FONT></TD>

   <TD ROWSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; width: 15%; white-space: nowrap; text-align: center; padding-top: 4pt; padding-left: 4pt; border-left: Black 1pt solid; padding-right: 4pt"><FONT size=2 face=Arial>&#10003;</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">200 Bloor Street East, NT2-D70</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Toronto, Ontario, Canada M4W 1E5</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD STYLE="border-left: black 1pt solid; width: 55%; white-space: nowrap; text-align: left; padding-left: 19pt; padding-right: 4pt; text-indent: -15pt"><FONT size=2 face="Times New Roman">Attn: Asia-Canadian Private Placement<BR>Team</FONT></TD>

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   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Email: Asia-Canadian_PP@manulife.com</FONT></TD>

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   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Manulife General Account Investments (HK)</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD>

   <TD ROWSPAN="7" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; width: 15%; white-space: nowrap; text-align: center; padding-top: 4pt; padding-left: 4pt; border-left: Black 1pt solid; padding-right: 4pt"><FONT size=2 face=Arial>&#10003;</FONT></TD>

   <TD ROWSPAN="7" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; border-right: black 1pt solid; border-left: Black 1pt solid; width: 15%; white-space: nowrap; text-align: center; padding-top: 4pt; padding-left: 4pt; padding-right: 4pt"><FONT size=2 face=Arial>&#10003;</FONT></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">16/F, Lee Garden One, 33 Hysan Avenue</FONT></TD>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Causeway Bay, Hong Kong</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD STYLE="border-left: black 1pt solid; width: 55%; white-space: nowrap; text-align: left; padding-left: 19pt; padding-right: 4pt; text-indent: -15pt"><FONT size=2 face="Times New Roman">Attn: Calvin Yip, Helen Lo, Justin<BR>Yeung, Jonathan Luk</FONT></TD>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Email:</FONT></TD>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">corporate_finance_asia@manulife.com</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Fax number: 852-2295-1771</FONT></TD>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">John Hancock Financial Services</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD ROWSPAN="5" STYLE="border-bottom: Black 1pt solid; vertical-align: middle; width: 15%; white-space: nowrap; text-align: center; padding-top: 4pt; padding-left: 4pt; border-left: Black 1pt solid; padding-right: 4pt"><FONT size=2 face=Arial>&#10003;</FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-TOP: 4pt; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">197 Clarendon Street, C-2</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Boston, MA 02116</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Attn: Bond and Corporate Finance</FONT></TD>

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   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; WHITE-SPACE: nowrap; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Team Email: navin_dookhie@manulife.com</FONT></TD>

   <TD style="WIDTH: 15%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman"></FONT></TD>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Asia GA Legal</FONT></TD>

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   <TD style="BORDER-RIGHT: black 1pt solid; WIDTH: 15%; VERTICAL-ALIGN: middle; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt" rowSpan=2><FONT size=2 face=Arial>&#10003;</FONT></TD></TR>

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   <TD style="WIDTH: 55%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 4pt; TEXT-ALIGN: left; PADDING-LEFT: 4pt; BORDER-LEFT: black 1pt solid; PADDING-RIGHT: 4pt"><FONT size=2 face="Times New Roman">Email: Asia_GA_Legal@manulife.com</FONT></TD>

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<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-17</FONT></P>

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   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

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   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></P></TD></TR>

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   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
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   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

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   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Registered Name of Securities: Manulife (International) Limited</FONT></P></TD></TR>

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   <TD>&nbsp;</TD></TR>
<TR>

   <TD STYLE="width: 1%; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD width="99%">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Original securities should be sent the day after closing to:</FONT></P></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                                                            <TR>
   <TD STYLE="padding-right: 8pt">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>
   <TD STYLE="padding-right: 8pt"></TD>
   <TD STYLE="padding-left: 15pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>
</TABLE></DIV>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-18</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<br>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Principal Amount</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps"></font></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">of Notes</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Name and Address of Purchaser</font></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Series
of Notes</font></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">to be Purchased</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><B><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">New York Life Insurance Company</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$3,800,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">51 Madison Avenue, 2<SUP>nd </SUP>Floor</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">New York, NY 10010</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR></TABLE>

<BR>
<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="padding-right: 8pt; width: 1%; vertical-align: top; text-align: left">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>

   <TD STYLE="padding-left: 15pt; width: 99%; vertical-align: top; text-align: left">



   <P style="TEXT-ALIGN: left"><I><FONT size=2 face="Times New Roman">Purchaser information redacted and provided to the Company under separate cover</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-19</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 33%; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Principal Amount</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps"></font></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">of Notes</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Name and Address of Purchaser</font></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Series of Notes</font></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">to be Purchased</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">New York Life Insurance and Annuity Corporation</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$900,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Times New Roman">51 Madison Avenue, 2<SUP>nd </SUP>Floor</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left"><FONT size=2 face="Times New Roman">New York, NY 10010</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR></TABLE>
<BR>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="padding-right: 8pt; width: 1%; vertical-align: top; text-align: left">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>

   <TD STYLE="padding-left: 15pt; width: 99%; vertical-align: top; text-align: left">



   <P style="TEXT-ALIGN: left"><I><FONT size=2 face="Times New Roman">Purchaser information redacted and provided to the Company under separate cover</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P></TD></TR></TABLE>



<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-20</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Principal Amount</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps"></font></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">of Notes</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Name and Address of Purchaser</font></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Series
of Notes</font></TD>

   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">to be Purchased</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">New York Life Insurance and Annuity
Corporation Institutionally Owned
Life Insurance Separate Account
(BOLI 30C)</FONT></B></TD>

   <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><FONT size=2 face="Times New Roman">$200,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">51 Madison Avenue, 2<SUP>nd </SUP>Floor</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">New York, NY 10010</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR></TABLE>

<BR>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD STYLE="padding-right: 8pt; width: 1%; vertical-align: top; text-align: left">



   <P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>

   <TD STYLE="padding-left: 15pt; width: 99%; vertical-align: top; text-align: left">



   <P style="TEXT-ALIGN: left"><I><FONT size=2 face="Times New Roman">Purchaser information redacted and provided to the Company under separate cover</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-21</FONT></P>

<HR align=center width="100%" noShade size="2">



<!-- Part 14 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="font-variant: small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT style="font-variant: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="font-variant: small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"><FONT style="font-variant: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman" style="font-variant: small-caps">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="font-variant: small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; vertical-align: top; width: 33%; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="font-variant: small-caps" size=2 face="Times New Roman">New York Life Insurance and Annuity<Br>Corporation Institutionally Owned<Br>Life Insurance Separate Account<BR>(BOLI 3)</FONT></B></TD>

   <TD vAlign=top width="1%" noWrap align=left><B></B></TD>

   <TD vAlign=top width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=right></TD>

   <TD vAlign=top width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$100,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">51 Madison Avenue, 2<SUP>nd </SUP>Floor</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">New York, NY 10010</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><I><FONT size=2 face="Times New Roman">Purchaser information redacted and provided to the Company under separate cover</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-22</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of
   Notes</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 33%; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">United of Omaha Life Insurance<BR>Company</FONT></B></TD>

   <TD vAlign=top width="1%" align=left><B></B></TD>

   <TD vAlign=top width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=right></TD>

   <TD vAlign=top width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$2,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">3300 Mutual of Omaha Plaza</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">Omaha, NE 68175</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all notices in respect of payment, corporate actions and reorganization notifications:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">JPMorgan Chase Bank<BR>4 Chase Metrotech Center, 16th Floor<BR>Brooklyn, NY 11245-0001<BR>Attn: Income Processing<BR>a/c: G07097</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all other communications:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">4 - Investment Management<BR>United of Omaha Life Insurance Company<BR>3300 Mutual of Omaha Plaza<BR>Omaha, NE 68175-1011<BR>Email: privateplacements@mutualofomaha.com</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-23</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of
   Notes</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Farm Bureau Life Insurance Company</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">5400 University Avenue</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">West Des Moines, IA 50266</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for notices, including financials, compliance and requests:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Preferred Remittance: privateplacements@fblfinancial.com</FONT></P>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Farm Bureau Life Insurance Company<BR>
Attn: Portfolio Management<BR>
5400 University Ave.<BR>
West Des Moines, IA 50266</FONT></P>

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<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for physical delivery of the Notes:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Nominee: Gerlach &amp; Co. F/B/O Farm Bureau Life Insurance Company</FONT></TD></TR></TABLE><BR>

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<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">U.S. Tax Identification Numbers: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-24</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Ameritas Life Insurance Corp.</FONT></B></TD>

   <TD width="1%" noWrap align=left><B></B></TD>

   <TD width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$1,800,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">5945 R. Street</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">Lincoln, NE 68505</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE>
<BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all notices of payments and written confirmations of such wire transfers:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Ameritas Life Insurance Corp.<BR>5945 R. Street<BR>Lincoln, NE 68505<BR>Attn: Investment Accounting<BR>Fax: (402) 467-6970<BR>Email: IASecurities@ameritas.com</FONT></P>

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<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all other communications: </FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Ameritas Life Insurance Corp.<BR>Ameritas Investment Partners, Inc.<BR>Attn: Private Placements<BR>5945 R. Street<BR>Lincoln, NE 68505</FONT></P>

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<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT size=2 face="Times New Roman">Contacts:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="99%" colSpan=2><FONT size=2 face="Times New Roman">Joe Mick<BR>Telephone: (402) 467-7471<BR>Fax: (402) 467-6970</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="98%"><FONT size=2 face="Times New Roman">Joe.Mick@Ameritas.com and<BR>privateplacements@ameritas.com</FONT></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Nominee: CUDD &amp; CO. LLC for the benefit of Ameritas Life Insurance Corp.</FONT></TD></TR></TABLE><BR>

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<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-25</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

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<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; vertical-align: top; width: 33%; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Ameritas Life Insurance Corp. of New<BR>York</FONT></B></TD>

   <TD vAlign=top width="1%" align=left><B></B></TD>

   <TD vAlign=top width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=right></TD>

   <TD vAlign=top width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$200,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">5945 R. Street</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">Lincoln, NE 68505</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all notices of payments and written confirmations of such wire transfers:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Ameritas Life Insurance Corp.<BR>5945 R. Street<BR>Lincoln, NE 68505<BR>Attn: Investment Accounting<BR>Fax: (402) 467-6970<BR>Email: IASecurities@ameritas.com</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all other communications:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Ameritas Life Insurance Corp. of New York<BR>Ameritas Investment Partners, Inc.<BR>Attn: Private Placements<BR>5945 R. Street<BR>Lincoln, NE 68505</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD STYLE="vertical-align: top; width: 1%; padding-left: 30pt"><FONT size=2 face="Times New Roman">Contacts:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="99%" colSpan=2><FONT size=2 face="Times New Roman">Joe Mick<BR>Telephone: (402) 467-7471<BR>Fax: (402) 467-6970</FONT></TD></TR>

<TR>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD vAlign=top width="98%"><FONT size=2 face="Times New Roman">Joe.Mick@Ameritas.com and<BR>privateplacements@ameritas.com</FONT></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Nominee: CUDD &amp; CO. LLC for the benefit of Ameritas Life Insurance Corp. of New York</FONT></TD></TR></TABLE><BR>

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<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-26</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="33%" noWrap align=left><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Standard Insurance Company</FONT></B></TD>

   <TD vAlign=top width="1%" noWrap align=left><B></B></TD>

   <TD vAlign=top width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=right></TD>

   <TD vAlign=top width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$2,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="33%" noWrap align=left><FONT size=2 face="Times New Roman">1100 SW Sixth Avenue, P14B</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="32%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=right></TD>

   <TD vAlign=top width="33%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">Portland, OR 97204</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE>
<BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">All payments shall be made by bank wire transfer of immediately available funds to:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for notices with respect to payments:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Standard Insurance Company<BR>c/o Bank of New York Mellon<BR>Attn: CCSTeam9 &#8211; Client Service<BR>Insurance Custody<BR>P &amp; I Department<BR>P.O. Box 19266<BR>Newark, NJ 07195<BR>Telephone: (315) 414-3324<BR>Email: ccsteam9@bnymellon.com<BR>Fax: (844) 803-7567</FONT></P>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Copy to:</FONT></P>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Standard Insurance Company <BR>1100 SW Sixth Avenue, P14B<BR>Portland, OR 97204<BR>Telephone: (971) 321-8439<BR>Attn: Kathy Wolf ( IMGOPS@standard.com)<BR>Fax: (971) 321-5890</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all other communications and notices:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Standard Insurance Company<BR>1100 SW Sixth Avenue, P14B<BR>Portland, OR 97204<BR>Telephone: (971) 321-0994<BR>Attn: Ben Werner ( IMGPMS@standard.com)<BR>Fax: (971) 321-8560</FONT></P>


<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Name of Nominee: HARE &amp; Co., LLC</FONT></TD></TR></TABLE><BR>

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<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-27</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<BR>

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<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Principal Amount</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">of Notes</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Name and Address of Purchaser</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="32%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Series of Notes</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">to be Purchased</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 33%; white-space: nowrap; text-align: left; padding-left: 15pt; text-indent: -15pt"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Life Insurance Company of the<BR>Southwest</FONT></B></TD>

   <TD vAlign=top width="1%" noWrap align=left><B></B></TD>

   <TD vAlign=top width="32%" noWrap align=center><FONT size=2 face="Times New Roman">Series E</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=right></TD>

   <TD vAlign=top width="33%" noWrap align=center><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top width="33%" noWrap align=left><FONT size=2 face="Times New Roman">One National Life Drive</FONT></TD>

   <TD vAlign=top width="1%" noWrap align=left></TD>

   <TD vAlign=top width="32%" noWrap align=left></TD>

   <TD vAlign=top width="1%" noWrap align=right></TD>

   <TD vAlign=top width="33%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face="Times New Roman">Montpelier, TV 05604</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=left></TD>

   <TD width="1%" noWrap align=right></TD>

   <TD width="33%" noWrap align=left></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">All payments shall be made by wire transfer of immediately available funds to:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for all notices and communications:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Life Insurance Company of the Southwest<BR>c/o National Life Insurance Company<BR>One National Life Drive<BR>Montpelier, VT 05604<BR>Attn: Private Placements<BR>Email: privateinvestments@sentinelinvestments.com</FONT></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR></TABLE>

<P STYLE="padding-left: 30pt; text-align: justify"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></P>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">Nominee: None</FONT></TD></TR></TABLE><BR>

<TABLE style="LINE-HEIGHT: normal" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR>

   <TD style="PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">U.S. Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-28</FONT></P>

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<!-- Part 15 -->
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<BR>


<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">


<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: left"></TD>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: right"></TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Principal Amount</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps"></font></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">of Notes</font></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Name and Address of Purchaser</font></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Series of Notes</font></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">to be Purchased</font></TD></TR>






<TR vAlign=bottom>

   <TD STYLE="padding-left: 15pt; text-align: left; text-indent: -15pt"><B><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">United Farm Family Life Insurance Company</FONT></B></TD>

   <TD STYLE="white-space: nowrap; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Series D</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">$1,000,000</FONT></TD></TR>


<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">225 S. East Street</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">Indianapolis, IN 46202</FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD>

   <TD STYLE="white-space: nowrap; text-align: right"></TD>

   <TD STYLE="white-space: nowrap; text-align: left"></TD></TR></TABLE>

<BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(1)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">All payments shall be made by bank wire transfer of Federal or other immediately available funds to:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; text-align: left; padding-left: 15pt"><I><FONT size=2 face="Times New Roman">Wire instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(2)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for all notices and communications, including notices with respect to payments and written confirmation of each such payment:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">United Farm Family Life Insurance Company</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">225 S. East Street</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">Indianapolis, IN 46202</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">Attn: Investment Accounting Department</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; text-align: left; padding-left: 15pt"><FONT size=2 face="Times New Roman">Email:&nbsp;Michael.Lucado@infb.com and InvestmentAccounting@infarmbureau.com</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(4)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Address for physical delivery of the Note:</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"></TD>

   <TD STYLE="width: 99%; text-align: left; padding-left: 15pt"><I><FONT size=2 face="Times New Roman">Delivery instructions redacted and provided to the Company under separate cover.</FONT></I></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(5)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Name of Nominee: None</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
   <TD STYLE="vertical-align: top; white-space: nowrap; text-align: left; padding-right: 8pt">&nbsp;</TD>
   <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>

   <TD STYLE="vertical-align: top; width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2 face="Times New Roman">(6)</FONT></TD>

   <TD STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Tax Identification Number: </FONT><I><FONT size=2 face="Times New Roman">Redacted and provided to the Company under separate cover.</FONT></I></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">A-29</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Defined Terms</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Affiliate&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, (a) 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 (b) any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of equity or Voting Stock of the Company or any Person of which the Company beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of equity or Voting Stock. As used in this definition, &#8220;Control&#8221; 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 Stock, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an &#8220;Affiliate&#8221; is a reference to an Affiliate of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Agreement&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean this Note Purchase Agreement, including all Schedules and Exhibits attached to this Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Anti-Corruption Laws&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including but not limited to the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Anti-Money Laundering Laws&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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 but not limited to the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Asset Disposition&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Transfer except any Transfer made in the ordinary course of business and involving only property that is either (1) inventory held for sale or (2) equipment, fixtures, supplies or materials no longer required in the operation of the business of the Company or that is obsolete.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Asset Disposition Prepayment Date&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 8.8(a)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Asset Disposition Prepayment Event&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 8.8(a)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Bank Credit Agreements&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Amended and Restated Credit Agreement by and among the Company, PNC Bank, National, Association, as Administrative Agent, the banks party thereto, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and U.S. Bank National Association, as Syndication Agents, and Bank of America, N.A., Mizuho Bank, Ltd. and TD Bank, N.A., as Documentation Agents, dated as of December 5, 2018, as the same may be amended, restated, increased, refinanced, replaced or otherwise modified or any successor thereto.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Schedule B<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>





<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Blocked Person&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) 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 (c) 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 (a) or (b).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Business Day&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (a) for purposes of </FONT><B><FONT size=2 face="Times New Roman">Section 8.7 </FONT></B><FONT size=2 face="Times New Roman">only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed and (b) 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 Wall, New Jersey or New York, New York are required or authorized to be closed.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Capital Lease&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Change of Control&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean an event or series of events by which New Jersey Resources Corporation shall cease to own 100% of the issued and outstanding common stock of the Company and 51% of the Voting Stock of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Closing&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 3</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Code&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Collateral Agent&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the party identified as collateral agent for the holders of the Notes in </FONT><B><FONT size=2 face="Times New Roman">Section 2.2(a)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Company&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean New Jersey Natural Gas Company, a New Jersey corporation, or any Successor Corporation.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Confidential Information&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 20</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Control&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in the definition of &#8220;Affiliate.&#8221; </FONT><I><FONT size=2 face="Times New Roman">&#8220;Controlled&#8221; </FONT></I><FONT size=2 face="Times New Roman">and </FONT><I><FONT size=2 face="Times New Roman">&#8220;Controlling&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall have meanings correlative to the foregoing.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Controlled Entity&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (a) any of the Subsidiaries of the Company and any of their or the Company&#8217;s respective Controlled Affiliates and (b) if the Company has a parent company, such parent company and its Controlled Affiliates.</FONT></P>



<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-2</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Debt&#8221; </FONT></I><FONT size=2 face="Times New Roman">as to any Person at any time, shall mean, without duplication, any and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (a) borrowed money, (b) amounts raised under or liabilities in respect of any note purchase or acceptance credit facility, (c) reimbursement obligations (contingent or otherwise) under any letter of credit, currency swap agreement, interest rate swap, cap, collar or floor agreement or other interest rate or currency exchange rate management device, (d) any other transaction (including forward sale or purchase agreements, Capital Leases, Synthetic Leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including trade payables and accrued expenses incurred in the ordinary course of business which are not represented by a promissory note or other evidence of indebtedness and which are not more than 30 days past due), (e) the net indebtedness, obligations and liabilities of such Person under any Hedging Contract to the extent constituting &#8220;indebtedness,&#8221; as determined in accordance with GAAP, adjusted downward dollar for dollar for any related margin collateral account balances maintained by such Person, (f) any Guaranty of any Hedging Contract described in the immediately preceding clause (e), (g) any Guaranty of Debt for borrowed money, (h) any Hybrid Security described in clause (a) of the definition of Hybrid Security or (i) the mandatory repayment obligation of the issuer of any Hybrid Security described in clause (b) of the definition of Hybrid Security.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Debt Prepayment Application&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Transfer of property, the application by the Company of cash in an amount equal to the Net Proceeds Amount with respect to such Transfer to pay Senior Debt of the Company (other than Senior Debt owing to any Affiliate and Senior Debt in respect of any revolving credit or similar credit facility providing the Company with the right to obtain loans or other extensions of credit from time to time, except to the extent that in connection with such payment of Senior Debt the availability of credit under such credit facility is permanently reduced by an amount not less than the amount of such proceeds applied to the payment of such Senior Debt); </FONT><I><FONT size=2 face="Times New Roman">provided </FONT></I><FONT size=2 face="Times New Roman">that in the course of making such application the Company shall offer to prepay each outstanding Note in accordance with </FONT><B><FONT size=2 face="Times New Roman">Section 8.8 </FONT></B><FONT size=2 face="Times New Roman">in a principal amount that equals the Ratable Portion for such Note.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Default&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Default Rate&#8221; </FONT></I><FONT size=2 face="Times New Roman">as of any date shall mean, with respect to the Notes of any series, that rate of interest that is the greater of (a) 2.00% per annum over the rate of interest specified in the first paragraph of such Note of such series, or (b) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its &#8220;base&#8221; or &#8220;prime&#8221; rate.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Disclosure Documents&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 5.3</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Disposition Value&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, at any time, with respect to any property, the book value thereof, valued at the time of such disposition in good faith by the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Distribution&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, in respect of any corporation, association or other business entity: (a) dividends or other distributions or payments on capital stock or other equity interests of such corporation, association or other business entity (except distributions in such stock or other equity interests); and (b) the redemption or acquisition of such stock or other equity interests (except when solely in exchange for such stock or other equity interests) unless made, contemporaneously, from the net proceeds of a sale of such stock or other equity interests.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-3</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Environmental Laws&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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 but not limited to those related to Hazardous Materials.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;ERISA&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;ERISA Affiliate&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under Section 414 of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Event of Default&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 11</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Exchange Act&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Securities Exchange Act of 1934, as amended.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Fair Market Value&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, at any time and with respect to any property, the sale value of such property that would be realized in an arm&#8217;s-length sale at such time between an informed and willing buyer and an informed and willing seller (neither being under a compulsion to buy or sell).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;FATCA&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (i) sections 1471 through 1474 of the Code, as of the date hereof (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, (ii) 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 (iii) any agreements entered into pursuant to section 1471(b)(1) of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;First Mortgage Bond Documents&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 23.1</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;First Mortgage Bonds&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the series of first mortgage bonds designated the (i) &#8220;First Mortgage Bonds, Series GGG due 2050&#8221; and (ii) &#8220;First Mortgage Bonds, Series HHH due 2060&#8221; issued by the Company pursuant to the Mortgage Indenture, as security for the related Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;GAAP&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean generally accepted accounting principles as in effect from time to time in the United States of America.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Gas Business&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the business of generating, manufacturing, purchasing, transmitting, distributing, selling and/or supplying gas and any by-products thereof as a public utility.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-4</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Governmental Authority&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the government of</FONT></P>

<P STYLE="text-indent: 15pt; padding-left:30pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) the United States of America or any State or other political subdivision thereof, or</FONT></P>

<P STYLE="text-indent: 15pt; padding-left:30pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) any jurisdiction in which the Company conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company, or</FONT></P>

<P STYLE="text-indent: 15pt; padding-left:15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Governmental Official&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Guaranty&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, 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 Debt, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including, without limitation, obligations incurred through an agreement, contingent or otherwise, by such Person: (a) to purchase such Debt or obligation or any property constituting security therefor; (b) to advance or supply funds (1) for the purchase or payment of such Debt or obligation, or (2) 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 Debt or obligation; (c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such Debt or obligation of the ability of any other Person to make payment of such Debt or obligation; or (d) otherwise to assure the owner of such Debt or obligation against loss in respect thereof. In any computation of the Debt or other liabilities of the obligor under any Guaranty, the Debt or other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Hazardous Materials&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any and all pollutants, toxic or hazardous wastes or any other substances that might pose a hazard to health or 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, without limitation, asbestos, urea formaldehyde foam insulation and polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Hedging Contract&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any transaction entered into by the Company with respect to hedging or trading of gas contracts or other commodity, hedging contracts of any kind, or any derivatives or other similar financial instruments of the Company.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-5</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;holder&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 13.1</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Hybrid Security&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any of the following: any shares of capital stock or other equity interests that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible or exchangeable) are, or upon the happening of an event or the passage of time would be, required to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or similar payment.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Inactive Subsidiary&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, at any time, any Subsidiary of any Person, which Subsidiary (a) does not conduct any business or have operations and (b) does not have total assets with a net book value, as of any date of determination, in excess of $100,000.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;INHAM Exemption&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2(e)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Institutional Investor&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean (a) any original purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than 5% of the aggregate principal amount of any 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Investment&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any investment, made in cash or by delivery of property, by the Company (a) in any Person, whether by acquisition of stock, Debt or other obligation or security, or by loan, Guaranty, advance, capital contribution or otherwise or (b) in any property.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Investor Presentation&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 5.3</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Lien&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, 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 or Synthetic 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).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Make-Whole Amount&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 8.7</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Material&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean material in relation to the business, operations, affairs, financial condition, assets or properties of the Company, taken as a whole.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Material Adverse Effect&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties of the Company, taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement and the Notes, (c) the validity or enforceability of this Agreement or the Notes, (d) the ability of the Company to perform its obligations under the Mortgage Indenture or the First Mortgage Bonds, or (e) the validity or the enforceability of the Mortgage Indenture or the First Mortgage Bonds.</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Mortgage Indenture&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement, dated September 1, 2014, between the Company and the Mortgage Trustee, as supplemented and amended by the First Supplemental Indenture dated as of April 1, 2015, the Second Supplemental Indenture dated as of June 21, 2016, the Third Supplemental Indenture dated as of May 1, 2018, the Fourth Supplemental Indenture dated as of April 1, 2019, the Fifth Supplemental Indenture dated as of July 17, 2019, the Sixth Supplemental Indenture dated as of August 1, 2019, the Seventh Supplemental Indenture dated as of June 1, 2020 and the Eighth Supplemental Indenture dated as of July 1, 2020 between the Company and the Mortgage Trustee, as further supplemented and amended by the Supplemental Indenture, and as further supplemented and amended from time to time.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Mortgage Trustee&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean U.S. Bank National Association, as trustee under the Mortgage Indenture.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Multiemployer Plan&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Plan that is a &#8220;multiemployer plan&#8221; (as such term is defined in Section 4001(a)(3) of ERISA) with respect to which the Company or any ERISA Affiliate has any liability.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;NAIC&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the National Association of Insurance Commissioners or any successor thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;NAIC Annual Statement&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2(a)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Net Proceeds Amount&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Transfer of any property by any Person, an amount equal to the difference of</FONT></P>

<P STYLE="text-indent: 15pt; padding-left:15pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) the aggregate amount of the consideration (valued at the Fair Market Value of such consideration at the time of the consummation of such Transfer) received by such Person in respect of such Transfer, </FONT><I><FONT size=2 face="Times New Roman">minus </FONT></I></P>

<P STYLE="text-indent: 15pt; padding-left:15pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) all ordinary and reasonable out-of-pocket costs and expenses actually incurred by such Person in connection with such Transfer.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Net Tangible Assets&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the amount shown as total assets on the Company&#8217;s balance sheet, less (a) intangible assets including, but without limitation, such items as goodwill, trademarks, trade names, patents, unamortized debt discount and expense and certain regulatory assets, and (b) appropriate adjustments, if any, on account of minority interests. Net Tangible Assets shall be determined in accordance with GAAP and practices applicable to the type of business in which the Company is engaged and approved by the independent accountants regularly retained by the Company, and may be determined as of a date not more than 60 days prior to the happening of the event for which such determination is being made.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;New Jersey Resources Corporation&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean New Jersey Resources Corporation, a New Jersey corporation.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Notes&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 1</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-7</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;OFAC&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Office of Foreign Assets Control of the United States Department of the Treasury.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;OFAC Sanctions Program&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Officer&#8217;s Certificate&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;PBGC&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Permitted Related Business Opportunity&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any transaction with another Person (other than any Inactive Subsidiary of New Jersey Resources Corporation) involving business activities or assets reasonably related or complementary to the business of the Company as conducted at Closing or as may be conducted pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 10.10</FONT></B><FONT size=2 face="Times New Roman">, including, without limitation, the management and marketing of storage, capacity and transportation of gas and other forms of energy, the generation, transmission or storage of gas and other forms of energy, or the access to gas and energy transmission lines, and business initiatives for the conservation and efficiency of gas and energy.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Person&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization or a government or agency or political subdivision thereof.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Plan&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean an &#8220;employee benefit plan&#8221; (as defined in section 3(3) of ERISA), other than a Multiemployer Plan, subject to Title I of ERISA that is maintained, or to which contributions are required to be made, by the Company or any ERISA Affiliate, or any prior &#8220;employee benefit plan&#8221; as to which the Company or any ERISA Affiliate has any liability.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;property&#8221; </FONT></I><FONT size=2 face="Times New Roman">or </FONT><I><FONT size=2 face="Times New Roman">&#8220;properties&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Property Reinvestment Application&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Transfer of property, the application of an amount equal to the Net Proceeds Amount with respect to such Transfer to the acquisition by the Company of operating assets of the Company to be used in the principal business of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;PTE&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2(a)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Purchaser&#8221; </FONT></I><FONT size=2 face="Times New Roman">or </FONT><I><FONT size=2 face="Times New Roman">&#8220;Purchasers&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean each of the purchasers whose signatures appear at the end of this Agreement and such Purchaser&#8217;s successors and assigns (so long as any such assignment complies with </FONT><B><FONT size=2 face="Times New Roman">Section 13.2)</FONT></B><FONT size=2 face="Times New Roman">; </FONT><I><FONT size=2 face="Times New Roman">provided</FONT></I><FONT size=2 face="Times New Roman">, however, 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 </FONT><B><FONT size=2 face="Times New Roman">Section 13.2 </FONT></B><FONT size=2 face="Times New Roman">shall cease to be included within the meaning of &#8220;Purchaser&#8221; of such Note for the purposes of this Agreement upon such transfer.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-8</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;QPAM Exemption&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2(d)</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Ratable Portion&#8221; </FONT></I><FONT size=2 face="Times New Roman">for any Note shall mean an amount equal to the product of (a) the Net Proceeds Amount from a Transfer being applied to a Debt Prepayment Application pursuant to </FONT><B><FONT size=2 face="Times New Roman">Section 10.5(b) </FONT></B><I><FONT size=2 face="Times New Roman">multiplied </FONT></I><FONT size=2 face="Times New Roman">by (b) a fraction, the numerator of which is the aggregate outstanding principal amount of such Note and the denominator of which is the aggregate outstanding principal amount of all Senior Debt of the Company (other than Senior Debt owing to any Affiliate).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Related Fund&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any holder of any Note, any fund or entity that (a) invests in securities or bank loans and (b) 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Required Holders&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, at any time, the holders of more than 50% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Required Rating Agency&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any nationally recognized statistical rating organization, as recognized and accepted as such by the SVO or any successor organization.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Responsible Officer&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Restricted Payment&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Distribution in respect of the Company, including, without limitation, any Distribution resulting in the acquisition by the Company of securities that would constitute treasury stock. For purposes of this Agreement, the amount of any Restricted Payment made in property shall be the greater of (a) the Fair Market Value of such property (determined in good faith by the Board of Directors (or equivalent governing body) of the Person making such Restricted Payment) and (b) the net book value thereof on the books of such Person, in each case determined as of the date on which such Restricted Payment is made.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Securities Act&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Securities Act of 1933, as amended from time to time and the rules and regulations promulgated thereunder from time to time in effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Senior Debt&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any Debt of the Company other than Debt that is in any manner subordinated in right of payment or security in any respect to the Debt evidenced by the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Senior Financial Officer&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Series D Notes&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 1</FONT></B><FONT size=2 face="Times New Roman">. </FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Series E Notes&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 1</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-9</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Shareholders&#8217; Equity&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, as of any date of determination, the sum of the amounts under the headings &#8220;Common Shareholders&#8217; Equity&#8221; and &#8220;Preferred Shareholders&#8217; Equity&#8221; on the balance sheet, prepared in accordance with GAAP, for the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Source&#8221; </FONT></I><FONT size=2 face="Times New Roman">is defined in </FONT><B><FONT size=2 face="Times New Roman">Section 6.2</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Standard &amp; Poor&#8217;s&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean Standard &amp; Poor&#8217;s Ratings Group, a division of The McGraw-Hill Companies, Inc.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;State Sanctions List&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Subsidiary&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, as to any Person, any corporation, association, or other business entity in which such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient Voting Stock 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 entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such 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 &#8220;Subsidiary&#8221; is a reference to a Subsidiary of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Supplemental Indenture&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Ninth Supplemental Indenture to the Mortgage Indenture, entered into between the Company and the Mortgage Trustee, pursuant to which the First Mortgage Bonds shall have been issued, in substantially the form set out in </FONT><B><FONT size=2 face="Times New Roman">Exhibit 2</FONT></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;SVO&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean the Securities Valuation Office of the NAIC or any successor to such Office.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Synthetic Lease&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any lease transaction under which the parties intend that (a) the lease will be treated as an &#8220;operating lease&#8221; by the lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended, or appropriate successor thereto, and (b) the lessee will be entitled to various tax benefits ordinarily available to owners (as opposed to lessees) of like property.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Tangible Assets&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, as of any date of determination, the total assets of the Company that would be shown as assets on a balance sheet of the Company as of such time in accordance with GAAP after subtracting therefrom the aggregate amount of all intangible assets of the Company, including, without limitation, all goodwill, franchises, licenses, patents, trademarks, trade name, copyrights, service marks and brand names.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Tangible Net Worth&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, as of any date of determination, (a) Shareholders&#8217; Equity </FONT><I><FONT size=2 face="Times New Roman">minus </FONT></I><FONT size=2 face="Times New Roman">(b) the net book amount of all assets of the Company (after deducting reserves applicable thereto) that would be shown as intangible assets on a balance sheet, prepared in accordance with GAAP, for the Company as of such date of determination.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-10</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Transfer&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean, with respect to any Person, any transaction in which such Person sells, conveys, transfers or leases (as lessor) any of its property. For purposes of determining the application of the Net Proceeds Amount in respect of any Transfer, the Company may designate any Transfer as one or more separate Transfers each yielding a separate Net Proceeds Amount. In any such case, (a) the Disposition Value of any property subject to each such separate Transfer and (b) the amount of Tangible Assets attributable to any property subject to each such separate Transfer shall be determined by ratably allocating the aggregate Disposition Value of, and the aggregate Tangible Assets attributable to, all property subject to all such separate Transfers to each such separate Transfer on a proportionate basis.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Trust Estate&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean substantially all operating properties and franchises (other than excepted property, such as cash in hand, chooses in action, securities, rent, and certain materials, supplies, appliances and vehicles) that the Company currently owns or that it will acquire in the future, subject to certain permitted encumbrances and any pre-existing Liens at the time of such acquisition, that serve as collateral under the Mortgage Indenture.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;USA PATRIOT Act&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;U.S. Economic Sanctions Laws&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#8220;Voting Stock&#8221; </FONT></I><FONT size=2 face="Times New Roman">shall mean any securities of any class of a Person whose holders are entitled under ordinary circumstances to vote for the election of directors of such Person (or Persons performing similar functions) irrespective of whether at the time securities of any other class shall have or might have voting power by reason of the happening of any contingency.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">B-11</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Changes in Corporate Structure</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">None.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Schedule 4.9<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Disclosure Materials</FONT></B></P>
<P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The Annual Report of New Jersey Natural Gas Company for the fiscal year ended September 30, 2019 and the Quarterly Reports of New Jersey Natural Gas Company for the quarters ended December 31, 2019, March 31, 2020 and June 30, 2020 which are located at http://investor.njresources.com/financial-information/njng-financial-reports.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Item 8.01 of the Current Report on Form 8-K of New Jersey Resources Corporation filed with the SEC on March 30, 2020.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Schedule 5.3<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Financials</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">NEW JERSEY NATURAL GAS COMPANY</FONT></B></P>

<P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Annual Reports for each of the Fiscal Years Ended September 30, 2015 through September 30, 2019, which are located at http://investor.njresources.com/financial- information/njng- financial-reports.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Schedule 5.5<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Certain Litigation</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">None.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="font-variant:small-caps" size=2 face="Times New Roman">Schedule 5.8<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Patents, Etc.</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">None.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Schedule 5.11<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Use of Proceeds</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">The Company will apply the proceeds of the sale of the Notes for its general corporate purposes.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Schedule 5.14<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Existing Debt</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">June 30, 2020</FONT></B></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="88%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="CENTER" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">Maturity</FONT></TD>

   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face="Times New Roman">Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="88%" noWrap align=left></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="CENTER" STYLE="text-align: center"><FONT size=2 face="Times New Roman">Rate</FONT></TD>

   <TD width="1%" noWrap align=center></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">Date</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="4%" colSpan=2 noWrap align=center><FONT size=2 face="Times New Roman">Amt.</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><B><FONT size=2 face="Times New Roman">First Mortgage Bonds (Secured)</FONT></B></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series OO</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">Var.</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">8/1/2041</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">46,500,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series PP</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">3.15%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">4/15/2028</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">50,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series QQ</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">3.58%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">3/13/2024</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">70,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series RR</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">4.61%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">3/13/2044</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">55,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series SS</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">2.82%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">4/15/2025</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">50,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series TT</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">3.66%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">4/15/2045</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">100,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series UU</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">3.63%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">6/21/2046</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">125,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series VV</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">4.01%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">5/11/2048</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">125,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series WW</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">3.50%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">4/1/2042</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">10,300,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series XX</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">3.38%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">4/1/2038</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">10,500,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series YY</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">2.45%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">4/1/2059</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">15,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series ZZ</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">3.76%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">7/17/2049</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">100,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series AAA</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">3.86%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">7/17/2059</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">85,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series BBB (formerly MM)</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">2.75%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">8/1/2039</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">9,545,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series CCC (formerly NN)</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">3.00%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">8/1/2043</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">41,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Series DDD</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="RIGHT" STYLE="text-align: center"><FONT size=2 face="Times New Roman">3.13%</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">6/1/2050</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">50,000,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Sub-total First Mortgage Bonds</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">942,845,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Capital Lease Obligation - Building</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">6/1/21</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">49,548,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Capital Lease Obligation - Meters</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=center><FONT size=2 face="Times New Roman">Var. Dates</FONT></TD>

   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">28,041,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Commercial Paper (Unsecured)</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=right><FONT size=2 face="Times New Roman">0</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR>

<TR STYLE="vertical-align: bottom">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Less: Debt Issuance Costs</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">(9,250,000</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">)</FONT></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: Silver">

   <TD width="88%" noWrap align=left><FONT size=2 face="Times New Roman">Total</FONT></TD>

   <TD WIDTH="3%" NOWRAP ALIGN="LEFT" STYLE="text-align: center"></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD STYLE="width: 3%; white-space: nowrap; text-align: right; border-bottom: Black 2pt double"><FONT size=2 face="Times New Roman">1,011,184,000</FONT></TD>

   <TD width="1%" noWrap align=left></TD></TR></TABLE>


<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Subsequent Events:</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">On July 23, 2020, the Company issued and sold $50 million of its 3.13% Senior Notes, Series 2020B, due July 23, 2050 (the &#8220;Series B Notes&#8221;) and $25 million of its 3.33% Senior Notes, Series 2020C, due July 23, 2060 (the &#8220;Series C Notes&#8221;). The Series B Notes were secured by an equal principal amount of First Mortgage Bonds, Series EEE due 2050 and the Series C Notes were secured by an equal principal amount of First Mortgage Bonds, Series FFF due 2060.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Schedule 5.15<BR></FONT><FONT size=2 face="Times New Roman">(to Note Purchase Agreement)</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">[Form of Series D Note]</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">NEW JERSEY NATURAL GAS COMPANY</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2.87% Senior Note, Series 2020D, due September 1, 2050</FONT></P>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">No. 2020DR-[_______]</FONT></TD>

   <TD width="49%" noWrap align=right><FONT size=2 face="Times New Roman">[__________ __,20__]</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">$[____________]</FONT></TD>

   <TD width="49%" noWrap align=right><FONT size=2 face="Times New Roman">PPN: 645869 H*2</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">For Value Received</FONT><FONT size=2 face="Times New Roman">, the undersigned, </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New Jersey Natural Gas Company </FONT><FONT size=2 face="Times New Roman">(herein </FONT><FONT size=2 face="Times New Roman">called the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Company&#8221;</FONT></I><FONT size=2 face="Times New Roman">), a corporation organized and existing under the laws of the State of New Jersey, hereby promises to pay to ________________, or registered assigns, the principal sum of ________________ </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Dollars </FONT><FONT size=2 face="Times New Roman">on September 1, 2050, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 2.87% per annum from the date hereof, payable semiannually, on the 1st day of March and September in each year, commencing with the March 1 or September 1 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount (as defined in the Note Purchase Agreement referred to below), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the Default Rate (as defined in the Note Purchase Agreement referred to below).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the office of U.S. Bank National Association designated pursuant to the Note Purchase Agreement 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Note is one of a series of 2.87% Senior Notes (herein called the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Notes&#8221;</FONT></I><FONT size=2 face="Times New Roman">) issued pursuant to the Note Purchase Agreement dated as of September 1, 2020 (as from time to time amended, the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Note Purchase Agreement&#8221;</FONT></I><FONT size=2 face="Times New Roman">), between the Company 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, (1) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (2) to have made the representation set forth in Section 6.2 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#8217;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.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Exhibit 1</FONT><FONT size=2 face="Times New Roman">(a)<BR>(to Note Purchase Agreement)</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Note is subject to 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 with the effect provided in the Note Purchase Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 laws of the State of New York excluding the choice of law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="51%" colSpan=2 noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New Jersey Natural Gas Company</FONT></TD></TR>

<TR>

   <TD width="49%"></TD>

   <TD width="1%"></TD>

   <TD width="50%">&nbsp;</TD></TR>

<TR>

   <TD width="49%"></TD>

   <TD width="1%"></TD>

   <TD width="50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">By:&nbsp; </FONT></FONT></TD>

   <TD STYLE="width: 50%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Name:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-1(a)-2</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">[Form of Series E Note]</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New Jersey Natural Gas Company</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2.97% Senior Note, Series 2020E, due September 1, 2060</FONT></P>

<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">No. 2020ER-[_______]</FONT></TD>

   <TD width="49%" noWrap align=right><FONT size=2 face="Times New Roman">[__________ __,20__]</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">$[____________]</FONT></TD>

   <TD width="49%" noWrap align=right><FONT size=2 face="Times New Roman">PPN: 645869 H@0</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">For Value Received</FONT><FONT size=2 face="Times New Roman">, the undersigned, </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New Jersey Natural Gas Company </FONT><FONT size=2 face="Times New Roman">(herein </FONT><FONT size=2 face="Times New Roman">called the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Company&#8221;</FONT></I><FONT size=2 face="Times New Roman">), a corporation organized and existing under the laws of the State of New Jersey, hereby promises to pay to ________________, or registered assigns, the principal sum of ________________ </FONT><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Dollars </FONT><FONT size=2 face="Times New Roman">on September 1, 2060, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of 2.97% per annum from the date hereof, payable semiannually, on the 1st day of March and September in each year, commencing with the March 1 or September 1 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount (as defined in the Note Purchase Agreement referred to below), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the Default Rate (as defined in the Note Purchase Agreement referred to below).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the office of U.S. Bank National Association designated pursuant to the Note Purchase Agreement 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Note is one of a series of 2.97% Senior Notes (herein called the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Notes&#8221;</FONT></I><FONT size=2 face="Times New Roman">) issued pursuant to the Note Purchase Agreement dated as of September 1, 2020 (as from time to time amended, the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Note Purchase Agreement&#8221;</FONT></I><FONT size=2 face="Times New Roman">), between the Company 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, (1) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (2) to have made the representation set forth in Section 6.2 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder&#8217;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.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Exhibit 1</FONT><FONT size=2 face="Times New Roman">(b)<BR>(to Note Purchase Agreement)</FONT></P>

<HR align=center width="100%" noShade size="2">



<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Note is subject to 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.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 with the effect provided in the Note Purchase Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">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 laws of the State of New York excluding the choice of law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="51%" colSpan=2 noWrap align=left><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">New Jersey Natural Gas Company</FONT></TD></TR>

<TR>

   <TD width="49%"></TD>

   <TD width="1%"></TD>

   <TD width="50%">&nbsp;</TD></TR>

<TR>

   <TD width="49%"></TD>

   <TD width="1%"></TD>

   <TD width="50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT>&nbsp;</FONT></TD>

   <TD STYLE="width: 50%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Name:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

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   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD></TR></TABLE>


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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Form of  Supplemental Indenture</FONT></B></P>

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<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">MORTGAGE<BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">NEW JERSEY NATURAL GAS COMPANY<BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">To<BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">U.S. BANK NATIONAL ASSOCIATION,<BR>As Trustee<BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">_______________________<BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">NINTH SUPPLEMENTAL INDENTURE<BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Dated as of August 1, 2020</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">_______________________<BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Supplemental to Amended and Restated Indenture of Mortgage, <BR>Deed of Trust and Security Agreement Dated as of September 1, 2014, <BR>As Supplemented and Amended</FONT></P><BR>

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   <TD width="5%" noWrap align=left><FONT size=2 face="Times New Roman">Prepared by:&nbsp;&nbsp;</FONT></TD>

   <TD width="79%" noWrap align=left><FONT size=2 face="Times New Roman">Eric A. Koontz</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Record and Return to:&nbsp;&nbsp;</FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=2 face="Times New Roman">Richard Reich, Esq.</FONT></TD></TR>

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   <TD width="79%" noWrap align=left><FONT size=2 face="Times New Roman">Troutman Pepper Hamilton Sanders LLP</FONT></TD>

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   <TD width="15%" noWrap align=left><FONT size=2 face="Times New Roman">NJR Service Corporation</FONT></TD></TR>

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   <TD width="80%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">600 Peachtree Street, NE, Suite 3000</FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=2 face="Times New Roman">1415 Wyckoff Road</FONT></TD></TR>

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   <TD width="79%" noWrap align=left><FONT size=2 face="Times New Roman">Atlanta, GA 30308</FONT></TD>

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   <TD width="15%" noWrap align=left><FONT size=2 face="Times New Roman">Wall, New Jersey 07719</FONT></TD></TR></TABLE>



<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-1</FONT></P>



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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">MORTGAGE</FONT></B></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">NINTH SUPPLEMENTAL INDENTURE, dated as of August 1, 2020, between NEW JERSEY NATURAL GAS COMPANY, a corporation organized and existing under the laws of the State of New Jersey (hereinafter called the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Company</FONT></I><FONT size=2 face="Times New Roman">&#8221;), having its principal office at 1415 Wyckoff Road, Wall, New Jersey, and U.S. BANK NATIONAL ASSOCIATION, a national banking association (hereinafter called the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Trustee</FONT></I><FONT size=2 face="Times New Roman">&#8221;), having a principal office at 333 Thornall Street, 4th Floor, Edison, New Jersey 08837, as Trustee under the Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement hereinafter mentioned.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Company has heretofore executed and delivered to the Trustee its Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement, dated as of September 1, 2014 (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Amended and Restated Indenture</FONT></I><FONT size=2 face="Times New Roman">&#8221; and, as originally executed or as the same may from time to time be supplemented, modified or amended by any supplemental indenture entered into pursuant to the provisions thereof, the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Indenture</FONT></I><FONT size=2 face="Times New Roman">&#8221;), to secure the payment of the principal of and the interest and premium (if any) on all Bonds at any time issued and outstanding thereunder, and to declare the terms and conditions upon which Bonds are to be issued thereunder; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Amended and Restated Indenture completely restated and amended the Indenture of Mortgage and Deed of Trust, dated April 1, 1952, as heretofore supplemented and amended (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Original Indenture</FONT></I><FONT size=2 face="Times New Roman">&#8221;) without any interruption of the Lien of the Original Indenture; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $10,300,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series II due 2023,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2023 Series II Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.01 of the Indenture, provided that such 2023 Series II Bonds have since been retired by the Company and replaced with the 2042 Series WW Bonds (as hereinafter defined); and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $10,500,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series JJ due 2024,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2024 Series JJ Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.02 of the Indenture, provided that such 2024 Series JJ Bonds have since been retired by the Company and replaced with the 2038 Series XX Bonds (as hereinafter defined); and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $15,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series KK due 2040,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2040 Series KK Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.03 of the Indenture, provided that such 2040 Series KK Bonds have since been retired by the Company and replaced with the 2059 Series YY Bonds (as hereinafter defined); and</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $125,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series LL due 2018,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2018 Series LL Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.04 of the Indenture, which 2018 Series LL Bonds have since been paid at maturity by the Company; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $9,545,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series MM due 2027,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2027 Series MM Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.05 of the Indenture, provided that such 2027 Series MM Bonds have since been retired by the Company and replaced with the 2039 Series BBB Bonds (as hereinafter defined); and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $41,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series NN due 2035,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2035 Series NN Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.06 of the Indenture, provided that such 2035 Series NN Bonds have since been retired by the Company and replaced with the 2043 Series CCC Bonds (as hereinafter defined); and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $46,500,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series OO due 2041,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2041 Series OO Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; have been designated as Existing Bonds in Section 3.07 of the Indenture and are outstanding at the date hereof and secured by the Indenture; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $50,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series PP due 2028,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2028 Series PP Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; have been designated as Existing Bonds in Section 3.08 of the Indenture and are outstanding at the date hereof and secured by the Indenture; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $70,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series QQ due 2024,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2024 Series QQ Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; have been designated as Existing Bonds in Section 3.09 of the Indenture and are outstanding at the date hereof and secured by the Indenture; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $55,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series RR due 2044,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2044 Series RR Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; have been designated as Existing Bonds in Section 3.10 of the Indenture and are outstanding at the date hereof and secured by the Indenture; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Amended and Restated Indenture provides that, subject to certain exceptions not presently relevant, such changes in or additions to the provisions of the Indenture (terms used herein having the meanings assigned thereto in the Amended and Restated Indenture except as herein expressly modified) may be made to add to the covenants and agreements of the Company in the Indenture contained other covenants and agreements thereafter to be observed by the Company; and to provide for the creation of any series of Bonds, designating the series to be created and specifying the form and provisions of the Bonds of such series as in the Indenture provided or permitted; and</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Indenture further provides that the Company and the Trustee may enter into indentures supplemental to the Indenture to assign, convey, mortgage, pledge, transfer and set over unto the Trustee and to subject to the lien of the Indenture additional property of the Company; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the First Supplemental Indenture, dated as of April 1, 2015, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create an eleventh and a twelfth series of Bonds under the Indenture, known as (i) &#8220;First Mortgage Bonds, Series SS due 2025,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2025 Series SS Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; and (ii) &#8220;First Mortgage Bonds, Series TT due 2045,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2045 Series TT Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; respectively; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Second Supplemental Indenture, dated as of June 21, 2016, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a thirteenth series of Bonds under the Indenture, known as &#8220;First Mortgage Bonds, Series UU due 2046,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2046 Series UU Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221;; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Third Supplemental Indenture, dated as of May 1, 2018, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a fourteenth series of Bonds under the Indenture, known as &#8220;First Mortgage Bonds, Series VV due 2048,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2048 Series VV Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221;; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Fourth Supplemental Indenture, dated as of April 1, 2019, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a fifteenth, a sixteenth and a seventeenth series of Bonds under the Indenture, known as (i) &#8220;First Mortgage Bonds, Series WW due 2042,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2042 Series WW Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; (ii) &#8220;First Mortgage Bonds, Series XX due 2038,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2038 Series XX Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; and (iii) (ii) &#8220;First Mortgage Bonds, Series YY due 2059,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2059 Series YY Bonds,</FONT></I><FONT size=2 face="Times New Roman">&#8221; respectively; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Fifth Supplemental Indenture, dated as of July 1, 2019, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create an eighteenth and nineteenth series of Bonds under the Indenture, known as (i) &#8220;First Mortgage Bonds, Series ZZ due 2049,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2049 Series ZZ Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; and (ii) &#8220;First Mortgage Bonds, Series AAA due 2059,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2059 Series AAA Bonds,</FONT></I><FONT size=2 face="Times New Roman">&#8221; respectively; and</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Sixth Supplemental Indenture, dated as of August 1, 2019, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a twentieth and twenty-first series of Bonds under the Indenture, known as (i) &#8220;First Mortgage Bonds, Series BBB due 2039,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2039 Series BBB Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221; (to replace the 2027 Series MM Bonds) and (ii) &#8220;First Mortgage Bonds, Series CCC due 2043,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2043 Series CCC Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221; (to replace the 2035 Series NN Bonds), respectively; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Seventh Supplemental Indenture, dated as of June 1, 2020, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a twenty-second series of Bonds under the Indenture, known as &#8220;First Mortgage Bonds, Series DDD due 2050,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2050 Series DDD Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221;; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Eighth Supplemental Indenture, dated as of July 1, 2020, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a twenty-third and twenty-fourth series of Bonds under the Indenture, known as (i) &#8220;First Mortgage Bonds, Series EEE due 2050,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2050 Series EEE Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221; and (ii) &#8220;First Mortgage Bonds, Series FFF due 2060,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2060 Series FFF Bonds,</FONT></I><FONT size=2 face="Times New Roman">&#8221; respectively; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, (i) the 2025 Series SS Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $50,000,000, (ii) the 2045 Series TT Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $100,000,000, (iii) the 2046 Series UU Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $125,000,000, (iv) the 2048 Series VV Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $125,000,000, (v) the 2042 Series WW Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $10,300,000, (vi) the 2038 Series XX Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $10,500,000, (vii) the 2059 Series YY Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $15,000,000, (viii) the 2049 Series ZZ Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $100,000,000, (ix) the 2059 Series AAA Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $85,000,000, (x) the 2039 Series BBB Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $9,545,000, (xi) the 2043 Series CCC Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $41,000,000, (xii) the 2050 Series DDD Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $50,000,000, (xiii) the 2050 Series EEE Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $50,000,000, and (xiv) the 2060 Series FFF Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $25,000,000; and</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Company will enter into a Note Purchase Agreement dated as of September 1, 2020 (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Note Purchase Agreement</FONT></I><FONT size=2 face="Times New Roman">&#8221;) with the Purchasers identified in Schedule A attached thereto, pursuant to which the Company will issue its senior notes designated (i) &#8220;2.87% Senior Notes, Series 2020D, due 2050&#8221; in the aggregate principal amount of $25,000,000 (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Series 2020D Senior Notes due 2050</FONT></I><FONT size=2 face="Times New Roman">&#8221;) and (ii) &#8220;2.97% Senior Notes, Series 2020E, due 2060&#8221; in the aggregate principal amount of $50,000,000 (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Series 2020E Senior Notes due 2060</FONT></I><FONT size=2 face="Times New Roman">&#8221;); and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Company has duly determined to create a twenty-fifth and twenty-sixth series of Bonds under the Indenture, to be known as (i) &#8220;First Mortgage Bonds, Series GGG due 2050,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2050 Series GGG Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221; and (ii) &#8220;First Mortgage Bonds, Series HHH due 2060,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2060 Series HHH Bonds,</FONT></I><FONT size=2 face="Times New Roman">&#8221; to be delivered and pledged to U.S. Bank National Association, as collateral agent (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Collateral Agent</FONT></I><FONT size=2 face="Times New Roman">&#8221;) pursuant to the Note Purchase Agreement for the benefit and security of the holders of the Series 2020D Senior Notes due 2050 and the Series 2020E Senior Notes due 2060, respectively, all as herein provided and as provided in the Note Purchase Agreement, and to add to the covenants and agreements contained in the Indenture, the covenants and agreements hereinafter set forth; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Company, in the exercise of the powers and authority conferred upon and reserved to it under the provisions of the Indenture and pursuant to appropriate resolutions of its Board of Directors, has duly resolved and determined to make, execute and deliver to the Trustee a Ninth Supplemental Indenture in the form hereof for the purposes herein provided; and</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, all conditions and requirements necessary to make this Ninth Supplemental Indenture a valid, binding and legal instrument have been done, performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">NOW, THEREFORE, THIS INDENTURE WITNESSETH:</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">That NEW JERSEY NATURAL GAS COMPANY, by way of further assurance and in consideration of the premises and of the acceptance by the Trustee of the trusts hereby created and of One Dollar to it duly paid by the Trustee at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in order to secure the payment of principal of and any premium which may be due and payable on and the interest on all Bonds at any time issued and outstanding under the Indenture according to their tenor and effect, and the performance and observance by the Company of all the covenants and conditions herein and therein contained, has granted, bargained, sold, warranted, aliened, remised, released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed, and by these presents does grant, bargain, sell, warrant, alien, remise, release, convey, assign, transfer, mortgage, pledge, set over and confirm, unto the Trustee, and to its successors in the trust, and to it and its assigns forever, and has granted and does hereby grant thereunto a security interest in, all of the property, real, personal and mixed, now owned by the Company and situated in the Counties of Burlington, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Sussex in the State of New Jersey, or wherever situate (except Excepted Property and property released from the lien of the Indenture by the terms of the Indenture) and also all of the property, real, personal and mixed, hereafter acquired by the Company wherever situate (except Excepted Property and property released from the lien of the Indenture by the terms of the Indenture), including both as to property now owned and property hereafter acquired, without in any way limiting or impairing the enumeration of the same, the scope and intent of the foregoing or of any general or specific description contained in the Indenture, the following:</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-6</FONT></P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">I. FRANCHISES</FONT></B></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">All and singular, the franchises, grants, permits, immunities, privileges and rights of the Company owned and held by it at the date of the execution hereof or hereafter acquired for the construction, maintenance, and operation of the gas plants and systems now or hereafter subject to the lien hereof, as well as all certificates, franchises, grants, permits, immunities, privileges, and rights of the Company used or useful in the operation of the property now or hereafter mortgaged hereunder, including all and singular the franchises, grants, permits, immunities, privileges, and rights of the Company granted by the governing authorities of any municipalities or other political subdivisions and all renewals, extensions and modifications of said certificates, franchises, grants, permits, privileges, arid rights or any of them.</FONT></P>
<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">II. GAS DISTRIBUTION SYSTEMS AND RELATED PROPERTY</FONT></B></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">All gas generating plants, gas storage plants and gas manufacturing plants of the Company, all the buildings, erections, structures, generating and purifying apparatus, holders, engines, boilers, benches, retorts, tanks, instruments, appliances, apparatus, facilities, machinery, fixtures, and all other property used or provided for use in the generation, manufacturing and purifying of gas, together with the land on which the same are situated, and all other lands and easements, rights-of-way, permits, privileges, and sites forming a part of such plants or any of them or occupied, enjoyed or used in connection therewith.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">All gas distribution or gas transmission systems of the Company, all buildings, erections, structures, generating and purifying apparatus, holders, engines, boilers, benches, retorts, tanks, pipe lines, connections, service pipes, meters, conduits, tools, instruments, appliances, apparatus, facilities, machinery, fixtures, and all other property used or provided for use in the construction, maintenance, repair or operations of such distribution or transmission systems, together with all the certificates, rights, privileges, rights-of-way, franchises, licenses, easements, grants, liberties, immunities, permits of the Company, howsoever conferred or acquired, under, over, or upon any private property or any public streets or highways within as well as without the corporate limits of any municipal corporation. Without limiting the generality of the foregoing, there are expressly included the gas distribution or gas transmission systems located in the Counties of Burlington, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Sussex in the State of New Jersey, and in the following municipalities in said State and Counties: Aberdeen Township (formerly Matawan Township), Allenhurst Borough, City of Asbury Park, Atlantic Highlands Borough, Avon By the Sea Borough, Barnegat Light Borough, Barnegat Township (formerly named Union Township), Bay Head Borough, Beach Haven Borough, Beachwood Borough, Belmar Borough, Berkeley Township, Boonton Town, Boonton Township, Bradley Beach Borough, Brick Township, Brielle Borough, Colts Neck Township, Deal Borough, Denville Township, Dover Town, Dover Township, Eagleswood Township, East Brunswick Township, Eatontown Borough, Englishtown Borough, Fair Haven Borough, Farmingdale Borough, Franklin Township in Somerset County, Freehold Borough, Freehold Township, Hanover Township, Harvey Cedars Borough, Hazlet Township, Highlands Borough, Holmdel Township, Hopatcong Borough, Howell Township, Interlaken Borough, Island Heights Borough, Jackson Township, Jefferson Township, Keansburg Borough, Keyport Borough, Lacey Township, Lakehurst Borough, Lakewood Township, Lavallette Borough, Lincoln Park Borough, Little Egg Harbor Township, Little Silver Borough, Loch Arbour Village, Long Beach Township, Long Branch City, Manalapan Township, Manasquan Borough, Manchester Township, Mantoloking Borough, Marlboro Township, Matawan Borough, Middletown Township, Milltown Borough, Mine Hill Township, Monmouth Beach Borough, Monroe Township, Montville Township, Morris Plains Borough, Mount Arlington Borough, Mount Olive Township, Mountain Lakes Borough, Neptune City Borough, Neptune Township, Netcong Borough, New Brunswick City, North Brunswick Township, Ocean Township in Monmouth County, Ocean Township in Ocean County, Ocean Gate Borough, Oceanport Borough, Old Bridge Township (formerly named Madison Township), Parsippany-Troy Hills Township, Pine Beach Borough, Point Pleasant Borough, Point Pleasant Beach Borough, Randolph Township, Red Bank Borough, Rockaway Borough, Rockaway Township, Roxbury Township, Rumson Borough, Sayreville Borough, Sea Bright Borough, Sea Girt Borough, Seaside Heights Borough, Seaside Park Borough, Ship Bottom Borough, Shrewsbury Borough, Shrewsbury Township, South Belmar Borough, South Brunswick Township, South River Borough, South Toms River Borough, Spring Lake Borough, Spring Lake Heights Borough, Stafford Township, Surf City Borough, Tinton Falls Borough (formerly named New Shrewsbury Borough), Tuckerton Borough, Union Beach Borough, Union Township, Victory Gardens Borough, Wall Township, Washington Township in Burlington County, Washington Township in Morris County, West Long Branch Borough, West Milford Township and Wharton Borough.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-7</FONT></P>
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<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">III. CONTRACTS</FONT></B></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">All of the Company&#8217;s right, title and interest in and under all contracts, licenses or leases for the purchase of gas, either in effect at the date of execution hereof or hereafter made and any extension or renewal thereof.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">TOGETHER WITH ALL AND SINGULAR the tenements, hereditaments and appurtenances belonging or in anywise appertaining to the Trust Estate, or any part thereof, with the reversion or reversions, remainder and remainders, rents, issues, income and profits thereof, and all the right, title, interest and claim whatsoever, at law or in equity, which the Company now has or which it may hereafter acquire in and to the Trust Estate and every part and parcel thereof,</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">TO HAVE AND TO HOLD the Trust Estate and all and singular the lands, properties, estates, rights, franchises, privileges and appurtenances hereby mortgaged, conveyed, pledged or assigned, or intended so to be, together with all the appurtenances thereto appertaining, unto the Trustee and its successors and assigns forever;</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-8</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">SUBJECT, HOWEVER, as to property hereby conveyed, to Permitted Encumbrances;</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">BUT IN TRUST, NEVERTHELESS, under and subject to the terms and conditions hereafter set forth, for the equal and proportionate use, benefit, security and protection of each and every person who may be or become the holders of the Bonds hereby secured without preference, priority or distinction as to the lien or otherwise of one Bond over or from the others by reason of priority in the issue or negotiation thereof, or by reason of the date of maturity thereof, or otherwise (except as any sinking, amortization, improvement, renewal or other analogous fund, established in accordance with the provisions of the Indenture, may afford additional security for the Bonds of any particular series), and for securing the observance and performance of all the terms, provisions and conditions of the Indenture.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">THIS INDENTURE FURTHER WITNESSETH, that the Company has agreed and covenanted, and hereby does agree and covenant, with the Trustee and its successors and assigns and with the respective holders from time to time of the Bonds, or any thereof, as follows:</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE I</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">CERTAIN AMENDMENTS OF INDENTURE</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 1.1. </FONT></I><FONT size=2 face="Times New Roman">The Indenture be and it hereby is amended in the following respects, the section numbers specified below being the sections of the Indenture in which such amendments occur:</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 1.01</FONT></I><FONT size=2 face="Times New Roman">. The following definitions be and they hereby are added at the end of &#167; 1.02:</FONT></P>
<P STYLE="margin-left: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;(iiiii) &#8220;Ninth Supplemental Indenture&#8221; shall mean the Ninth Supplemental Indenture, dated as of August 1, 2020, supplemental to the Indenture.&#8221;</FONT></P>
<P STYLE="margin-left: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;(jjjjj) &#8220;2050 Series GGG Bond&#8221; shall mean one of the First Mortgage Bonds, Series GGG due 2050, issued hereunder.&#8221;</FONT></P>
<P STYLE="margin-left: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;(kkkkk) &#8220;2060 Series HHH Bond&#8221; shall mean one of the First Mortgage Bonds, Series HHH due 2060, issued hereunder.&#8221;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 2.11. </FONT></I><FONT size=2 face="Times New Roman">The following be and it hereby is added at the end of &#167; 2.11:</FONT></P>
<P STYLE="margin-left: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;No charge except for taxes or governmental charges shall be made against any holder of any 2050 Series GGG Bond or 2060 Series HHH Bond for the exchange, transfer or registration of transfer thereof.&#8221;</FONT></P>
<P STYLE="margin-left: 15pt; text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 8.08. </FONT></I><FONT size=2 face="Times New Roman">The period at the end of the first paragraph of &#167; 8.08 be and it hereby is deleted and the following words and figures be and they hereby are added thereto:</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-9</FONT></P>
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<P style="TEXT-ALIGN: justify; padding-left:50pt"><FONT size=2 face="Times New Roman">&#8220;, and the 2050 Series GGG Bonds and the 2060 Series HHH Bonds shall be redeemed at the redemption price specified in &#167; 10.53 and &#167; 10.55, respectively.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE II</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">2050 SERIES GGG BONDS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 2.1. </FONT></I><FONT size=2 face="Times New Roman">There shall be a twenty-fifth series of Bonds under the Indenture, known as and entitled &#8220;First Mortgage Bonds, Series GGG due 2050&#8221; or &#8220;First Mortgage Bonds, Series GGG&#8221; (herein and in the Indenture referred to as the &#8220;</FONT><I><FONT size=2 face="Times New Roman">2050 Series GGG Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221;), and the form thereof shall contain suitable provisions with respect to the matters hereinafter in this Section specified and shall in other respects be substantially as set forth in Exhibit A to the Indenture.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The aggregate principal amount of 2050 Series GGG Bonds which may be authenticated and delivered and outstanding under the Indenture is $25,000,000.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall be payable to the Collateral Agent, and shall be nontransferable except to a successor of the Collateral Agent, in accordance with the Note Purchase Agreement.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall bear interest at the rate of 2.87% per annum, computed on the basis of a 360-day year of twelve 30-day months, until the principal thereof is paid or made available for payment, and shall mature on September 1, 2050, subject to prior redemption as described herein; provided that any principal, Make-Whole Amount (as defined in the Note Purchase Agreement), and any such installment of interest which is overdue shall bear interest at a rate of interest that is the greater of (i) 4.87% per annum or (ii) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its &#8220;base&#8221; or &#8220;prime&#8221; rate (to the extent that payment of such interest is enforceable under applicable law).</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall be in the form of registered Bonds without coupons of denominations of $1,000 and any integral multiple thereof which may be authorized by the Company, the issue of a registered Bond without coupons in any such denomination to be conclusive evidence of such authorization. Any 2050 Series GGG Bonds shall be dated (i) as of the semi-annual interest payment date (as specified in the first paragraph of the 2050 Series GGG Bonds) next preceding the date on which such 2050 Series GGG Bonds shall be authenticated, unless such 2050 Series GGG Bonds are authenticated before March 1, 2021, in which case such 2050 Series GGG Bonds shall be dated September 1, 2020 or, (ii) if such date of authentication shall be an interest payment date, such 2050 Series GGG Bonds shall be dated such interest payment date; </FONT><I><FONT size=2 face="Times New Roman">provided, however</FONT></I><FONT size=2 face="Times New Roman">, that, if at the time of authentication of any 2050 Series GGG Bonds interest is in default on the 2050 Series GGG Bonds, such 2050 Series GGG Bonds shall be dated as of the interest payment date to which interest has previously been paid or made available for payment on the 2050 Series GGG Bonds. All 2050 Series GGG Bonds shall bear interest from their respective dates, such interest to be payable, upon the terms of and otherwise in accordance with the 2050 Series GGG Bonds, on each date on which interest shall from time to time be payable on the Series 2020D Senior Notes due September 1, 2050; </FONT><I><FONT size=2 face="Times New Roman">provided</FONT></I><FONT size=2 face="Times New Roman">, that the obligation of the Company to make payments with respect to the principal of, Make-Whole Amount, if any, and interest on the 2050 Series GGG Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that at the time any such payment shall be due, the then due principal of, Make-Whole Amount, if any, and interest on any of the Series 2020D Senior Notes due September 1, 2050 shall have been fully or partially paid from payments made by the Company under the Note Purchase Agreement. The principal of, Make-Whole Amount, if any, and interest on the 2050 Series GGG Bonds shall be payable at the principal office of the Trustee, in Edison, New Jersey, or, at the option of the Company, at the &#8220;principal office&#8221; (as indicated pursuant to the Note Purchase Agreement) of the Collateral Agent, in any coin or currency of the United States of America which at the time of payment shall be legal tender for the payment of public and private debts.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-10</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding any other provision of the Indenture or of the 2050 Series GGG Bonds, payments of the principal of, Make-Whole Amount, if any, and interest on any 2050 Series GGG Bond may be made directly to the registered holder thereof without presentation or surrender thereof or the making of any notation thereon if there shall be filed with the Trustee a Certificate of the Company to the effect that such registered holder (or the person for whom such registered holder is a nominee) and the Company have entered into a written agreement that payment shall be so made; provided, however, that before such registered holder transfers or otherwise disposes of any 2050 Series GGG Bond, such registered holder will, at its election, either endorse thereon (or on a paper annexed thereto) the principal amount thereof redeemed and the last date to which interest has been paid thereon or make such Bond available to the Company at the principal office of the Trustee for the purpose of making such endorsement thereon.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall be subject to redemption at the option of the Company or otherwise, and shall be subject to mandatory redemption, in the manner provided in the applicable provisions of Article Ten of the Indenture, as amended by Article III of this Ninth Supplemental Indenture.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall be excluded from the benefits of, and shall not be subject to redemption through the operation of, a Mandatory Sinking Fund pursuant to &#167; 11.02 of the Indenture.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding the provisions of &#167; 10.02 or any other provision of the Indenture, the selection of 2050 Series GGG Bonds to be redeemed shall, in case fewer than all of the outstanding 2050 Series GGG Bonds are to be redeemed, be made by the Trustee pro rata (to the nearest multiple of One Thousand Dollars ($1,000)) among the registered holders of the 2050 Series GGG Bonds in proportion, as nearly as practicable, to the respective unpaid principal amounts of 2050 Series GGG Bonds registered in the names of such holders, with adjustments, to the extent practicable, to compensate for any prior redemption not made exactly in such proportion (or otherwise as may be specified by a written order signed by the registered holders of all outstanding 2050 Series GGG Bonds).</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The definitive 2050 Series GGG Bonds may be issued in the form of engraved Bonds or Bonds printed or lithographed on steel engraved borders or Bonds in typed form on normal bond paper. Subject to the foregoing provisions of this Section and the provisions of &#167; 2.11 of the Indenture, all definitive 2050 Series GGG Bonds shall be fully exchangeable for other Bonds of the same series, of like aggregate principal amounts, and, upon surrender to the Trustee at its principal office, shall be exchangeable for other Bonds of the same series of a different authorized denomination or denominations, as requested by the holder surrendering the same. The Company will execute, and the Trustee shall authenticate and deliver, registered Bonds without coupons, whenever the same shall be required for any such exchange.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-11</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 2.2. </FONT></I><FONT size=2 face="Times New Roman">2050 Series GGG Bonds in the aggregate principal amount of $25,000,000 may forthwith upon the execution and delivery of this Ninth Supplemental Indenture, or from time to time thereafter, be executed by the Company and delivered to the Trustee, and shall thereupon be authenticated and delivered by the Trustee upon compliance by the Company with the provisions of Articles Four, Five or Six of the Indenture, without awaiting the filing or recording of this Ninth Supplemental Indenture. No additional 2050 Series GGG Bonds shall be issued under Article Four, Five or Six of the Indenture without the consent in writing of the holders of all the outstanding 2050 Series GGG Bonds.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE III</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">REDEMPTION OF THE 2050 SERIES GGG BONDS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 3.1. </FONT></I><FONT size=2 face="Times New Roman">The following &#167; 10.53 and &#167; 10.54 be and they hereby are added to Article Ten of the Indenture:</FONT></P>

<P STYLE="text-indent: 30pt;padding-left:30pt; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">&#167; 10.53. </FONT></I><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall be subject to redemption as follows: payments of principal of, Make-Whole Amount, if any, and interest on the 2050 Series GGG Bonds shall be made to the Collateral Agent to redeem 2050 Series GGG Bonds in such amounts as shall be necessary, in accordance with the provisions of the Note Purchase Agreement, to provide funds under the Note Purchase Agreement to (a) make, when due, payment at maturity (including, without limitation, maturity upon acceleration of the Series 2020D Senior Notes due September 1, 2050) and (b) make, when due, any prepayment required or permitted by the Series 2020D Senior Notes due September 1, 2050 in connection with any prepayment of the Series 2020D Senior Notes due September 1, 2050; </FONT><I><FONT size=2 face="Times New Roman">provided, however, </FONT></I><FONT size=2 face="Times New Roman">that the obligation of the Company to make any redemption payments under this Section shall be fully or partially, as the case may be, satisfied and discharged to the extent that at any time such payment shall be due, the then due payment at maturity or redemption payment on any of the Series 2020D Senior Notes due September 1, 2050 shall have been fully or partially made from payments made by the Company on the Notes under the Note Purchase Agreement; </FONT><I><FONT size=2 face="Times New Roman">provided, further, however, </FONT></I><FONT size=2 face="Times New Roman">that any principal, Make-Whole Amount, and any interest which is overdue shall bear interest at a rate of interest that is the greater of (i) 4.87% per annum or (ii) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its &#8220;base&#8221; or &#8220;prime&#8221; rate (to the extent that payment of such interest is enforceable under applicable law). Terms used and not defined in this Section and in Section 10.54 shall have the respective meanings given to them in the Ninth Supplemental Indenture.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-12</FONT></P>

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<P STYLE="text-indent: 30pt;padding-left:30pt; text-align: justify; text-align: justify; padding-left: 30pt"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">&#167; 10.54</FONT></I><FONT size=2 face="Times New Roman">. In the case of the redemption of 2050 Series GGG Bonds out of moneys deposited with the Trustee pursuant to &#167; 8.08, such 2050 Series GGG Bonds shall, upon compliance with provisions of &#167; 10.02, and subject to the provisions of &#167; 2.1 of the Ninth Supplemental Indenture, be redeemable at the principal amounts thereof, together with interest accrued thereon to the date fixed for redemption, without premium or Make-Whole Amount.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE IV</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">2060 SERIES HHH BONDS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 4.1. </FONT></I><FONT size=2 face="Times New Roman">There shall be a twenty-sixth series of Bonds under the Indenture, known as and entitled &#8220;First Mortgage Bonds, Series HHH due 2060&#8221; or &#8220;First Mortgage Bonds, Series HHH&#8221; (herein and in the Indenture referred to as the &#8220;</FONT><I><FONT size=2 face="Times New Roman">2060 Series HHH Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221;), and the form thereof shall contain suitable provisions with respect to the matters hereinafter in this Section specified and shall in other respects be substantially as set forth in Exhibit A to the Indenture.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The aggregate principal amount of 2060 Series HHH Bonds which may be authenticated and delivered and outstanding under the Indenture is $50,000,000.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall be payable to the Collateral Agent, and shall be nontransferable except to a successor of the Collateral Agent, in accordance with the Note Purchase Agreement.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall bear interest at the rate of 2.97% per annum, computed on the basis of a 360-day year of twelve 30-day months, until the principal thereof is paid or made available for payment, and shall mature on September 1, 2060, subject to prior redemption as described herein; provided that any principal, Make-Whole Amount (as defined in the Note Purchase Agreement), and any such installment of interest which is overdue shall bear interest at a rate of interest that is the greater of (i) 4.97% per annum or (ii) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its &#8220;base&#8221; or &#8220;prime&#8221; rate (to the extent that payment of such interest is enforceable under applicable law).</FONT></P>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-13</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall be in the form of registered Bonds without coupons of denominations of $1,000 and any integral multiple thereof which may be authorized by the Company, the issue of a registered Bond without coupons in any such denomination to be conclusive evidence of such authorization. Any 2060 Series HHH Bonds shall be dated (i) as of the semi-annual interest payment date (as specified in the first paragraph of the 2060 Series HHH Bonds) next preceding the date on which such 2060 Series HHH Bonds shall be authenticated, unless such 2060 Series HHH Bonds are authenticated before March 1, 2021, in which case such 2060 Series HHH Bonds shall be dated September 1, 2020 or, (ii) if such date of authentication shall be an interest payment date, such 2060 Series HHH Bonds shall be dated such interest payment date; </FONT><I><FONT size=2 face="Times New Roman">provided, however</FONT></I><FONT size=2 face="Times New Roman">, that, if at the time of authentication of any 2060 Series HHH Bonds interest is in default on the 2060 Series HHH Bonds, such 2060 Series HHH Bonds shall be dated as of the interest payment date to which interest has previously been paid or made available for payment on the 2060 Series HHH Bonds. All 2060 Series HHH Bonds shall bear interest from their respective dates, such interest to be payable, upon the terms of and otherwise in accordance with the 2060 Series HHH Bonds, on each date on which interest shall from time to time be payable on the Series 2020E Senior Notes due September 1, 2060; </FONT><I><FONT size=2 face="Times New Roman">provided</FONT></I><FONT size=2 face="Times New Roman">, that the obligation of the Company to make payments with respect to the principal of, Make-Whole Amount, if any, and interest on the 2060 Series HHH Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that at the time any such payment shall be due, the then due principal of, Make-Whole Amount, if any, and interest on any of the Series 2020E Senior Notes due September 1, 2060 shall have been fully or partially paid from payments made by the Company under the Note Purchase Agreement. The principal of, Make-Whole Amount, if any, and interest on the 2060 Series HHH Bonds shall be payable at the principal office of the Trustee, in Edison, New Jersey, or, at the option of the Company, at the &#8220;principal office&#8221; (as indicated pursuant to the Note Purchase Agreement) of the Collateral Agent, in any coin or currency of the United States of America which at the time of payment shall be legal tender for the payment of public and private debts.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding any other provision of the Indenture or of the 2060 Series HHH Bonds, payments of the principal of, Make-Whole Amount, if any, and interest on any 2060 Series HHH Bond may be made directly to the registered holder thereof without presentation or surrender thereof or the making of any notation thereon if there shall be filed with the Trustee a Certificate of the Company to the effect that such registered holder (or the person for whom such registered holder is a nominee) and the Company have entered into a written agreement that payment shall be so made; provided, however, that before such registered holder transfers or otherwise disposes of any 2060 Series HHH Bond, such registered holder will, at its election, either endorse thereon (or on a paper annexed thereto) the principal amount thereof redeemed and the last date to which interest has been paid thereon or make such Bond available to the Company at the principal office of the Trustee for the purpose of making such endorsement thereon.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall be subject to redemption at the option of the Company or otherwise, and shall be subject to mandatory redemption, in the manner provided in the applicable provisions of Article Ten of the Indenture, as amended by Article V of this Ninth Supplemental Indenture.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall be excluded from the benefits of, and shall not be subject to redemption through the operation of, a Mandatory Sinking Fund pursuant to &#167; 11.02 of the Indenture.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding the provisions of &#167; 10.02 or any other provision of the Indenture, the selection of 2060 Series HHH Bonds to be redeemed shall, in case fewer than all of the outstanding 2060 Series HHH Bonds are to be redeemed, be made by the Trustee pro rata (to the nearest multiple of One Thousand Dollars ($1,000)) among the registered holders of the 2060 Series HHH Bonds in proportion, as nearly as practicable, to the respective unpaid principal amounts of 2060 Series HHH Bonds registered in the names of such holders, with adjustments, to the extent practicable, to compensate for any prior redemption not made exactly in such proportion (or otherwise as may be specified by a written order signed by the registered holders of all outstanding 2060 Series HHH Bonds).</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-14</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The definitive 2060 Series HHH Bonds may be issued in the form of engraved Bonds or Bonds printed or lithographed on steel engraved borders or Bonds in typed form on normal bond paper. Subject to the foregoing provisions of this Section and the provisions of &#167; 2.11 of the Indenture, all definitive 2060 Series HHH Bonds shall be fully exchangeable for other Bonds of the same series, of like aggregate principal amounts, and, upon surrender to the Trustee at its principal office, shall be exchangeable for other Bonds of the same series of a different authorized denomination or denominations, as requested by the holder surrendering the same. The Company will execute, and the Trustee shall authenticate and deliver, registered Bonds without coupons, whenever the same shall be required for any such exchange.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 4.2. </FONT></I><FONT size=2 face="Times New Roman">2060 Series HHH Bonds in the aggregate principal amount of $50,000,000 may forthwith upon the execution and delivery of this Ninth Supplemental Indenture, or from time to time thereafter, be executed by the Company and delivered to the Trustee, and shall thereupon be authenticated and delivered by the Trustee upon compliance by the Company with the provisions of Articles Four, Five or Six of the Indenture, without awaiting the filing or recording of this Ninth Supplemental Indenture. No additional 2060 Series HHH Bonds shall be issued under Article Four, Five or Six of the Indenture without the consent in writing of the holders of all the outstanding 2060 Series HHH Bonds.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE V</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">REDEMPTION OF THE 2060 SERIES HHH BONDS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 5.1. </FONT></I><FONT size=2 face="Times New Roman">The following &#167; 10.55 and &#167; 10.56 be and they hereby are added to Article Ten of the Indenture:</FONT></P>

<P STYLE="text-indent: 30pt;padding-left:30pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">&#167; 10.55. </FONT></I><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall be subject to redemption as follows: payments of principal of, Make-Whole Amount, if any, and interest on the 2060 Series HHH Bonds shall be made to the Collateral Agent to redeem 2060 Series HHH Bonds in such amounts as shall be necessary, in accordance with the provisions of the Note Purchase Agreement, to provide funds under the Note Purchase Agreement to (a) make, when due, payment at maturity (including, without limitation, maturity upon acceleration of the Series 2020E Senior Notes due September 1, 2060) and (b) make, when due, any prepayment required or permitted by the Series 2020E Senior Notes due September 1, 2060 in connection with any prepayment of the Series 2020E Senior Notes due September 1, 2060; </FONT><I><FONT size=2 face="Times New Roman">provided, however, </FONT></I><FONT size=2 face="Times New Roman">that the obligation of the Company to make any redemption payments under this Section shall be fully or partially, as the case may be, satisfied and discharged to the extent that at any time such payment shall be due, the then due payment at maturity or redemption payment on any of the Series 2020E Senior Notes due September 1, 2060 shall have been fully or partially made from payments made by the Company on the Notes under the Note Purchase Agreement; </FONT><I><FONT size=2 face="Times New Roman">provided, further, however, </FONT></I><FONT size=2 face="Times New Roman">that any principal, Make-Whole Amount, and any interest which is overdue shall bear interest at a rate of interest that is the greater of (i) 4.97% per annum or (ii) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its &#8220;base&#8221; or &#8220;prime&#8221; rate (to the extent that payment of such interest is enforceable under applicable law). Terms used and not defined in this Section and in Section 10.56 shall have the respective meanings given to them in the Ninth Supplemental Indenture.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-15</FONT></P>

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<P style="TEXT-ALIGN: justify;text-indent: 30pt;padding-left:30pt;"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">&#167; 10.56</FONT></I><FONT size=2 face="Times New Roman">. In the case of the redemption of 2060 Series HHH Bonds out of moneys deposited with the Trustee pursuant to &#167; 8.08, such 2060 Series HHH Bonds shall, upon compliance with provisions of &#167; 10.02, and subject to the provisions of &#167; 2.1 of the Ninth Supplemental Indenture, be redeemable at the principal amounts thereof, together with interest accrued thereon to the date fixed for redemption, without premium or Make-Whole Amount.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE VI</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">MISCELLANEOUS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.1. </FONT></I><FONT size=2 face="Times New Roman">The Company is lawfully seized and possessed of all the real estate, franchises and other property described or referred to in the Indenture (except properties released from the lien of the Indenture pursuant to the provisions thereof) as presently mortgaged, subject to the exceptions stated therein, such real estate, franchises and other property are free and clear of any lien prior to the lien of the Indenture except as set forth in the Granting Clauses of the Indenture and the Company has good right and lawful authority to mortgage the same as provided in and by the Indenture.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.2. </FONT></I><FONT size=2 face="Times New Roman">The Trustee assumes no duties, responsibilities or liabilities by reason of this Ninth Supplemental Indenture other than as set forth in the Indenture, and this Ninth Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions of its acceptance of the trust under the Indenture, as fully as if said terms and conditions were herein set forth at length.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.3. </FONT></I><FONT size=2 face="Times New Roman">The terms used in this Ninth Supplemental Indenture shall have the meanings assigned thereto in the Indenture. Reference by number in this Ninth Supplemental Indenture to Articles or Sections shall be construed as referring to Articles or Sections contained in the Indenture, unless otherwise stated.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.4. </FONT></I><FONT size=2 face="Times New Roman">As amended and modified by this Ninth Supplemental Indenture, the Indenture is in all respects ratified and confirmed and the Indenture and this Ninth Supplemental Indenture shall be read, taken and construed as one and the same instrument.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.5. </FONT></I><FONT size=2 face="Times New Roman">Neither the approval by the Board of Public Utilities of the State of New Jersey of the execution and delivery of this Ninth Supplemental Indenture nor the approval by said Board of the issue of any Bonds under the Indenture shall in any way be construed as the approval by said Board of any other act, matter or thing which requires approval of said Board under the laws of the State of New Jersey; nor shall approval by said Board of the issue of any Bonds under the Indenture bind said Board or any other public body or authority of the State of New Jersey having jurisdiction in the premises in any future application for the issue of Bonds under the Indenture or otherwise.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-16</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.6. </FONT></I><FONT size=2 face="Times New Roman">This Ninth Supplemental Indenture may be executed in any number of counterparts and all said counterparts executed and delivered each as an original shall constitute but one and the same instrument.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-17</FONT></P>

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<!-- Part 20 -->
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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">NEW JERSEY NATURAL GAS COMPANY HEREBY DECLARES THAT IT HAS READ THIS NINTH SUPPLEMENTAL INDENTURE, HAS RECEIVED A COMPLETELY FILLED-IN TRUE COPY OF IT WITHOUT CHARGE AND HAS SIGNED THIS NINTH SUPPLEMENTAL INDENTURE ON THE DATE CONTAINED IN ITS ACKNOWLEDGEMENT HEREOF.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">IN WITNESS WHEREOF, NEW JERSEY NATURAL GAS COMPANY has caused these presents to be signed in its corporate name by its President, a Vice President or its Treasurer and its corporate seal to be hereunto affixed and attested by its Secretary or an Assistant Secretary, and U.S. BANK NATIONAL ASSOCIATION, in evidence of its acceptance of the trust hereby created, has caused these presents to be signed in its corporate name by one of its Vice Presidents.</FONT></P>

<DIV align=right>

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<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="width: 100%; text-align: left"><FONT size=2 face="Times New Roman">NEW JERSEY NATURAL GAS COMPANY</FONT></TD></TR>

<TR>

   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Roberto F. Bel</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Vice President, Treasurer</FONT></TD></TR></TABLE></DIV>


<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">[Corporate Seal]</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">ATTEST:</FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Richard Reich</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Corporate Secretary</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-18</FONT></P>

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<BR>
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   <TD COLSPAN="3" STYLE="width: 100%; text-align: left; padding-left: 15pt; text-indent: -15pt"><FONT size=2 face="Times New Roman">U.S. BANK NATIONAL ASSOCIATION, as<BR>
Trustee</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=3 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" colSpan=2 noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Paul O&#8217;Brien</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Vice President</FONT></TD></TR></TABLE>
</DIV>


<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">ATTEST:</FONT></P>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Annette M. Marsula</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Vice President</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-19</FONT></P>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">STATE OF NEW JERSEY</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">) SS:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">COUNTY OF MONMOUTH</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">)</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">BE IT REMEMBERED that on this ___ day of [_________], 2020, before me, the subscriber, an Attorney-at-Law of the State of New Jersey, and I hereby certify that I am such an Attorney-at-Law as witness my hand, personally appeared Richard Reich to me known who, being by me duly sworn according to law, on his oath, does depose and make proof to my satisfaction that he is the Corporate Secretary of NEW JERSEY NATURAL GAS COMPANY, the grantor or mortgagor in the foregoing Supplemental Indenture named; that he well knows the seal of said corporation; that the seal affixed to said Supplemental Indenture is the corporate seal of said corporation, and that it was so affixed in pursuance of resolutions of the Board of Directors of said corporation; that Roberto Bel is Vice President, Treasurer of said corporation; that he saw said Roberto Bel, as such Vice President, Treasurer, affix said seal thereto, sign and deliver said Supplemental Indenture, and heard her declare that she signed, sealed and delivered the same as the voluntary act and deed of said corporation, in pursuance of said resolutions, and that this deponent signed his name thereto, at the same time, as attesting witness.</FONT></P>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Richard Reich</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Corporate Secretary</FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Subscribed and sworn to before me,<BR>an Attorney-at-Law of the State of<BR>New Jersey, at Wall, New Jersey,<BR>the day and year aforesaid.</FONT></P>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Alexander Gonzalez</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left>&nbsp;</TD>

   <TD width="99%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Attorney-at-Law of the</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">State of New Jersey</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-20</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ACKNOWLEDGEMENT</FONT></B></P>

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<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">STATE OF NEW JERSEY</FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">) ss:</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">COUNTY OF MIDDLESEX</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">)</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">I HEREBY CERTIFY that on this ___ of [_________], 2020, before me, a Notary Public for the state aforesaid, personally appeared Paul O&#8217;Brien, known to me or satisfactorily proven to be the Person whose name is subscribed to the Ninth Supplemental Indenture dated as of August 1, 2020, who acknowledged that he is an authorized signatory for U.S. Bank National Association, a national banking association, as Trustee; that he has been duly authorized to execute, and has executed, such instrument on its behalf for the purposes therein set forth; and that the same is its act and deed.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">IN WITNESS WHEREOF, I have set my hand and Notarial Seal, the day and year first above written.</FONT></P>

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<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">Annette M. Marsula</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">Notary Public</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">My commission expires on&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="99%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-2-21</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="font-variant: small-caps" size=2 face="Times New Roman">Form of Opinion of Special Counsel<Br>to the Company</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The closing opinions of Alex Gonzalez, Esq. and Troutman Pepper Hamilton Sanders LLP, special counsel for the Company, which are called for by Section 4.4(a) of the Agreement, shall be dated the date of the Closing and addressed to each Purchaser, shall be satisfactory in scope and form to each Purchaser, and shall be accompanied by a letter of special counsel authorizing the Collateral Agent to rely on the opinion as if it were addressed to the Collateral Agent. The opinion shall be to the effect that:</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">1. The Company is a corporation incorporated, validly existing and in good standing under the laws of the State of New Jersey, has the corporate power and the corporate authority to (a) execute the Note Purchase Agreement, the Supplemental Indenture and the First Mortgage Bond Documents, (b) issue the Notes and the First Mortgage Bonds and (c) perform its respective obligations under the Note Purchase Agreement, the Supplemental Indenture, the Notes, the First Mortgage Bonds, the Mortgage Indenture and the First Mortgage Bond Documents and has the full corporate power and the corporate authority to conduct the activities in which, to our knowledge, it is now engaged. Based solely on the Officer&#8217;s Certificate, the Company is licensed or qualified as a foreign corporation in each jurisdiction in which the character of the properties owned or leased by it or the nature of the business transacted by it makes such licensing or qualification necessary, other than those jurisdictions as to which the failure to be so licensed, qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2. The Note Purchase Agreement has been duly authorized by all necessary corporate action on the part of the Company, has been duly executed and delivered by the Company and constitutes the legal, valid and binding contract of the Company enforceable against it in accordance with its terms.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">3. The Notes have been duly authorized by all necessary corporate action on the part of the Company, have been duly executed and delivered by the Company and constitute the legal, valid and binding obligations of the Company enforceable against it in accordance with their terms.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">4. The Mortgage Indenture constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">5. The Supplemental Indenture has been duly authorized by all necessary corporate action on the part of the Company, has been duly executed and delivered by the Company, and constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">6. The First Mortgage Bonds delivered on the date hereof (a) have been authorized by all necessary corporate action on the part of the Company, (b) have been duly executed by the Company, and (c) assuming the due authentication thereof by the Mortgage Trustee under the Mortgage Indenture, (i) have been duly issued, (ii) constitute the legal, valid and binding obligations of the Company enforceable against it in accordance with their terms and (iii) are entitled to the benefits and security of the Mortgage Indenture, in accordance with their terms.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="font-variant: small-caps" size=2 face="Times New Roman">Exhibit 4.4</FONT><FONT size=2 face="Times New Roman">(a)<BR>(to Note Purchase Agreement)</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">7. The First Mortgage Bond Documents have been duly authorized by all necessary corporate action on the part of the Company, have been duly executed and delivered by the Company, and constitute the legal, valid and binding obligations of the Company enforceable against it in accordance with their terms.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">8. The offer, issuance and sale of the Notes and the issuance of the First Mortgage Bonds have been duly authorized and approved by the New Jersey Board of Public Utilities (the </FONT><I><FONT size=2 face="Times New Roman">&#8220;Board&#8221;</FONT></I><FONT size=2 face="Times New Roman">) and, to our knowledge, such authorization and approval is still in full force and effect. No other approval, consent or withholding of objection on the part of, or filing, registration or qualification with, any New York, New Jersey or Federal Governmental Authority is necessary in connection with (a) the execution or delivery by the Company of the Note Purchase Agreement, the Supplemental Indenture, the Notes, the First Mortgage Bonds or the First Mortgage Bond Documents or (b) the performance by the Company of the Note Purchase Agreement, the Supplemental Indenture, the Notes, the First Mortgage Bonds, the First Mortgage Bond Documents or the Mortgage Indenture or such filings as may be necessary to perfect or maintain the perfection of the Lien created by the Mortgage Indenture, including the Supplemental Indenture.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">9. The execution and delivery of the Note Purchase Agreement, the Supplemental Indenture, the Notes, the First Mortgage Bonds and the First Mortgage Bond Documents, by the Company do not, and the performance of the Note Purchase Agreement, the Supplemental Indenture, the Notes, the First Mortgage Bonds, the First Mortgage Bond Documents and the Mortgage Indenture as therein contemplated will not (a) contravene any applicable New York, New Jersey or United States statute, rule or regulation that we have, in the exercise of customary professional diligence, recognized as applicable to the Company in connection with the execution and delivery by the Company of the Transaction Documents or the issuance and sale of the Notes, or any Order, (b) violate any provision of the Organizational Documents, (c) result in a breach of, or constitute a default under any Specified Agreement, (d) result in the creation or imposition of any Lien on, or security interest in, any assets of the Company under any Specified Agreement or under any such applicable New York, New Jersey or United States statute, rule or regulation (other than the Lien of the Mortgage Indenture).</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">10. To our knowledge, (a) the Company is not an &#8220;investment company,&#8221; or a company &#8220;controlled&#8221; by an &#8220;investment company,&#8221; within the meaning of the Investment Company Act of 1940, as amended, and (b) the issuance of the Notes and the First Mortgage Bonds by the Company is not subject to regulation under the Public Utility Holding Company Act of 2005.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">11. The use of the proceeds of the sale of the Notes in accordance with the provisions of the Note Purchase Agreement do not violate Regulation T, U or X of the Board of Governors of the Federal Reserve System.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">12. The issuance, sale and delivery of the Notes and the issuance of the First Mortgage Bonds under the circumstances contemplated by the Note Purchase Agreement do not require the registration of the Notes or the First Mortgage Bonds under the Securities Act or the qualification of an indenture under the Trust Indenture Act of 1939, as amended, it being understood that no opinion is expressed as to any subsequent resale of any Note or the First Mortgage Bonds issued on the date hereof.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-4.4(a)-2</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">13. The provisions of the Supplemental Indenture and the Mortgage Indenture are effective to create, in favor of the Mortgage Trustee, for the benefit of the holders of the First Mortgage Bonds, a legal, valid, and enforceable lien and security interest in all right, title, and interest of the Company in the Trust Estate, entitling such holders to an equal and ratable share of such Trust Estate with the other holders of bonds under the Mortgage Indenture (except as otherwise provided in the Mortgage Indenture).</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">14. The Mortgage Indenture and any necessary related financing statements have been duly filed and recorded in all jurisdictions in which it is necessary for such instruments to be filed and recorded in order to constitute a lien of record on the property subject thereto. No other filing or recordation is presently necessary in order to perfect the lien of the Mortgage Indenture on such properties. To the best of our knowledge, all fees or taxes in connection with the filing and recording of the Mortgage Indenture have been paid.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">With respect to matters of fact on which such opinions are based, such counsel shall be entitled to rely on appropriate certificates of public officials, Mizuho Securities USA LLC and PNC Capital Markets LLC, and officers of the Company and upon representations of the Company and the Purchasers delivered in connection with the issuance and sale of the Notes.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The term &#8220;Organizational Documents,&#8221; as used in paragraph number 9 above, means (a) the certificate of incorporation of the Company furnished to us by the Company; (b) the by-laws of the Company furnished to us by the Company; and (c) resolutions adopted by the board of directors of the Company, relating to the offering of the Notes and the execution and delivery of the Note Purchase Agreement, the Notes, the Supplemental Indenture, the First Mortgage Bond Documents, the First Mortgage Bonds and other matters, furnished to us by the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The term &#8220;Specified Agreements,&#8221; as used in paragraph number 9 above, means each of the instruments and agreements identified on an exhibit to be attached to the opinion letter.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The term &#8220;Order,&#8221; as used in paragraph number 9 above, means any written court or administrative order, writ, judgment or decree to which the Company is subject and which is identified in the Officer&#8217;s Certificate as currently being in effect.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">E-4.4(a)-3</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman">Form of Opinion of Special Counsel<BR>to the Purchasers</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The closing opinion of Schiff Hardin LLP, special counsel to the Purchasers, called for by Section 4.4(b) of the Agreement, shall be dated the date of the Closing and addressed to the Purchasers, shall be satisfactory in form and substance to the Purchasers and shall be to the effect that:</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">1. The Company is a corporation validly existing and in good standing under the laws of the State of New Jersey.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">2. The Agreement and the Notes being delivered on the date hereof constitute the legal, valid and binding contracts of the Company, enforceable against the Company in accordance with their respective terms.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">3. The issuance, sale and delivery of the Notes being delivered on the date hereof under the circumstances contemplated by this Agreement do not, under existing law, require the registration of such Notes under the Securities Act or the qualification of an indenture under the Trust Indenture Act of 1939, as amended.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The opinion of Schiff Hardin LLP shall also state that the opinion of Troutman Sanders LLP is satisfactory in scope and form to Schiff Hardin LLP and that, in their opinion, the Purchasers are justified in relying thereon.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In rendering the opinion set forth in paragraph 1 above, Schiff Hardin LLP may rely, as to matters referred to in paragraph 1, solely upon an examination of the Certificate of Incorporation certified by, and a certificate of good standing of the Company from, the Secretary of State of the State of New Jersey. The opinion of Schiff Hardin LLP is limited to the laws of the State of New York and the Federal laws of the United States.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">With respect to matters of fact upon which such opinion is based, Schiff Hardin LLP may rely on appropriate certificates of public officials and officers of the Company and upon representations of the Company and the Purchasers delivered in connection with the issuance and sale of the Notes.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT style="FONT-VARIANT: small-caps" size=2 face="Times New Roman" style="FONT-VARIANT: small-caps">Exhibit 4.4</FONT><FONT size=2 face="Times New Roman">(b)<BR>(to Note Purchase Agreement)</FONT></P>

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<TYPE>EX-4.3
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<FILENAME>njr3801241-ex43.htm
<DESCRIPTION>NINTH SUPPLEMENTAL INDENTURE, DATED AS OF AUGUST 1, 2020
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<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman"><BR><BR>MORTGAGE<BR></FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">NEW JERSEY NATURAL GAS COMPANY</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman"><BR>To<BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">U.S. BANK NATIONAL ASSOCIATION,<BR>As Trustee</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">NINTH SUPPLEMENTAL INDENTURE</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Dated as of August 1, 2020</FONT></P>


<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">_______________________<BR>&nbsp;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">Supplemental to Amended and Restated Indenture of Mortgage,<BR>Deed of Trust and Security Agreement Dated as of September 1, 2014, <BR>As Supplemented and Amended<BR>&nbsp;</FONT></P>

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   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 3pt"><FONT size=2 face="Times New Roman">Prepared by:</FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Eric A. Koontz</FONT></TD>

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   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Richard Reich, Esq.</FONT></TD></TR>

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   <TD width="50%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">Troutman Pepper Hamilton Sanders LLP</FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">NJR Service Corporation</FONT></TD></TR>

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   <TD width="50%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">600 Peachtree Street, NE, Suite 3000</FONT></TD>

   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">1415 Wyckoff Road</FONT></TD></TR>

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   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Atlanta, GA 30308</FONT></TD>

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   <TD width="49%" noWrap align=left><FONT size=2 face="Times New Roman">Wall, New Jersey 07719</FONT></TD></TR>                                                                                                                <TR STYLE="vertical-align: bottom">
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">MORTGAGE</FONT></B></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">NINTH SUPPLEMENTAL INDENTURE, dated as of August 1, 2020, between NEW JERSEY NATURAL GAS COMPANY, a corporation organized and existing under the laws of the State of New Jersey (hereinafter called the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Company</FONT></I><FONT size=2 face="Times New Roman">&#8221;), having its principal office at 1415 Wyckoff Road, Wall, New Jersey, and U.S. BANK NATIONAL ASSOCIATION, a national banking association (hereinafter called the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Trustee</FONT></I><FONT size=2 face="Times New Roman">&#8221;), having a principal office at 333 Thornall Street, 4th Floor, Edison, New Jersey 08837, as Trustee under the Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement hereinafter mentioned.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Company has heretofore executed and delivered to the Trustee its Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement, dated as of September 1, 2014 (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Amended and Restated Indenture</FONT></I><FONT size=2 face="Times New Roman">&#8221; and, as originally executed or as the same may from time to time be supplemented, modified or amended by any supplemental indenture entered into pursuant to the provisions thereof, the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Indenture</FONT></I><FONT size=2 face="Times New Roman">&#8221;), to secure the payment of the principal of and the interest and premium (if any) on all Bonds at any time issued and outstanding thereunder, and to declare the terms and conditions upon which Bonds are to be issued thereunder; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Amended and Restated Indenture completely restated and amended the Indenture of Mortgage and Deed of Trust, dated April 1, 1952, as heretofore supplemented and amended (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Original Indenture</FONT></I><FONT size=2 face="Times New Roman">&#8221;) without any interruption of the Lien of the Original Indenture; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $10,300,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series II due 2023,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2023 Series II Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.01 of the Indenture, provided that such 2023 Series II Bonds have since been retired by the Company and replaced with the 2042 Series WW Bonds (as hereinafter defined); and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $10,500,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series JJ due 2024,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2024 Series JJ Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.02 of the Indenture, provided that such 2024 Series JJ Bonds have since been retired by the Company and replaced with the 2038 Series XX Bonds (as hereinafter defined); and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $15,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series KK due 2040,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2040 Series KK Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.03 of the Indenture, provided that such 2040 Series KK Bonds have since been retired by the Company and replaced with the 2059 Series YY Bonds (as hereinafter defined); and</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $125,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series LL due 2018,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2018 Series LL Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.04 of the Indenture, which 2018 Series LL Bonds have since been paid at maturity by the Company; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $9,545,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series MM due 2027,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2027 Series MM Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.05 of the Indenture, provided that such 2027 Series MM Bonds have since been retired by the Company and replaced with the 2039 Series BBB Bonds (as hereinafter defined); and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $41,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series NN due 2035,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2035 Series NN Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; were designated as Existing Bonds in Section 3.06 of the Indenture, provided that such 2035 Series NN Bonds have since been retired by the Company and replaced with the 2043 Series CCC Bonds (as hereinafter defined); and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $46,500,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series OO due 2041,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2041 Series OO Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; have been designated as Existing Bonds in Section 3.07 of the Indenture and are outstanding at the date hereof and secured by the Indenture; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $50,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series PP due 2028,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2028 Series PP Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; have been designated as Existing Bonds in Section 3.08 of the Indenture and are outstanding at the date hereof and secured by the Indenture; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $70,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series QQ due 2024,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2024 Series QQ Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; have been designated as Existing Bonds in Section 3.09 of the Indenture and are outstanding at the date hereof and secured by the Indenture; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, Bonds in the aggregate principal amount of $55,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a series designated &#8220;First Mortgage Bonds, Series RR due 2044,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2044 Series RR Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; have been designated as Existing Bonds in Section 3.10 of the Indenture and are outstanding at the date hereof and secured by the Indenture; and</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">3</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Amended and Restated Indenture provides that, subject to certain exceptions not presently relevant, such changes in or additions to the provisions of the Indenture (terms used herein having the meanings assigned thereto in the Amended and Restated Indenture except as herein expressly modified) may be made to add to the covenants and agreements of the Company in the Indenture contained other covenants and agreements thereafter to be observed by the Company; and to provide for the creation of any series of Bonds, designating the series to be created and specifying the form and provisions of the Bonds of such series as in the Indenture provided or permitted; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Indenture further provides that the Company and the Trustee may enter into indentures supplemental to the Indenture to assign, convey, mortgage, pledge, transfer and set over unto the Trustee and to subject to the lien of the Indenture additional property of the Company; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the First Supplemental Indenture, dated as of April 1, 2015, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create an eleventh and a twelfth series of Bonds under the Indenture, known as (i) &#8220;First Mortgage Bonds, Series SS due 2025,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2025 Series SS Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; and (ii) &#8220;First Mortgage Bonds, Series TT due 2045,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2045 Series TT Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; respectively; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Second Supplemental Indenture, dated as of June 21, 2016, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a thirteenth series of Bonds under the Indenture, known as &#8220;First Mortgage Bonds, Series UU due 2046,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2046 Series UU Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221;; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Third Supplemental Indenture, dated as of May 1, 2018, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a fourteenth series of Bonds under the Indenture, known as &#8220;First Mortgage Bonds, Series VV due 2048,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2048 Series VV Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221;; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Fourth Supplemental Indenture, dated as of April 1, 2019, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a fifteenth, a sixteenth and a seventeenth series of Bonds under the Indenture, known as (i) &#8220;First Mortgage Bonds, Series WW due 2042,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2042 Series WW Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; (ii) &#8220;First Mortgage Bonds, Series XX due 2038,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2038 Series XX Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; and (iii) (ii) &#8220;First Mortgage Bonds, Series YY due 2059,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2059 Series YY Bonds,</FONT></I><FONT size=2 face="Times New Roman">&#8221; respectively; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Fifth Supplemental Indenture, dated as of July 1, 2019, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create an eighteenth and nineteenth series of Bonds under the Indenture, known as (i) &#8220;First Mortgage Bonds, Series ZZ due 2049,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2049 Series ZZ Bonds</FONT></I><FONT size=2 face="Times New Roman">,&#8221; and (ii) &#8220;First Mortgage Bonds, Series AAA due 2059,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2059 Series AAA Bonds,</FONT></I><FONT size=2 face="Times New Roman">&#8221; respectively; and</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">4</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Sixth Supplemental Indenture, dated as of August 1, 2019, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a twentieth and twenty-first series of Bonds under the Indenture, known as (i) &#8220;First Mortgage Bonds, Series BBB due 2039,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2039 Series BBB Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221; (to replace the 2027 Series MM Bonds) and (ii) &#8220;First Mortgage Bonds, Series CCC due 2043,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2043 Series CCC Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221; (to replace the 2035 Series NN Bonds), respectively; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Seventh Supplemental Indenture, dated as of June 1, 2020, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a twenty-second series of Bonds under the Indenture, known as &#8220;First Mortgage Bonds, Series DDD due 2050,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2050 Series DDD Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221;; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Eighth Supplemental Indenture, dated as of July 1, 2020, between the Company and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create a twenty-third and twenty-fourth series of Bonds under the Indenture, known as (i) &#8220;First Mortgage Bonds, Series EEE due 2050,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2050 Series EEE Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221; and (ii) &#8220;First Mortgage Bonds, Series FFF due 2060,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2060 Series FFF Bonds,</FONT></I><FONT size=2 face="Times New Roman">&#8221; respectively; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, (i) the 2025 Series SS Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $50,000,000, (ii) the 2045 Series TT Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $100,000,000, (iii) the 2046 Series UU Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $125,000,000, (iv) the 2048 Series VV Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $125,000,000, (v) the 2042 Series WW Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $10,300,000, (vi) the 2038 Series XX Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $10,500,000, (vii) the 2059 Series YY Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $15,000,000, (viii) the 2049 Series ZZ Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $100,000,000, (ix) the 2059 Series AAA Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $85,000,000, (x) the 2039 Series BBB Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $9,545,000, (xi) the 2043 Series CCC Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $41,000,000, (xii) the 2050 Series DDD Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $50,000,000, (xiii) the 2050 Series EEE Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $50,000,000, and (xiv) the 2060 Series FFF Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $25,000,000; and </FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">5</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Company will enter into a Note Purchase Agreement dated as of September 1, 2020 (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Note Purchase Agreement</FONT></I><FONT size=2 face="Times New Roman">&#8221;) with the Purchasers identified in Schedule A attached thereto, pursuant to which the Company will issue its senior notes designated (i) &#8220;2.87% Senior Notes, Series 2020D, due 2050&#8221; in the aggregate principal amount of $25,000,000 (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Series 2020D Senior Notes due 2050</FONT></I><FONT size=2 face="Times New Roman">&#8221;) and (ii) &#8220;2.97% Senior Notes, Series 2020E, due 2060&#8221; in the aggregate principal amount of $50,000,000 (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Series 2020E Senior Notes due 2060</FONT></I><FONT size=2 face="Times New Roman">&#8221;); and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Company has duly determined to create a twenty-fifth and twenty-sixth series of Bonds under the Indenture, to be known as (i) &#8220;First Mortgage Bonds, Series GGG due 2050,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2050 Series GGG Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221; and (ii) &#8220;First Mortgage Bonds, Series HHH due 2060,&#8221; herein sometimes called &#8220;</FONT><I><FONT size=2 face="Times New Roman">2060 Series HHH Bonds,</FONT></I><FONT size=2 face="Times New Roman">&#8221; to be delivered and pledged to U.S. Bank National Association, as collateral agent (the &#8220;</FONT><I><FONT size=2 face="Times New Roman">Collateral Agent</FONT></I><FONT size=2 face="Times New Roman">&#8221;) pursuant to the Note Purchase Agreement for the benefit and security of the holders of the Series 2020D Senior Notes due 2050 and the Series 2020E Senior Notes due 2060, respectively, all as herein provided and as provided in the Note Purchase Agreement, and to add to the covenants and agreements contained in the Indenture, the covenants and agreements hereinafter set forth; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, the Company, in the exercise of the powers and authority conferred upon and reserved to it under the provisions of the Indenture and pursuant to appropriate resolutions of its Board of Directors, has duly resolved and determined to make, execute and deliver to the Trustee a Ninth Supplemental Indenture in the form hereof for the purposes herein provided; and</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">WHEREAS, all conditions and requirements necessary to make this Ninth Supplemental Indenture a valid, binding and legal instrument have been done, performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">NOW, THEREFORE, THIS INDENTURE WITNESSETH:</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">That NEW JERSEY NATURAL GAS COMPANY, by way of further assurance and in consideration of the premises and of the acceptance by the Trustee of the trusts hereby created and of One Dollar to it duly paid by the Trustee at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in order to secure the payment of principal of and any premium which may be due and payable on and the interest on all Bonds at any time issued and outstanding under the Indenture according to their tenor and effect, and the performance and observance by the Company of all the covenants and conditions herein and therein contained, has granted, bargained, sold, warranted, aliened, remised, released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed, and by these presents does grant, bargain, sell, warrant, alien, remise, release, convey, assign, transfer, mortgage, pledge, set over and confirm, unto the Trustee, and to its successors in the trust, and to it and its assigns forever, and has granted and does hereby grant thereunto a security interest in, all of the property, real, personal and mixed, now owned by the Company and situated in the Counties of Burlington, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Sussex in the State of New Jersey, or wherever situate (except Excepted Property and property released from the lien of the Indenture by the terms of the Indenture) and also all of the property, real, personal and mixed, hereafter acquired by the Company wherever situate (except Excepted Property and property released from the lien of the Indenture by the terms of the Indenture), including both as to property now owned and property hereafter acquired, without in any way limiting or impairing the enumeration of the same, the scope and intent of the foregoing or of any general or specific description contained in the Indenture, the following:</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">6</FONT></P>

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<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">I. FRANCHISES</FONT></B></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">All and singular, the franchises, grants, permits, immunities, privileges and rights of the Company owned and held by it at the date of the execution hereof or hereafter acquired for the construction, maintenance, and operation of the gas plants and systems now or hereafter subject to the lien hereof, as well as all certificates, franchises, grants, permits, immunities, privileges, and rights of the Company used or useful in the operation of the property now or hereafter mortgaged hereunder, including all and singular the franchises, grants, permits, immunities, privileges, and rights of the Company granted by the governing authorities of any municipalities or other political subdivisions and all renewals, extensions and modifications of said certificates, franchises, grants, permits, privileges, arid rights or any of them.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">II. GAS DISTRIBUTION SYSTEMS AND RELATED PROPERTY</FONT></B></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">All gas generating plants, gas storage plants and gas manufacturing plants of the Company, all the buildings, erections, structures, generating and purifying apparatus, holders, engines, boilers, benches, retorts, tanks, instruments, appliances, apparatus, facilities, machinery, fixtures, and all other property used or provided for use in the generation, manufacturing and purifying of gas, together with the land on which the same are situated, and all other lands and easements, rights-of-way, permits, privileges, and sites forming a part of such plants or any of them or occupied, enjoyed or used in connection therewith.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">All gas distribution or gas transmission systems of the Company, all buildings, erections, structures, generating and purifying apparatus, holders, engines, boilers, benches, retorts, tanks, pipe lines, connections, service pipes, meters, conduits, tools, instruments, appliances, apparatus, facilities, machinery, fixtures, and all other property used or provided for use in the construction, maintenance, repair or operations of such distribution or transmission systems, together with all the certificates, rights, privileges, rights-of-way, franchises, licenses, easements, grants, liberties, immunities, permits of the Company, howsoever conferred or acquired, under, over, or upon any private property or any public streets or highways within as well as without the corporate limits of any municipal corporation. Without limiting the generality of the foregoing, there are expressly included the gas distribution or gas transmission systems located in the Counties of Burlington, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Sussex in the State of New Jersey, and in the following municipalities in said State and Counties: Aberdeen Township (formerly Matawan Township), Allenhurst Borough, City of Asbury Park, Atlantic Highlands Borough, Avon By the Sea Borough, Barnegat Light Borough, Barnegat Township (formerly named Union Township), Bay Head Borough, Beach Haven Borough, Beachwood Borough, Belmar Borough, Berkeley Township, Boonton Town, Boonton Township, Bradley Beach Borough, Brick Township, Brielle Borough, Colts Neck Township, Deal Borough, Denville Township, Dover</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">7</FONT></P>

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<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Town, Dover Township, Eagleswood Township, East Brunswick Township, Eatontown Borough, Englishtown Borough, Fair Haven Borough, Farmingdale Borough, Franklin Township in Somerset County, Freehold Borough, Freehold Township, Hanover Township, Harvey Cedars Borough, Hazlet Township, Highlands Borough, Holmdel Township, Hopatcong Borough, Howell Township, Interlaken Borough, Island Heights Borough, Jackson Township, Jefferson Township, Keansburg Borough, Keyport Borough, Lacey Township, Lakehurst Borough, Lakewood Township, Lavallette Borough, Lincoln Park Borough, Little Egg Harbor Township, Little Silver Borough, Loch Arbour Village, Long Beach Township, Long Branch City, Manalapan Township, Manasquan Borough, Manchester Township, Mantoloking Borough, Marlboro Township, Matawan Borough, Middletown Township, Milltown Borough, Mine Hill Township, Monmouth Beach Borough, Monroe Township, Montville Township, Morris Plains Borough, Mount Arlington Borough, Mount Olive Township, Mountain Lakes Borough, Neptune City Borough, Neptune Township, Netcong Borough, New Brunswick City, North Brunswick Township, Ocean Township in Monmouth County, Ocean Township in Ocean County, Ocean Gate Borough, Oceanport Borough, Old Bridge Township (formerly named Madison Township), Parsippany-Troy Hills Township, Pine Beach Borough, Point Pleasant Borough, Point Pleasant Beach Borough, Randolph Township, Red Bank Borough, Rockaway Borough, Rockaway Township, Roxbury Township, Rumson Borough, Sayreville Borough, Sea Bright Borough, Sea Girt Borough, Seaside Heights Borough, Seaside Park Borough, Ship Bottom Borough, Shrewsbury Borough, Shrewsbury Township, South Belmar Borough, South Brunswick Township, South River Borough, South Toms River Borough, Spring Lake Borough, Spring Lake Heights Borough, Stafford Township, Surf City Borough, Tinton Falls Borough (formerly named New Shrewsbury Borough), Tuckerton Borough, Union Beach Borough, Union Township, Victory Gardens Borough, Wall Township, Washington Township in Burlington County, Washington Township in Morris County, West Long Branch Borough, West Milford Township and Wharton Borough.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">III. CONTRACTS</FONT></B></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">All of the Company&#8217;s right, title and interest in and under all contracts, licenses or leases for the purchase of gas, either in effect at the date of execution hereof or hereafter made and any extension or renewal thereof.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">TOGETHER WITH ALL AND SINGULAR the tenements, hereditaments and appurtenances belonging or in anywise appertaining to the Trust Estate, or any part thereof, with the reversion or reversions, remainder and remainders, rents, issues, income and profits thereof, and all the right, title, interest and claim whatsoever, at law or in equity, which the Company now has or which it may hereafter acquire in and to the Trust Estate and every part and parcel thereof,</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">TO HAVE AND TO HOLD the Trust Estate and all and singular the lands, properties, estates, rights, franchises, privileges and appurtenances hereby mortgaged, conveyed, pledged or assigned, or intended so to be, together with all the appurtenances thereto appertaining, unto the Trustee and its successors and assigns forever;</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">SUBJECT, HOWEVER, as to property hereby conveyed, to Permitted Encumbrances;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">8</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">BUT IN TRUST, NEVERTHELESS, under and subject to the terms and conditions hereafter set forth, for the equal and proportionate use, benefit, security and protection of each and every person who may be or become the holders of the Bonds hereby secured without preference, priority or distinction as to the lien or otherwise of one Bond over or from the others by reason of priority in the issue or negotiation thereof, or by reason of the date of maturity thereof, or otherwise (except as any sinking, amortization, improvement, renewal or other analogous fund, established in accordance with the provisions of the Indenture, may afford additional security for the Bonds of any particular series), and for securing the observance and performance of all the terms, provisions and conditions of the Indenture.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">THIS INDENTURE FURTHER WITNESSETH, that the Company has agreed and covenanted, and hereby does agree and covenant, with the Trustee and its successors and assigns and with the respective holders from time to time of the Bonds, or any thereof, as follows:</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE I</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">CERTAIN AMENDMENTS OF INDENTURE</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 1.1. </FONT></I><FONT size=2 face="Times New Roman">The Indenture be and it hereby is amended in the following respects, the section numbers specified below being the sections of the Indenture in which such amendments occur:</FONT></P>

<P STYLE="margin-left: 0pt; text-indent: 45pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 1.01</FONT></I><FONT size=2 face="Times New Roman">. The following definitions be and they hereby are added at the end of &#167; 1.02:</FONT></P>

<P STYLE="margin-left: 60pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;(iiiii) &#8220;Ninth Supplemental Indenture&#8221; shall mean the Ninth Supplemental Indenture, dated as of August 1, 2020, supplemental to the Indenture.&#8221;</FONT></P>

<P STYLE="margin-left: 60pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;(jjjjj) &#8220;2050 Series GGG Bond&#8221; shall mean one of the First Mortgage Bonds, Series GGG due 2050, issued hereunder.&#8221;</FONT></P>

<P STYLE="margin-left: 60pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;(kkkkk) &#8220;2060 Series HHH Bond&#8221; shall mean one of the First Mortgage Bonds, Series HHH due 2060, issued hereunder.&#8221;</FONT></P>

<P STYLE="text-indent: 30pt; margin-left: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 2.11. </FONT></I><FONT size=2 face="Times New Roman">The following be and it hereby is added at the end of &#167; 2.11:</FONT></P>

<P STYLE="margin-left: 60pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;No charge except for taxes or governmental charges shall be made against any holder of any 2050 Series GGG Bond or 2060 Series HHH Bond for the exchange, transfer or registration of transfer thereof.&#8221;</FONT></P>

<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 8.08. </FONT></I><FONT size=2 face="Times New Roman">The period at the end of the first paragraph of &#167; 8.08 be and it hereby is deleted and the following words and figures be and they hereby are added thereto:</FONT></P>

<P STYLE="margin-left: 60pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;, and the 2050 Series GGG Bonds and the 2060 Series HHH Bonds shall be redeemed at the redemption price specified in &#167; 10.53 and &#167; 10.55, respectively.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">9</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE II</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: center"><B><FONT size=2 face="Times New Roman">2050 SERIES GGG BONDS</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 2.1. </FONT></I><FONT size=2 face="Times New Roman">There shall be a twenty-fifth series of Bonds under the Indenture, known as and entitled &#8220;First Mortgage Bonds, Series GGG due 2050&#8221; or &#8220;First Mortgage Bonds, Series GGG&#8221; (herein and in the Indenture referred to as the &#8220;</FONT><I><FONT size=2 face="Times New Roman">2050 Series GGG Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221;), and the form thereof shall contain suitable provisions with respect to the matters hereinafter in this Section specified and shall in other respects be substantially as set forth in Exhibit A to the Indenture.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The aggregate principal amount of 2050 Series GGG Bonds which may be authenticated and delivered and outstanding under the Indenture is $25,000,000.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall be payable to the Collateral Agent, and shall be nontransferable except to a successor of the Collateral Agent, in accordance with the Note Purchase Agreement.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall bear interest at the rate of 2.87% per annum, computed on the basis of a 360-day year of twelve 30-day months, until the principal thereof is paid or made available for payment, and shall mature on September 1, 2050, subject to prior redemption as described herein; provided that any principal, Make-Whole Amount (as defined in the Note Purchase Agreement), and any such installment of interest which is overdue shall bear interest at a rate of interest that is the greater of (i) 4.87% per annum or (ii) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its &#8220;base&#8221; or &#8220;prime&#8221; rate (to the extent that payment of such interest is enforceable under applicable law).</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall be in the form of registered Bonds without coupons of denominations of $1,000 and any integral multiple thereof which may be authorized by the Company, the issue of a registered Bond without coupons in any such denomination to be conclusive evidence of such authorization. Any 2050 Series GGG Bonds shall be dated (i) as of the semi-annual interest payment date (as specified in the first paragraph of the 2050 Series GGG Bonds) next preceding the date on which such 2050 Series GGG Bonds shall be authenticated, unless such 2050 Series GGG Bonds are authenticated before March 1, 2021, in which case such 2050 Series GGG Bonds shall be dated September 1, 2020 or, (ii) if such date of authentication shall be an interest payment date, such 2050 Series GGG Bonds shall be dated such interest payment date; </FONT><I><FONT size=2 face="Times New Roman">provided, however</FONT></I><FONT size=2 face="Times New Roman">, that, if at the time of authentication of any 2050 Series GGG Bonds interest is in default on the 2050 Series GGG Bonds, such 2050 Series GGG Bonds shall be dated as of the interest payment date to which interest has previously been paid or made available for payment on the 2050 Series GGG Bonds. All 2050 Series GGG Bonds shall bear interest from their respective dates, such interest to be payable, upon the terms of and otherwise in accordance with the 2050 Series GGG Bonds, on each date on which interest shall from time to time be payable on the Series 2020D Senior Notes due September 1, 2050; </FONT><I><FONT size=2 face="Times New Roman">provided</FONT></I><FONT size=2 face="Times New Roman">, that the obligation of the Company to make payments with respect to the principal of, Make-Whole Amount, if any, and interest on the 2050 Series GGG Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that at the time any such payment shall be due, the then due principal of, Make-Whole Amount, if any, and interest on any of the Series 2020D Senior Notes due September 1, 2050 shall have been fully or partially paid from payments made by the Company under the Note Purchase Agreement. The principal of, Make-Whole Amount, if any, and interest on the 2050 Series GGG Bonds shall be payable at the principal office of the Trustee, in Edison, New Jersey, or, at the option of the Company, at the &#8220;principal office&#8221; (as indicated pursuant to the Note Purchase Agreement) of the Collateral Agent, in any coin or currency of the United States of America which at the time of payment shall be legal tender for the payment of public and private debts.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">10</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding any other provision of the Indenture or of the 2050 Series GGG Bonds, payments of the principal of, Make-Whole Amount, if any, and interest on any 2050 Series GGG Bond may be made directly to the registered holder thereof without presentation or surrender thereof or the making of any notation thereon if there shall be filed with the Trustee a Certificate of the Company to the effect that such registered holder (or the person for whom such registered holder is a nominee) and the Company have entered into a written agreement that payment shall be so made; provided, however, that before such registered holder transfers or otherwise disposes of any 2050 Series GGG Bond, such registered holder will, at its election, either endorse thereon (or on a paper annexed thereto) the principal amount thereof redeemed and the last date to which interest has been paid thereon or make such Bond available to the Company at the principal office of the Trustee for the purpose of making such endorsement thereon.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall be subject to redemption at the option of the Company or otherwise, and shall be subject to mandatory redemption, in the manner provided in the applicable provisions of Article Ten of the Indenture, as amended by Article III of this Ninth Supplemental Indenture.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall be excluded from the benefits of, and shall not be subject to redemption through the operation of, a Mandatory Sinking Fund pursuant to &#167; 11.02 of the Indenture.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding the provisions of &#167; 10.02 or any other provision of the Indenture, the selection of 2050 Series GGG Bonds to be redeemed shall, in case fewer than all of the outstanding 2050 Series GGG Bonds are to be redeemed, be made by the Trustee pro rata (to the nearest multiple of One Thousand Dollars ($1,000)) among the registered holders of the 2050 Series GGG Bonds in proportion, as nearly as practicable, to the respective unpaid principal amounts of 2050 Series GGG Bonds registered in the names of such holders, with adjustments, to the extent practicable, to compensate for any prior redemption not made exactly in such proportion (or otherwise as may be specified by a written order signed by the registered holders of all outstanding 2050 Series GGG Bonds).</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The definitive 2050 Series GGG Bonds may be issued in the form of engraved Bonds or Bonds printed or lithographed on steel engraved borders or Bonds in typed form on normal bond paper. Subject to the foregoing provisions of this Section and the provisions of &#167; 2.11 of the Indenture, all definitive 2050 Series GGG Bonds shall be fully exchangeable for other Bonds of the same series, of like aggregate principal amounts, and, upon surrender to the Trustee at its principal office, shall be exchangeable for other Bonds of the same series of a different authorized denomination or denominations, as requested by the holder surrendering the same. The Company will execute, and the Trustee shall authenticate and deliver, registered Bonds without coupons, whenever the same shall be required for any such exchange.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">11</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 2.2. </FONT></I><FONT size=2 face="Times New Roman">2050 Series GGG Bonds in the aggregate principal amount of $25,000,000 may forthwith upon the execution and delivery of this Ninth Supplemental Indenture, or from time to time thereafter, be executed by the Company and delivered to the Trustee, and shall thereupon be authenticated and delivered by the Trustee upon compliance by the Company with the provisions of Articles Four, Five or Six of the Indenture, without awaiting the filing or recording of this Ninth Supplemental Indenture. No additional 2050 Series GGG Bonds shall be issued under Article Four, Five or Six of the Indenture without the consent in writing of the holders of all the outstanding 2050 Series GGG Bonds.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE III</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">REDEMPTION OF THE 2050 SERIES GGG BONDS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 3.1. </FONT></I><FONT size=2 face="Times New Roman">The following &#167; 10.53 and &#167; 10.54 be and they hereby are added to Article Ten of the Indenture: </FONT></P>
<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">&#167; 10.53. </FONT></I><FONT size=2 face="Times New Roman">The 2050 Series GGG Bonds shall be subject to redemption as follows: payments of principal of, Make-Whole Amount, if any, and interest on the 2050 Series GGG Bonds shall be made to the Collateral Agent to redeem 2050 Series GGG </FONT><FONT size=2 face="Times New Roman">Bonds in such amounts as shall be necessary, in accordance with the provisions of the Note Purchase Agreement, to provide funds under the Note Purchase Agreement to (a) make, when due, payment at maturity (including, without limitation, maturity upon acceleration of the Series 2020D Senior Notes due September 1, 2050) and (b) make, when due, any prepayment required or permitted by the Series 2020D Senior Notes due September 1, 2050 in connection with any prepayment of the Series 2020D Senior Notes due September 1, 2050; </FONT><I><FONT size=2 face="Times New Roman">provided, however, </FONT></I><FONT size=2 face="Times New Roman">that the obligation of the Company to make any redemption payments under this Section shall be fully or partially, as the case may be, satisfied and discharged to the extent that at any time such payment shall be due, the then due payment at maturity or redemption payment on any of the Series 2020D Senior Notes due September 1, 2050 shall have been fully or partially made from payments made by the Company on the Notes under the Note Purchase Agreement; </FONT><I><FONT size=2 face="Times New Roman">provided, further, however, </FONT></I><FONT size=2 face="Times New Roman">that any principal, Make-Whole Amount, and any interest which is overdue shall bear interest at a rate of interest that is the greater of (i) 4.87% per annum or (ii) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its &#8220;base&#8221; or &#8220;prime&#8221; rate (to the extent that payment of such interest is enforceable under applicable law). Terms used and not defined in this Section and in Section 10.54 shall have the respective meanings given to them in the Ninth Supplemental Indenture.&#8221;</FONT></P>
<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">&#167; 10.54</FONT></I><FONT size=2 face="Times New Roman">. In the case of the redemption of 2050 Series GGG Bonds out of moneys deposited with the Trustee pursuant to &#167; 8.08, such 2050 Series GGG Bonds shall, upon compliance with provisions of &#167; 10.02, and subject to the provisions of &#167; 2.1 of the Ninth Supplemental Indenture, be redeemable at the principal amounts thereof, together with interest accrued thereon to the date fixed for redemption, without premium or Make-Whole Amount.&#8221;</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">12</FONT></P>
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE IV </FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">2060 SERIES HHH BONDS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 4.1. </FONT></I><FONT size=2 face="Times New Roman">There shall be a twenty-sixth series of Bonds under the Indenture, known as and entitled &#8220;First Mortgage Bonds, Series HHH due 2060&#8221; or &#8220;First Mortgage Bonds, Series HHH&#8221; (herein and in the Indenture referred to as the &#8220;</FONT><I><FONT size=2 face="Times New Roman">2060 Series HHH Bonds</FONT></I><FONT size=2 face="Times New Roman">&#8221;), and the form thereof shall contain suitable provisions with respect to the matters hereinafter in this Section specified and shall in other respects be substantially as set forth in Exhibit A to the Indenture.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The aggregate principal amount of 2060 Series HHH Bonds which may be authenticated and delivered and outstanding under the Indenture is $50,000,000.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall be payable to the Collateral Agent, and shall be nontransferable except to a successor of the Collateral Agent, in accordance with the Note Purchase Agreement.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall bear interest at the rate of 2.97% per annum, computed on the basis of a 360-day year of twelve 30-day months, until the principal thereof is paid or made available for payment, and shall mature on September 1, 2060, subject to prior redemption as described herein; provided that any principal, Make-Whole Amount (as defined in the Note Purchase Agreement), and any such installment of interest which is overdue shall bear interest at a rate of interest that is the greater of (i) 4.97% per annum or (ii) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its &#8220;base&#8221; or &#8220;prime&#8221; rate (to the extent that payment of such interest is enforceable under applicable law).</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall be in the form of registered Bonds without coupons of denominations of $1,000 and any integral multiple thereof which may be authorized by the Company, the issue of a registered Bond without coupons in any such denomination to be conclusive evidence of such authorization. Any 2060 Series HHH Bonds shall be dated (i) as of the semi-annual interest payment date (as specified in the first paragraph of the 2060 Series HHH Bonds) next preceding the date on which such 2060 Series HHH Bonds shall be authenticated, unless such 2060 Series HHH Bonds are authenticated before March 1, 2021, in which case such 2060 Series HHH Bonds shall be dated September 1, 2020 or, (ii) if such date of authentication shall be an interest payment date, such 2060 Series HHH Bonds shall be dated such interest payment date; </FONT><I><FONT size=2 face="Times New Roman">provided, however</FONT></I><FONT size=2 face="Times New Roman">, that, if at the time of authentication of any 2060 Series HHH Bonds interest is in default on the 2060 Series HHH Bonds, such 2060 Series HHH Bonds shall be dated as of the interest payment date to which interest has previously been paid or made available for payment on the 2060 Series HHH Bonds. All 2060 Series HHH Bonds shall bear interest from their respective dates, such interest to be payable, upon the terms of and otherwise in accordance with the 2060 Series HHH Bonds, on each date on which interest shall from time to time be payable on the Series 2020E Senior Notes due September 1, 2060; </FONT><I><FONT size=2 face="Times New Roman">provided</FONT></I><FONT size=2 face="Times New Roman">, that the obligation of the Company to make payments with respect to the principal of, Make-Whole Amount, if any, and interest on the 2060 Series HHH Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that at the time any such payment shall be due, the then due principal of, Make-Whole Amount, if any, and interest on any of the Series 2020E Senior Notes due September 1, 2060 shall have been fully or partially paid from payments made by the Company under the Note Purchase Agreement. The principal of, Make-Whole Amount, if any, and interest on the 2060 Series HHH Bonds shall be payable at the principal office of the Trustee, in Edison, New Jersey, or, at the option of the Company, at the &#8220;principal office&#8221; (as indicated pursuant to the Note Purchase Agreement) of the Collateral Agent, in any coin or currency of the United States of America which at the time of payment shall be legal tender for the payment of public and private debts.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">13</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding any other provision of the Indenture or of the 2060 Series HHH Bonds, payments of the principal of, Make-Whole Amount, if any, and interest on any 2060 Series HHH Bond may be made directly to the registered holder thereof without presentation or surrender thereof or the making of any notation thereon if there shall be filed with the Trustee a Certificate of the Company to the effect that such registered holder (or the person for whom such registered holder is a nominee) and the Company have entered into a written agreement that payment shall be so made; provided, however, that before such registered holder transfers or otherwise disposes of any 2060 Series HHH Bond, such registered holder will, at its election, either endorse thereon (or on a paper annexed thereto) the principal amount thereof redeemed and the last date to which interest has been paid thereon or make such Bond available to the Company at the principal office of the Trustee for the purpose of making such endorsement thereon.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall be subject to redemption at the option of the Company or otherwise, and shall be subject to mandatory redemption, in the manner provided in the applicable provisions of Article Ten of the Indenture, as amended by Article V of this Ninth Supplemental Indenture.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall be excluded from the benefits of, and shall not be subject to redemption through the operation of, a Mandatory Sinking Fund pursuant to &#167; 11.02 of the Indenture.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">Notwithstanding the provisions of &#167; 10.02 or any other provision of the Indenture, the selection of 2060 Series HHH Bonds to be redeemed shall, in case fewer than all of the outstanding 2060 Series HHH Bonds are to be redeemed, be made by the Trustee pro rata (to the nearest multiple of One Thousand Dollars ($1,000)) among the registered holders of the 2060 Series HHH Bonds in proportion, as nearly as practicable, to the respective unpaid principal amounts of 2060 Series HHH Bonds registered in the names of such holders, with adjustments, to the extent practicable, to compensate for any prior redemption not made exactly in such proportion (or otherwise as may be specified by a written order signed by the registered holders of all outstanding 2060 Series HHH Bonds).</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">The definitive 2060 Series HHH Bonds may be issued in the form of engraved Bonds or Bonds printed or lithographed on steel engraved borders or Bonds in typed form on normal bond paper. Subject to the foregoing provisions of this Section and the provisions of &#167; 2.11 of the Indenture, all definitive 2060 Series HHH Bonds shall be fully exchangeable for other Bonds of the same series, of like aggregate principal amounts, and, upon surrender to the Trustee at its principal office, shall be exchangeable for other Bonds of the same series of a different authorized denomination or denominations, as requested by the holder surrendering the same. The Company will execute, and the Trustee shall authenticate and deliver, registered Bonds without coupons, whenever the same shall be required for any such exchange.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">14</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 4.2. </FONT></I><FONT size=2 face="Times New Roman">2060 Series HHH Bonds in the aggregate principal amount of $50,000,000 may forthwith upon the execution and delivery of this Ninth Supplemental Indenture, or from time to time thereafter, be executed by the Company and delivered to the Trustee, and shall thereupon be authenticated and delivered by the Trustee upon compliance by the Company with the provisions of Articles Four, Five or Six of the Indenture, without awaiting the filing or recording of this Ninth Supplemental Indenture. No additional 2060 Series HHH Bonds shall be issued under Article Four, Five or Six of the Indenture without the consent in writing of the holders of all the outstanding 2060 Series HHH Bonds.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE V</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">REDEMPTION OF THE 2060 SERIES HHH BONDS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 5.1. </FONT></I><FONT size=2 face="Times New Roman">The following &#167; 10.55 and &#167; 10.56 be and they hereby are added to Article Ten of the Indenture: </FONT></P>
<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">&#167; 10.55. </FONT></I><FONT size=2 face="Times New Roman">The 2060 Series HHH Bonds shall be subject to redemption as follows: payments of principal of, Make-Whole Amount, if any, and interest on the 2060 Series HHH Bonds shall be made to the Collateral Agent to redeem 2060 Series HHH </FONT><FONT size=2 face="Times New Roman">Bonds in such amounts as shall be necessary, in accordance with the provisions of the Note Purchase Agreement, to provide funds under the Note Purchase Agreement to (a) make, when due, payment at maturity (including, without limitation, maturity upon acceleration of the Series 2020E Senior Notes due September 1, 2060) and (b) make, when due, any prepayment required or permitted by the Series 2020E Senior Notes due September 1, 2060 in connection with any prepayment of the Series 2020E Senior Notes due September 1, 2060; </FONT><I><FONT size=2 face="Times New Roman">provided, however, </FONT></I><FONT size=2 face="Times New Roman">that the obligation of the Company to make any redemption payments under this Section shall be fully or partially, as the case may be, satisfied and discharged to the extent that at any time such payment shall be due, the then due payment at maturity or redemption payment on any of the Series 2020E Senior Notes due September 1, 2060 shall have been fully or partially made from payments made by the Company on the Notes under the Note Purchase Agreement; </FONT><I><FONT size=2 face="Times New Roman">provided, further, however, </FONT></I><FONT size=2 face="Times New Roman">that any principal, Make-Whole Amount, and any interest which is overdue shall bear interest at a rate of interest that is the greater of (i) 4.97% per annum or (ii) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its &#8220;base&#8221; or &#8220;prime&#8221; rate (to the extent that payment of such interest is enforceable under applicable law). Terms used and not defined in this Section and in Section 10.56 shall have the respective meanings given to them in the Ninth Supplemental Indenture.&#8221;</FONT></P>
<P STYLE="margin-left: 30pt; text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">&#8220;</FONT><I><FONT size=2 face="Times New Roman">&#167; 10.56</FONT></I><FONT size=2 face="Times New Roman">. In the case of the redemption of 2060 Series HHH Bonds out of moneys deposited with the Trustee pursuant to &#167; 8.08, such 2060 Series HHH Bonds shall, upon compliance with provisions of &#167; 10.02, and subject to the provisions of &#167; 2.1 of the Ninth Supplemental Indenture, be redeemable at the principal amounts thereof, together with interest accrued thereon to the date fixed for redemption, without premium or Make-Whole Amount.&#8221;</FONT></P>
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE VI </FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">MISCELLANEOUS</FONT></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.1. </FONT></I><FONT size=2 face="Times New Roman">The Company is lawfully seized and possessed of all the real estate, franchises and other property described or referred to in the Indenture (except properties released from the lien of the Indenture pursuant to the provisions thereof) as presently mortgaged, subject to the exceptions stated therein, such real estate, franchises and other property are free and clear of any lien prior to the lien of the Indenture except as set forth in the Granting Clauses of the Indenture and the Company has good right and lawful authority to mortgage the same as provided in and by the Indenture.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.2. </FONT></I><FONT size=2 face="Times New Roman">The Trustee assumes no duties, responsibilities or liabilities by reason of this Ninth Supplemental Indenture other than as set forth in the Indenture, and this Ninth Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions of its acceptance of the trust under the Indenture, as fully as if said terms and conditions were herein set forth at length.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.3. </FONT></I><FONT size=2 face="Times New Roman">The terms used in this Ninth Supplemental Indenture shall have the meanings assigned thereto in the Indenture. Reference by number in this Ninth Supplemental Indenture to Articles or Sections shall be construed as referring to Articles or Sections contained in the Indenture, unless otherwise stated.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.4. </FONT></I><FONT size=2 face="Times New Roman">As amended and modified by this Ninth Supplemental Indenture, the Indenture is in all respects ratified and confirmed and the Indenture and this Ninth Supplemental Indenture shall be read, taken and construed as one and the same instrument.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.5. </FONT></I><FONT size=2 face="Times New Roman">Neither the approval by the Board of Public Utilities of the State of New Jersey of the execution and delivery of this Ninth Supplemental Indenture nor the approval by said Board of the issue of any Bonds under the Indenture shall in any way be construed as the approval by said Board of any other act, matter or thing which requires approval of said Board under the laws of the State of New Jersey; nor shall approval by said Board of the issue of any Bonds under the Indenture bind said Board or any other public body or authority of the State of New Jersey having jurisdiction in the premises in any future application for the issue of Bonds under the Indenture or otherwise.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><I><FONT size=2 face="Times New Roman">&#167; 6.6. </FONT></I><FONT size=2 face="Times New Roman">This Ninth Supplemental Indenture may be executed in any number of counterparts and all said counterparts executed and delivered each as an original shall constitute but one and the same instrument.</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">NEW JERSEY NATURAL GAS COMPANY HEREBY DECLARES THAT IT HAS READ THIS NINTH SUPPLEMENTAL INDENTURE, HAS RECEIVED A COMPLETELY FILLED-IN TRUE COPY OF IT WITHOUT CHARGE AND HAS SIGNED THIS NINTH SUPPLEMENTAL INDENTURE ON THE DATE CONTAINED IN ITS ACKNOWLEDGEMENT HEREOF.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">IN WITNESS WHEREOF, NEW JERSEY NATURAL GAS COMPANY has caused these presents to be signed in its corporate name by its President, a Vice President or its Treasurer and its corporate seal to be hereunto affixed and attested by its Secretary or an Assistant Secretary, and U.S. BANK NATIONAL ASSOCIATION, in evidence of its acceptance of the trust hereby created, has caused these presents to be signed in its corporate name by one of its Vice Presidents.</FONT></P>
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   <TD COLSPAN="3" STYLE="width: 100%; text-align: left"><FONT size=2 face="Times New Roman">NEW JERSEY NATURAL GAS COMPANY</FONT></TD></TR>

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   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; width: 96%; text-align: left; width: 99%"><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">/s/ Roberto F. Bel</FONT></TD></TR>

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   <TD style="WIDTH: 3%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt" width="1%"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%"><FONT size=2 face="Times New Roman">Name:&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="width: 98%"><FONT size=2 face="Times New Roman">Roberto F. Bel</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%"><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Title:</FONT></FONT></TD>

   <TD STYLE="width: 98%"><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Vice President, Treasurer</FONT></FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="WIDTH: 3%; WHITE-SPACE: nowrap; TEXT-ALIGN: left; PADDING-LEFT: 8pt" width="100%" colSpan=3><FONT size=2 face="Times New Roman"></FONT></TD></TR></TABLE></DIV>
<BR>
<TABLE style="WIDTH: 50%; LINE-HEIGHT: 14pt" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">[Corporate Seal]</FONT></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%">&nbsp;</TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">ATTEST:</FONT></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%">&nbsp;</TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: black 1pt solid" width="100%" colSpan=2><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">/s/ Richard Reich</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Name:&nbsp;&nbsp;</FONT></FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Richard Reich</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Title:</FONT></FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Corporate Secretary</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">17</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<DIV align=right> <BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="width: 50%; line-height: 14pt">



<TR vAlign=bottom>

   <TD COLSPAN="3" STYLE="text-align: left"><FONT size=2 face="Times New Roman">U.S. BANK NATIONAL ASSOCIATION, as Trustee </FONT></TD></TR>

<TR>

   <TD COLSPAN="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>

<TR>

   <TD COLSPAN="3">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;</FONT></TD>

   <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: left"><FONT size=2 face="Times New Roman">/s/ Paul O&#8217;Brien</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 8pt; width: 1%"></TD>

   <TD STYLE="width: 1%">&nbsp;<FONT size=2 face="Times New Roman">Name:&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="width: 98%"><FONT size=2 face="Times New Roman">Paul O&#8217;Brien</FONT></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="white-space: nowrap; text-align: left; padding-left: 8pt"></TD>

   <TD>&nbsp;<FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD><FONT size=2 face="Times New Roman">Vice President</FONT></TD></TR></TABLE></DIV>
 <BR>
<TABLE style="WIDTH: 50%; LINE-HEIGHT: 14pt" cellSpacing=0 cellPadding=0 border=0>



<TR vAlign=bottom>

   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">ATTEST:</FONT></TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%">&nbsp;&nbsp;</TD></TR>

<TR>

   <TD width="1%"></TD>

   <TD width="99%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: black 1pt solid" width="100%" colSpan=2><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">/s/ Annette M. Marsula</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">Name:&nbsp;&nbsp;</FONT></FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Annette M. Marsula</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Vice President</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">18</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

 <BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">STATE OF NEW JERSEY</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">) SS:</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">COUNTY OF MONMOUTH</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">)</FONT></TD></TR></TABLE>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">BE IT REMEMBERED that on this 27th day of August, 2020, before me, the subscriber, an Attorney-at-Law of the State of New Jersey, and I hereby certify that I am such an Attorney-at-Law as witness my hand, personally appeared Richard Reich to me known who, being by me duly sworn according to law, on his oath, does depose and make proof to my satisfaction that he is the Corporate Secretary of NEW JERSEY NATURAL GAS COMPANY, the grantor or mortgagor in the foregoing Supplemental Indenture named; that he well knows the seal of said corporation; that the seal affixed to said Supplemental Indenture is the corporate seal of said corporation, and that it was so affixed in pursuance of resolutions of the Board of Directors of said corporation; that Roberto Bel is Vice President, Treasurer of said corporation; that he saw said Roberto Bel, as such Vice President, Treasurer, affix said seal thereto, sign and deliver said Supplemental Indenture, and heard her declare that she signed, sealed and delivered the same as the voluntary act and deed of said corporation, in pursuance of said resolutions, and that this deponent signed his name thereto, at the same time, as attesting witness.</FONT></P>
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<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="width: 100%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">/s/ Richard Reich</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp;&nbsp;</FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Richard Reich</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Title:</FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Corporate Secretary</FONT></TD></TR></TABLE></DIV>
<DIV align=right>&nbsp;</DIV>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="50%" border=0>

<TR vAlign=bottom>
   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">Subscribed and sworn to before me,<BR>an Attorney-at-Law of the State of<BR>New Jersey, at Wall, New Jersey,<BR>the day and year aforesaid.</FONT></TD></TR>
<TR>
   <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR>
   <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="width: 100%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">/s/ Alexander Gonzalez</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Name:&nbsp; </FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Alexander Gonzalez</font></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman">Attorney-at-Law of the</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%" noWrap align=left><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">State of New Jersey</FONT></FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">19</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ACKNOWLEDGEMENT</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">STATE OF NEW JERSEY</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">) ss:</FONT></TD></TR>
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   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">COUNTY OF MIDDLESEX</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">)</FONT></TD></TR></TABLE>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">I HEREBY CERTIFY that on this 25th of August, 2020, before me, a Notary Public for the state aforesaid, personally appeared Paul O&#8217;Brien, known to me or satisfactorily proven to be the Person whose name is subscribed to the Ninth Supplemental Indenture dated as of August 1, 2020, who acknowledged that he is an authorized signatory for U.S. Bank National Association, a national banking association, as Trustee; that he has been duly authorized to execute, and has executed, such instrument on its behalf for the purposes therein set forth; and that the same is its act and deed.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">IN WITNESS WHEREOF, I have set my hand and Notarial Seal, the day and year first above written.</FONT></P>
<DIV align=right>
<TABLE style="WIDTH: 50%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>

<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="width: 100%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">/s/ Annette M. Marsula</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">Annette M. Marsula</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="100%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">Notary Public</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">My commission expires on <U>6/9/2025</U></FONT></TD>
</TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">20</FONT></P>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>njr-20200901_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>8
<FILENAME>njr3801241-8k_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2019-01-31"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
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    <context id="From2020-08-31to2020-09-01">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000356309</identifier>
        </entity>
        <period>
            <startDate>2020-08-31</startDate>
            <endDate>2020-09-01</endDate>
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    <unit id="USD">
        <measure>iso4217:USD</measure>
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    <unit id="Shares">
        <measure>shares</measure>
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    <unit id="USDPShares">
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                <measure>iso4217:USD</measure>
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    <dei:EntityRegistrantName contextRef="From2020-08-31to2020-09-01">NEW JERSEY RESOURCES CORP</dei:EntityRegistrantName>
    <dei:DocumentType contextRef="From2020-08-31to2020-09-01">8-K</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="From2020-08-31to2020-09-01">2020-09-01</dei:DocumentPeriodEndDate>
    <dei:EntityIncorporationStateCountryCode contextRef="From2020-08-31to2020-09-01">NJ</dei:EntityIncorporationStateCountryCode>
    <dei:EntityFileNumber contextRef="From2020-08-31to2020-09-01">001-08359</dei:EntityFileNumber>
    <dei:EntityTaxIdentificationNumber contextRef="From2020-08-31to2020-09-01">22-2376465</dei:EntityTaxIdentificationNumber>
    <dei:EntityAddressAddressLine1 contextRef="From2020-08-31to2020-09-01">1415 Wyckoff Road</dei:EntityAddressAddressLine1>
    <dei:EntityAddressCityOrTown contextRef="From2020-08-31to2020-09-01">Wall</dei:EntityAddressCityOrTown>
    <dei:EntityAddressStateOrProvince contextRef="From2020-08-31to2020-09-01">NJ</dei:EntityAddressStateOrProvince>
    <dei:EntityAddressPostalZipCode contextRef="From2020-08-31to2020-09-01">07719</dei:EntityAddressPostalZipCode>
    <dei:CityAreaCode contextRef="From2020-08-31to2020-09-01">732</dei:CityAreaCode>
    <dei:LocalPhoneNumber contextRef="From2020-08-31to2020-09-01">938-1480</dei:LocalPhoneNumber>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.20.2</span><table class="report" border="0" cellspacing="2" id="idm140491784075752">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Sep. 01, 2020</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep.  01,  2020<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-08359<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">NEW JERSEY RESOURCES CORP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000356309<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">22-2376465<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">NJ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1415 Wyckoff Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Wall<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NJ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">07719<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">732<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">938-1480<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock - $2.50 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">NJR<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
