<SEC-DOCUMENT>0001213900-25-058997.txt : 20250627
<SEC-HEADER>0001213900-25-058997.hdr.sgml : 20250627
<ACCEPTANCE-DATETIME>20250627160205
ACCESSION NUMBER:		0001213900-25-058997
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20250627
DATE AS OF CHANGE:		20250627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GCM Grosvenor Inc.
		CENTRAL INDEX KEY:			0001819796
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-288378
		FILM NUMBER:		251086176

	BUSINESS ADDRESS:	
		STREET 1:		900 NORTH MICHIGAN AVENUE
		STREET 2:		SUITE 1100
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60611
		BUSINESS PHONE:		312-506-6500

	MAIL ADDRESS:	
		STREET 1:		900 NORTH MICHIGAN AVENUE
		STREET 2:		SUITE 1100
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60611
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>ea0243561-s3_gcmgrosvenor.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on June 27, 2025</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SECURITIES AND
EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington, D.C.
20549</B></FONT></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Form S-3</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GCM Grosvenor Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>85-2226287</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><B>(State or other jurisdiction of<BR> incorporation or organization)</B></TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><B>(I.R.S. Employer<BR> Identification Number)</B></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>900 North Michigan Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 1100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago, Illinois 60611</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(312) 506-6500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of registrant&rsquo;s principal executive offices)</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>900 North Michigan Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite 1100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago, Illinois 60611</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>(312)
506-6500 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, including zip code, and telephone
number, including area code, of agent for service)</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>650 Town Center Drive, 20th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Costa Mesa, California 92626</B></P>

<P STYLE="text-align: center; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt"><B>(714) 540-1235</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO THE PUBLIC:
</B>From time to time after the effective date of this registration statement.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following box. &#9744;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the securities being registered on this Form are to be offered
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection
with dividend or interest reinvestment plans, check the following box. &#9746;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. &#9744;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration
statement for the same offering. &#9744;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a registration statement pursuant to General Instruction
I.D. or a post-effective amendment thereto that shall become effective on filing with the Commission pursuant to Rule 462(e) under the
Securities Act, check the following box. &#9744;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a post-effective amendment to a registration statement
filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box. &#9744;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of
&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; width: 40%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Large accelerated filer &#9744;</FONT></TD>
    <TD STYLE="width: 60%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Accelerated filer &#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.5in; font-size: 10pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer &#9744;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Smaller reporting company &#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Emerging growth company </FONT>&#9744;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 7(a)(2)(B) of Securities Act. &#9744;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The registrant hereby amends this registration statement on such
date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states
that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until
the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.</B></P>

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

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


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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: Red; background-color: white"><B>The information
in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek
an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="color: Red">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Red; background-color: white"><B>Subject
to Completion, dated <FONT STYLE="background-color: white">June 27</FONT>, 2025.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$350,000,000</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer and sell up
to $350,000,000 in the aggregate of the securities identified above from time to time in one or more offerings. This prospectus provides
you with a general description of the securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each time we offer and sell
securities, we will provide a supplement to this prospectus that contains specific information about the offering and the amounts, prices
and terms of the securities. The supplement may also add, update or change information contained in this prospectus with respect to that
offering. You should carefully read this prospectus and the applicable prospectus supplement before you invest in any of our securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer and sell the
securities described in this prospectus and any prospectus supplement to or through one or more underwriters, dealers and agents, or directly
to purchasers, or through a combination of these methods. If any underwriters, dealers or agents are involved in the sale of any of the
securities, their names and any applicable purchase price, fee, commission or discount arrangement between or among them will be set forth,
or will be calculable from the information set forth, in the applicable prospectus supplement. See the sections of this prospectus entitled
&ldquo;About this Prospectus&rdquo; and &ldquo;Plan of Distribution&rdquo; for more information. No securities may be sold without delivery
of this prospectus and the applicable prospectus supplement describing the method and terms of the offering of such securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>Investing
in our securities involves risks. See the &ldquo;<I>Risk Factors</I>&rdquo; on page 5 of this prospectus and any similar section contained
in the applicable prospectus supplement concerning factors you should consider before investing in our securities.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Class A common stock is
listed on the Nasdaq Global Market under the symbol &ldquo;GCMG.&rdquo; On June 26, 2025, the last reported sale price of our Class A
common stock on the Nasdaq Global Market was $11.48 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy
or accuracy of this prospectus. Any representation to the contrary is a criminal offense. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2025.</B></P>

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%"><A HREF="#gcm_001">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="text-align: center; width: 10%">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#gcm_002">WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: center">2</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#gcm_003">THE COMPANY</A></TD>
    <TD STYLE="text-align: center">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#gcm_004">RISK FACTORS</A></TD>
    <TD STYLE="text-align: center">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#gcm_005">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: center">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#gcm_006">DESCRIPTION OF CAPITAL STOCK</A></TD>
    <TD STYLE="text-align: center">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#gcm_007">DESCRIPTION OF DEBT SECURITIES</A></TD>
    <TD STYLE="text-align: center">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#gcm_008">DESCRIPTION OF DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: center">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#gcm_009">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: center">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#gcm_010">DESCRIPTION OF PURCHASE CONTRACTS</A></TD>
    <TD STYLE="text-align: center">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#gcm_011">GLOBAL SECURITIES</A></TD>
    <TD STYLE="text-align: center">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#gcm_012">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: center">26</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><A HREF="#gcm_013">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: center">27</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><A HREF="#gcm_014">EXPERTS</A></TD>
    <TD STYLE="text-align: center">27</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="gcm_001"></A>ABOUT THIS PROSPECTUS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
a registration statement that we filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) using a &ldquo;shelf&rdquo;
registration process. By using a shelf registration statement, we may sell securities from time to time and in one or more offerings up
to a total dollar amount of $350,000,000 as described in this prospectus. Each time that we offer and sell securities, we will provide
a prospectus supplement to this prospectus that contains specific information about the securities being offered and sold and the specific
terms of that offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain material information
relating to these offerings. The prospectus supplement or free writing prospectus may also add, update or change information contained
in this prospectus with respect to that offering. If there is any inconsistency between the information in this prospectus and the applicable
prospectus supplement or free writing prospectus, you should rely on the prospectus supplement or free writing prospectus, as applicable.
Before purchasing any securities, you should carefully read both this prospectus and the applicable prospectus supplement (and any applicable
free writing prospectuses), together with the additional information described under the heading &ldquo;Where You Can Find More Information;
Incorporation by Reference.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not authorized anyone
to provide you with any information or to make any representations other than those contained in this prospectus, any applicable prospectus
supplement or any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We take no responsibility
for, and can provide no assurance as to the reliability of, any other information that others may give you. We will not make an offer
to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing
in this prospectus and the applicable prospectus supplement to this prospectus is accurate only as of the date on its respective cover,
that the information appearing in any applicable free writing prospectus is accurate only as of the date of that free writing prospectus,
and that any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we
indicate otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates. This prospectus
incorporates by reference, and any prospectus supplement or free writing prospectus may contain and incorporate by reference, market data
and industry statistics and forecasts that are based on independent industry publications and other publicly available information. Although
we believe these sources are reliable, we do not guarantee the accuracy or completeness of this information and we have not independently
verified this information. In addition, the market and industry data and forecasts that may be included or incorporated by reference in
this prospectus, any prospectus supplement or any applicable free writing prospectus may involve estimates, assumptions and other risks
and uncertainties and are subject to change based on various factors, including those discussed under the heading &ldquo;Risk Factors&rdquo;
contained in this prospectus, the applicable prospectus supplement and any applicable free writing prospectus, and under similar headings
in other documents that are incorporated by reference into this prospectus. Accordingly, investors should not place undue reliance on
this information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When we refer to &ldquo;GCM
Grosvenor,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us,&rdquo; the &ldquo;firm&rdquo; and the &ldquo;Company&rdquo; in this
prospectus, we mean GCM Grosvenor Inc., a Delaware corporation, including our consolidated subsidiaries, unless otherwise specified. When
we refer to &ldquo;you,&rdquo; we mean the potential holders of the applicable series of securities.</P>

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

</DIV>

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


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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="gcm_002"></A>WHERE YOU CAN FIND MORE
INFORMATION; INCORPORATION BY REFERENCE</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We file reports, proxy statements
and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information
about issuers, such as us, who file electronically with the SEC. The address of that website is <I>http://www.sec.gov</I>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our website address is <I>http://www.gcmgrosvenor.com</I>.
The information on our website, however, is not, and should not be deemed to be, a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and any prospectus
supplement are part of a registration statement that we filed with the SEC and do not contain all of the information in the registration
statement. The full registration statement may be obtained from the SEC or us, as provided below. Forms of the indenture and other documents
establishing the terms of any offered securities are or may be filed as exhibits to the registration statement or documents incorporated
by reference in the registration statement. Statements in this prospectus or any prospectus supplement about these documents are summaries
and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents
for a more complete description of the relevant matters. You may inspect a copy of the registration statement through the SEC&rsquo;s
website, as provided above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC&rsquo;s rules allow
us to &ldquo;incorporate by reference&rdquo; information into this prospectus, which means that we can disclose important information
to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part
of this prospectus, and subsequent information that we file with the SEC will automatically update and supersede that information. Any
statement contained in this prospectus or a previously filed document incorporated by reference will be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement contained in this prospectus or a subsequently filed document incorporated
by reference modifies or replaces that statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and any accompanying
prospectus supplement incorporate by reference the documents set forth below that have previously been filed with the SEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000181979625000006/gcm-20241231.htm">Form 10-K</A> for the year ended December 31, 2024, filed with the SEC on February 21,
2025;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the information specifically incorporated by reference into our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000181979625000006/gcm-20241231.htm">Form 10-K</A> for the year ended December 31, 2024, from our Definitive Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000114036125015721/ny20044833x1_def14a.htm">Schedule 14A</A>, filed with the SEC on April 25, 2025;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">our Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000181979625000012/gcm-20250331.htm">Form 10-Q</A> for the quarter ended March 31, 2025, filed with the SEC on May 8,
2025;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">our Current Reports on Form 8-K filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000181979625000002/gcm-20250210.htm">February 10, 2025</A> (but only with respect to the information included therein under Item 5.02), <A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000121390025031764/ea0237319-8k_gcmgros.htm">April 15, 2025</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000121390025052098/ea0244953-8k_gcmgros.htm">June 6, 2025</A>; and</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the description of our Class A common stock contained in our registration statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000121390020037744/ea129981-8a12b_gcmgros.htm">Form 8-A</A>, dated
November 17, 2020, filed with the SEC on November 17, 2020 and any amendment or report filed with the SEC for the purpose of updating
the description, including <A HREF="http://www.sec.gov/Archives/edgar/data/0001819796/000181979621000034/exhibit42.htm">Exhibit 4.2</A> to our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/0001819796/000181979621000034/gcm-20201231.htm">Form 10-K/A</A> for the year ended December 31, 2021, filed with the SEC on May 10, 2021.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All reports and other documents
we subsequently file pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), in this prospectus, prior to the termination of this offering, including all such documents we may file with the SEC after
the date of the initial registration statement and prior to the effectiveness of the registration statement, but excluding any information
furnished to, rather than filed with, the SEC, will also be incorporated by reference into this prospectus and deemed to be part of this
prospectus from the date of the filing of such reports and documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may request a free copy
of any of the documents incorporated by reference in this prospectus by writing or telephoning us at the following address:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">GCM Grosvenor Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">900 North Michigan Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Suite 1100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Chicago, Illinois 60611</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(312) 506-6500</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Exhibits to the filings will
not be sent, however, unless those exhibits have specifically been incorporated by reference in this prospectus or any accompanying prospectus
supplement.</P>

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

</DIV>

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


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

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="gcm_003"></A>THE COMPANY</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over our 53-year history we
have prided ourselves on our client-centric approach to alternative asset management. As a leading global solutions provider, we invest
across all major alternative investment strategies and are highly flexible in how we structure our solutions, so that we can work to meet
each client&rsquo;s specific needs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our central objectives are
to provide our clients with choice, deliver innovative alternative investment offerings and generate competitive risk-adjusted returns.
We partner with our institutional and individual clients to invest on their behalf across the private and public markets, either through
portfolios customized to meet a client&rsquo;s specific objectives or through specialized funds that are developed to meet broad market
demands for strategies and risk-return objectives. Our clients include large, sophisticated, global institutional investors and a growing
individual investor client base. In both cases, our clients rely on our investment expertise and differentiated investment access to navigate
the alternatives market. As one of the pioneers of customized separate account solutions, we are equipped to provide investment services
to clients with a wide variety of needs, internal resources and investment objectives, and our client relationships are deep and frequently
span decades.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe our history, experience,
expertise and scale across the full range of alternative investment strategies, combined with our flexible implementation approach, are
key differentiators and position us well to provide a strong value proposition for clients. In addition, we believe our &ldquo;one firm&rdquo;
culture, which is rooted in values of integrity and responsibility, is a key intangible asset to all our stakeholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate at scale across
the full range of private markets and absolute return strategies. Private markets and absolute return strategies are primarily defined
by the liquidity of the underlying securities purchased, the length of the client commitment, and the form and timing of incentive fees.
We offer the following private markets and absolute return investment strategies:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.75pt; text-align: justify; text-indent: -11.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Private Equity</I>. We are a recognized industry leader in private equity with global capabilities investing in primary funds, secondaries and co-investments.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Infrastructure</I>. We are a leading open architecture infrastructure platform with nearly two decades of experience. Our investment activities span geographies, infrastructure subsectors, and include fund investing, secondary investing and direct investing.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Real Estate</I>. We manage real estate investment portfolios through a flexible investment platform to provide differentiated exposure to opportunistic real estate investments, primarily in North America. We are a leader in seeding new platforms, joint venture investing, and other creative and innovative implementation methods to access attractive real estate returns.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Absolute Return Strategies </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.75pt; text-align: justify; text-indent: -11.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Absolute Return Strategies</I>. We have been investing in hedge fund strategies for over 53 years. We are an experienced and scaled platform with a leading capability in providing customized solutions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;&nbsp;</B></P>

</DIV>

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

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

<DIV STYLE="padding: 5.4pt; border: Black 1.5pt solid; width: 98%">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Strategies Across Private Markets and Absolute
Return Strategies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.75pt; text-align: justify; text-indent: -11.25pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Middle Market and Small and Emerging Managers. </I>Over the past 30 years, we have developed a market-leading, dedicated effort to investing in and alongside middle market and small and emerging managers, which we believe adds significant, differentiated value to our clients.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Alternative Credit</I>. We are a leader in alternative credit investing and our one-firm approach to the asset class provides us with a competitive advantage in sourcing and making credit investments. Our activities cover the liquidity spectrum across structured credit, corporate credit, distressed, direct lending, and real assets. Our platform also enables us to take a holistic approach to credit investing, both through managers and through credit co-investments and secondaries.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Opportunistic Investing</I>. We combine our unparalleled deal sourcing platform with flexibility of mandate to manage programs and products that opportunistically invest across multiple asset classes, liquidity profiles, capital structures and geographies.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Sustainable and Impact Investing. </I>We implement Sustainable Investing solutions for clients, that are rooted in our clients&rsquo; choice around the inclusion of Sustainable Investing themes, and/or Impact factors into their portfolio construction. We have been consistently focused on helping our clients achieve their own objectives by designing solutions that meet our clients&rsquo; varied goals, priorities, and risk tolerances.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Client Offerings and Value Proposition </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We strive to put our clients&rsquo;
needs first, and a key to doing that is by providing solutions across alternatives strategies with a high degree of flexibility. Within
each investment strategy, we make primary investments in funds managed by third-party managers, which we refer to as primary fund investments,
and we pursue &lsquo;direct-oriented&rsquo; strategies: we acquire secondary stakes in such funds, which we refer to as secondaries; we
co-invest alongside such primary fund managers, which we refer to as co-investments; we make seed investments in small and emerging managers,
which we refer to as seeding; and we invest directly into operating businesses and operating assets, which we refer to as direct investing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From a structural standpoint,
we offer investment portfolios to clients in two broad ways:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Customized separate accounts</I>. We construct customized portfolios to meet our clients&rsquo; specific objectives with regards to asset classes, implementation types, return, risk tolerance, diversification, liquidity and other factors. We believe that the strong economic value proposition for customized separate accounts helps create a moat around our strategic partnerships with our clients, which in turn helps foster long-term relationships. Depending on the program, we offer our clients fee savings and preferential terms as well as access to proprietary capacity or deal flow. Beyond our strong economic value proposition, for many of our large clients, we also provide value-add ancillary services, including fund administration, portfolio risk management and research access. Clients also can benefit from the scale of our data and technology systems.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Specialized funds</I>. Our specialized funds are products through which multiple investors can access a particular investment strategy through a commingled vehicle. Our specialized funds leverage our existing investment capabilities, and lower minimum investment thresholds, allowing us to expand our investor footprint with both institutional and individual investors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We filed our amended and restated
certificate of incorporation with the Secretary of State of Delaware on November 17, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive offices
are located at 900 North Michigan Avenue, Suite 1100, Chicago, Illinois 60611, and our telephone number is (312) 506-6500.</P>

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

</DIV>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="gcm_004"></A>RISK FACTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investment in any securities offered pursuant to this prospectus and
the applicable prospectus supplement involves risks. You should carefully consider the risk factors incorporated by reference to our most
recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, and all other information
contained or incorporated by reference into this prospectus, as updated by our subsequent filings under the Exchange Act, and the risk
factors and other information contained in the applicable prospectus supplement and any applicable free writing prospectus before acquiring
any of such securities. The occurrence of any of these risks might cause you to lose all or part of your investment in the offered securities.
There may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that could have material adverse
effects on our future results. Past financial performance may not be a reliable indicator of future performance, and historical trends
should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, financial condition,
results of operations or cash flow could be seriously harmed. This could cause the trading price of our securities to decline, resulting
in a loss of all or part of your investment. Please also carefully read the section entitled &ldquo;Forward-Looking Statements&rdquo;
included in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="gcm_005"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use the net proceeds
from the sale of the securities as set forth in the applicable prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="gcm_006"></A>DESCRIPTION OF CAPITAL STOCK</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description of our capital stock and certain provisions
of our amended and restated certificate of incorporation (the &ldquo;Charter&rdquo;), bylaws (the &ldquo;Bylaws&rdquo;), and Stockholders&rsquo;
Agreement, dated as of November 17, 2020 (the &ldquo;Stockholders&rsquo; Agreement&rdquo;), by and among the Company, the GCM Equityholders
(as defined below) and the other parties thereto, are summaries and are qualified in their entirety by reference to the full text of the
Charter, Bylaws, Warrant Agreement and Stockholders&rsquo; Agreement, copies of which have been filed with the SEC, and applicable provisions
of the General Corporation Law of the State of Delaware (the &ldquo;DGCL&rdquo;).</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our authorized capital stock
consists of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">700,000,000 shares of Class A common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">500,000,000 shares of Class B common stock, par value $0.0001 per share (&ldquo;Class B common stock&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">300,000,000 shares of Class C common stock, par value $0.0001 per share (&ldquo;Class C common stock&rdquo;
and, together with the Class A common stock and the Class B common stock, &ldquo;common stock&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">100,000,000 shares of preferred stock, par value $0.0001 per share.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Charter,
holders of Class A common stock and Class C common stock vote together as a single class on all matters submitted to the stockholders
for their vote or approval, except as required by applicable law. Holders of Class A common stock are entitled to one vote per share on
all matters submitted to the stockholders for their vote or approval. Prior to the date on which Grosvenor Holdings, L.L.C., GCM Grosvenor
Management, LLC and Grosvenor Holdings II, L.L.C. (the &ldquo;GCMH Equityholders&rdquo;) beneficially own voting shares representing less
than 20% of the amount of Class A common stock held by the GCMH Equityholders immediately following the closing of our business combination
on November 17, 2020 (the &ldquo;Sunset Date&rdquo;), the holders of Class C common stock are entitled to the lesser of (i) 10 votes per
share and (ii) the Class C Share Voting Amount (as defined in the Charter) on all matters submitted to stockholders for their vote or
approval. From and after the Sunset Date, holders of Class C Common Stock will be entitled to one vote per share. The Class B common stock
is not entitled to vote (except as required by applicable law).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of June 27, 2025, GCM V,
LLC (&ldquo;GCM V&rdquo;) controlled approximately 75% of the combined voting power of our common stock as a result of its ownership of
all of Class C common stock. Accordingly, Michael Sacks, through his control of GCM V, controls our business policies and affairs and
can control any action requiring the general approval of our stockholders, including the election of our board, the adoption of amendments
to the Charter and Bylaws and approval of any merger or sale of substantially all of its assets. Until the Sunset Date, Mr. Sacks will
continue to control the outcome of matters submitted to the stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Class B common stock
is non-voting and is not entitled to any votes on any matter that is submitted to a vote of our stockholders, except as required by Delaware
law. Delaware law would permit holders of Class B common stock to vote, with one vote per share, on a matter if it were to (i) change
the par value of the Class B common stock or (ii) amend the Charter to alter the powers, preferences, or special rights of the Class B
common stock as a whole in a way that would adversely affect the holders of Class B common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result, in these limited
instances, the holders of a majority of the Class B common stock could defeat such an amendment to the Charter. For example, if a proposed
amendment of the Charter provided for the Class B common stock to rank junior to the Class A common stock or Class C common stock with
respect to (i) any dividend or distribution, (ii) the distribution of proceeds were we to be acquired or (iii) any other right, Delaware
law would require the separate vote of the holders of Class B common stock, with each share of Class B common stock entitled to one vote
per share. In this instance, the holders of a majority of the Class B common stock could defeat that amendment to the Charter.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of Class A common
stock and Class B common stock (collectively, the &ldquo;Economic Rights Stock&rdquo;) are entitled to receive dividends as and if declared
by our board of directors out of legally available funds. Under the Charter, dividends may not be declared or paid in respect of the Class
A common stock or the Class B common stock unless they are declared or paid in the same amount in respect of the other class of Economic
Rights Stock. With respect to stock dividends, holders of Class A common stock must receive Class A common stock and holders of Class
B common stock must receive Class B common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of Class C common
stock do not have any right to receive dividends other than stock dividends consisting of shares of Class C common stock, paid proportionally
with respect to each outstanding share of Class C common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Merger, Consolidation or Tender or Exchange
Offer</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of Class A common
stock are not entitled to receive economic consideration for their shares in excess of that payable to the holders of Class B common stock
in connection with any merger, consolidation, or tender or exchange offer. However, in any such event involving consideration in the form
of securities, the holders of Class B common stock will be deemed to have received the same consideration as the holders of Class A common
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Liquidation or Dissolution</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon our liquidation or dissolution,
the holders of all classes of common stock are entitled to their respective par value, and the holders of Class A common stock and Class
B common stock will then be entitled to share ratably in those of our assets that are legally available for distribution to stockholders
after payment of liabilities and subject to the prior rights of any holders of preferred stock then outstanding. Other than their par
value, the holders of Class C common stock will not have any right to receive a distribution upon our liquidation or dissolution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Conversion, Transferability and Exchange</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the terms of the
Fifth Amended and Restated Limited Liability Partnership Agreement of Grosvenor Capital Management Holdings, LLLP (&ldquo;A&amp;R LLLPA&rdquo;),
the limited partners of Grosvenor Capital Management Holdings, LLLP (&ldquo;GCMH&rdquo;) (other than GCM Grosvenor Holdings, LLC (&ldquo;IntermediateCo&rdquo;))
may from time to time cause GCMH to redeem any or all of their units of partnership interest in GCMH (the &ldquo;Grosvenor common units&rdquo;)
in exchange for, at our election (subject to certain exceptions), either cash (based on the market price for a share of the Class A common
stock) or shares of Class A common stock. At our election, such transaction may be effectuated via a direct exchange of Class A common
stock or cash by IntermediateCo for the redeemed Grosvenor common units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter provides that
(i) a share of Class C common stock will automatically be cancelled for no consideration upon any sale or other transfer of a share of
Class A common stock issued as a result of any redemption or direct exchange of Grosvenor common units transferred to any person that
is not Michael Sacks, GCM V or the GCM Equityholders (or affiliate or owner thereof), and (ii) a share of Class C common stock will automatically
be cancelled for no consideration upon the redemption or exchange of a Grosvenor common unit for cash. Shares of Class A common stock,
Class B common stock and Class C common stock are not subject to any conversion right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Other Provisions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of the Class A common
stock, Class B common stock or Class C common stock has any pre-emptive or other subscription rights, or sinking fund provisions under
the terms of the Charter, the Bylaws or the Stockholders&rsquo; Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of the A&amp;R
LLLPA, following the Sunset Date, the limited partners of Grosvenor Capital Management Holdings, LLLP will have the right, subject to
certain exceptions, to purchase their respective pro rata share of newly issued securities proposed to be sold by us or GCMH.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are authorized to issue
up to 100,000,000 shares of preferred stock. Our board of directors is authorized, subject to limitations prescribed by Delaware law and
the Charter, to determine the terms and conditions of the preferred stock, including whether the shares of preferred stock will be issued
in one or more series, the number of shares to be included in each series and the powers (including the voting power), designations, preferences
and rights of the shares. Our board of directors also will be authorized to designate any qualifications, limitations or restrictions
on the shares without any further vote or action by the stockholders. The issuance of preferred stock may have the effect of delaying,
deferring or preventing a change in control of our Company and may adversely affect the voting and other rights of the holders of Class
A common stock, Class B common stock and Class C common stock, which could have a negative impact on the market price of the Class A common
stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Amendment of Certificate of Incorporation or
Bylaws</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Bylaws may be amended
or repealed by a majority vote of our board of directors or by the holders of at least the majority of the voting power of all of the
then-outstanding shares entitled to vote thereon, subject to the Stockholders&rsquo; Agreement (for so long as it remains in effect).
The affirmative vote of a majority of our board of directors and a majority in voting power of the outstanding shares entitled to vote
thereon is required to amend the Charter, subject to the terms contained therein.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter provides that,
to the fullest extent permitted by law, and unless we provide notice in writing to the selection of an alternative forum, the Court of
Chancery of the State of Delaware will be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of
us, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees, agents or stockholders
to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, Charter or Bylaws or as to
which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (iv) any action asserting a claim governed by
the internal affairs doctrine, in each such case subject to such Court of Chancery having personal jurisdiction over the indispensable
parties named as defendants therein. The Charter further provides that, unless we otherwise consent in writing to the selection of an
alternative forum, to the fullest extent permitted by law, the federal district courts of the United States will be the exclusive forum
for resolving any complaint asserting a cause of action arising under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).
There is uncertainty as to whether a court would enforce such a provision relating to causes of action arising under the Securities Act,
and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. The clauses described
above will not apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal
courts have exclusive jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Anti-Takeover Effects of Provisions of the
Charter and Bylaws</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of the Charter
and Bylaws and of the DGCL summarized below may have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover
attempt that you might consider in your best interest, including an attempt that might result in your receipt of a premium over the market
price for your shares of Class A common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter and Bylaws contain
certain provisions that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors
and that may have the effect of delaying, deferring or preventing our future takeover or change in control unless such takeover or change
in control is approved by our board of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Action by Written Consent;
Special Meetings of Stockholders</I>. The Charter provides that, until we are no longer a &ldquo;controlled company&rdquo; under Nasdaq
Listing Rule 5605(c)(1), stockholder action can be taken by written consent in lieu of a meeting. The Charter and Bylaws also provide
that, subject to any special rights of the holders of any series of preferred stock and except as otherwise required by law, special meetings
of the stockholders can only be called by our board of directors, the chairman or so long as we are a &ldquo;controlled company,&rdquo;
by the Secretary at the request of any holder of at least 25% of the total voting power of the outstanding shares of capital stock of
the Company entitled to vote generally in the election of directors, voting together as a single class. Stockholders are not otherwise
permitted to call a special meeting or to require our board of directors to call a special meeting.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Advance Notice Procedures</I>.
The Bylaws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of our stockholders,
and for stockholder nominations of persons for election to our board of directors to be brought before an annual or special meeting of
stockholders. Stockholders at an annual meeting will only be able to consider proposals or nominations specified in the notice of meeting
or brought before the meeting by or at the direction of our board of directors or by a stockholder who was a stockholder of record on
the record date for the meeting, who is entitled to vote at the meeting and who has given our Secretary timely written notice, in proper
form, of the stockholder&rsquo;s intention to bring that business or nomination before the meeting. Although the Bylaws do not give our
board of directors the power to approve or disapprove stockholder nominations of candidates or proposals regarding other business to be
conducted at a special or annual meeting, as applicable, the Bylaws may have the effect of precluding the conduct of certain business
at a meeting if the proper procedures are not followed or may discourage or deter a potential acquiror from conducting a solicitation
of proxies to elect its own slate of directors or otherwise attempting to obtain control of us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Authorized but Unissued
Shares</I>. Our authorized but unissued shares of common stock and preferred stock will be available for future issuance without stockholder
approval. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional
capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of common stock and preferred
stock could render more difficult or discourage an attempt to obtain control of a majority of our common stock by means of a proxy contest,
tender offer, merger or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Business Combinations
with Interested Stockholders</I>. The Charter provides that we are not subject to Section 203 of the DGCL, an anti-takeover law. In general,
Section 203 prohibits a publicly held Delaware corporation from engaging in a business combination, such as a merger, with an &ldquo;interested
stockholder&rdquo; (which includes a person or group owning 15% or more of the corporation&rsquo;s voting stock) for a period of three
years following the date the person became an interested stockholder, unless (with certain exceptions) the business combination or the
transaction in which the person became an interested stockholder is approved in a prescribed manner. However, the Charter contains provisions
that have a similar effect to Section 203, except that they provide that Mr. Sacks and the GCMH Equityholders, their respective affiliates
and successors and their direct and indirect transferees will not be deemed to be &ldquo;interested stockholders,&rdquo; regardless of
the percentage of our voting stock owned by them, and accordingly will not be subject to such restrictions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter provides that,
to the fullest extent permitted by law, we renounce any interest or expectancy in a transaction or matter that may be a corporate opportunity
for us and Mr. Sacks (other than in his capacity as an officer and employee of our Company), the GCMH Equityholders, or any of our non-employee
directors have no duty to present such corporate opportunity to us and they may invest in competing businesses or do business with our
clients or customers.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 17, 2020, we entered into an amended and restated registration
rights agreement (the &ldquo;Registration Rights Agreement&rdquo;) with the CF Sponsor, the GCMH Equityholders and certain qualified institutional
buyers and accredited investors that agreed to purchase shares of Class A common stock in a private placement in connection with the transactions
contemplated by that certain transaction agreement dated as of August 2, 2020. Pursuant to the Registration Rights Agreement, we agreed
to register for resale, pursuant to Rule 415 under the Securities Act, certain shares of our Class A common stock and other equity securities
that are held by the parties thereto from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfer Agent and Registrar</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The transfer agent for our
common stock is Continental Stock Transfer &amp; Trust Company. Each person investing in our Class A common stock held through The Depository
Trust Company must rely on the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder
of our Class A common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For as long as any shares
of our Class A common stock are listed on Nasdaq or on any other stock exchange operating in the United States, the laws of the State
of New York shall apply to the property law aspects of our Class A common stock (including securities exercisable for or convertible into
our Class A common stock) reflected in the register administered by our transfer agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have listed shares of
our Class A common stock in registered form and such shares, through the transfer agent, will not be certificated. We have appointed Continental
Stock Transfer &amp; Trust Company as our agent in New York to maintain our shareholders&rsquo; register on behalf of our board of directors
and to act as transfer agent and registrar for our Class A common stock. Shares of our Class A common stock are traded on Nasdaq in book-entry
form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Listing of Class A Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Class A common stock is listed on Nasdaq under the symbol &ldquo;GCMG.&rdquo;</P>


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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="gcm_007"></A>DESCRIPTION OF DEBT SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description,
together with the additional information we include in any applicable prospectus supplement or free writing prospectus, summarizes certain
general terms and provisions of the debt securities that we may offer under this prospectus. When we offer to sell a particular series
of debt securities, we will describe the specific terms of the series in a supplement to this prospectus. We will also indicate in the
supplement to what extent the general terms and provisions described in this prospectus apply to a particular series of debt securities.
The terms of any debt securities offered under a prospectus supplement may differ from the terms described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue debt securities
either separately, or together with, or upon the conversion or exercise of or in exchange for, other securities described in this prospectus.
Debt securities may be our senior, senior subordinated or subordinated obligations and, unless otherwise specified in a supplement to
this prospectus, the debt securities will be our direct, unsecured obligations and may be issued in one or more series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt securities will
be issued under an indenture between us and Wilmington Trust, National Association, as trustee. We have summarized select portions of
the indenture below. The summary is not complete. The form of the indenture has been filed as an exhibit to the registration statement
of which this prospectus forms a part and you should read the indenture for provisions that may be important to you. In the summary below,
we have included references to the section numbers of the indenture so that you can easily locate these provisions. Capitalized terms
used in the summary and not defined herein have the meanings specified in the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this section only,
&ldquo;GCM Grosvenor,&rdquo; &ldquo;we,&rdquo; &ldquo;our&rdquo; or &ldquo;us&rdquo; refer to GCM Grosvenor Inc., a Delaware corporation,
excluding our subsidiaries, unless expressly stated or the context otherwise requires.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of each series
of debt securities will be established by or pursuant to a resolution of our board of directors and set forth or determined in the manner
provided in a resolution of our board of directors, in an officer&rsquo;s certificate or by a supplemental indenture. (Section 2.2) The
particular terms of each series of debt securities will be described in a prospectus supplement relating to such series (including any
pricing supplement or term sheet).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We can issue an unlimited
amount of debt securities under the indenture that may be in one or more series with the same or various maturities, at par, at a premium,
or at a discount. (Section 2.1) We will set forth in a prospectus supplement (including any pricing supplement or term sheet) relating
to any series of debt securities being offered, the aggregate principal amount and the following terms of the debt securities, if applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the title and ranking of the debt securities (including the terms of any subordination provisions);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the price or prices (expressed as a percentage of the principal amount) at which we will sell the debt
securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any limit on the aggregate principal amount of the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the date or dates on which the principal of the securities of the series is payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the rate or rates (which may be fixed or variable) per annum or the method used to determine the rate
or rates (including any commodity, commodity index, stock exchange index or financial index) at which the debt securities will bear interest,
the date or dates from which interest will accrue, the date or dates on which interest will commence and be payable and any regular record
date for the interest payable on any interest payment date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the place or places where principal of, and interest, if any, on the debt securities will be payable (and
the method of such payment), where the securities of such series may be surrendered for registration of transfer or exchange, and where
notices and demands to us in respect of the debt securities may be delivered;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the period or periods within which, the price or prices at which and the terms and conditions upon which
we may redeem the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any obligation we have to redeem or purchase the debt securities pursuant to any sinking fund or analogous
provisions or at the option of a holder of debt securities and the period or periods within which, the price or prices at which and in
the terms and conditions upon which securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the dates on which and the price or prices at which we will repurchase debt securities at the option of
the holders of debt securities and other detailed terms and provisions of these repurchase obligations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the denominations in which the debt securities will be issued, if other than denominations of $1,000 and
any integral multiple thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">whether the debt securities will be issued in the form of certificated debt securities or global debt
securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the portion of principal amount of the debt securities payable upon declaration of acceleration of the
maturity date, if other than the principal amount;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the currency of denomination of the debt securities, which may be United States Dollars or any foreign
currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing
such composite currency;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the designation of the currency, currencies or currency units in which payment of principal of, premium
and interest on the debt securities will be made;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">if payments of principal of, premium or interest on the debt securities will be made in one or more currencies
or currency units other than that or those in which the debt securities are denominated, the manner in which the exchange rate with respect
to these payments will be determined;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the manner in which the amounts of payment of principal of, premium, if any, or interest on the debt securities
will be determined, if these amounts may be determined by reference to an index based on a currency or currencies or by reference to a
commodity, commodity index, stock exchange index or financial index;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any provisions relating to any security provided for the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any addition to, deletion of or change in the Events of Default described in this prospectus or in the
indenture with respect to the debt securities and any change in the acceleration provisions described in this prospectus or in the indenture
with respect to the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any addition to, deletion of or change in the covenants described in this prospectus or in the indenture
with respect to the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with
respect to the debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the provisions, if any, relating to conversion or exchange of any debt securities of such series, including
if applicable, the conversion or exchange price and period, provisions as to whether conversion or exchange will be mandatory, the events
requiring an adjustment of the conversion or exchange price and provisions affecting conversion or exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any other terms of the debt securities, which may supplement, modify or delete any provision of the indenture
as it applies to that series, including any terms that may be required under applicable law or regulations or advisable in connection
with the marketing of the securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">whether any of our direct or indirect subsidiaries will guarantee the debt securities of that series,
including the terms of subordination, if any, of such guarantees. (Section 2.2)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue debt securities
that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity
pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and other special
considerations applicable to any of these debt securities in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we denominate the purchase
price of any of the debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal of and
any premium and interest on any series of debt securities is payable in a foreign currency or currencies or a foreign currency unit or
units, we will provide you with information on the restrictions, elections, general tax considerations, specific terms and other information
with respect to that issue of debt securities and such foreign currency or currencies or foreign currency unit or units in the applicable
prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfer and Exchange</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each debt security will be
represented by either one or more global securities registered in the name of The Depository Trust Company (the &ldquo;Depositary&rdquo;),
or a nominee of the Depositary (we will refer to any debt security represented by a global debt security as a &ldquo;book-entry debt security&rdquo;),
or a certificate issued in definitive registered form (we will refer to any debt security represented by a certificated security as a
&ldquo;certificated debt security&rdquo;) as set forth in the applicable prospectus supplement. Except as set forth under the heading
&ldquo;Global Debt Securities and Book-Entry System&rdquo; below, book-entry debt securities will not be issuable in certificated form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Certificated Debt Securities</I>.
You may transfer or exchange certificated debt securities at any office we maintain for this purpose in accordance with the terms of the
indenture. (Section 2.4) No service charge will be made for any transfer or exchange of certificated debt securities, but we may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection with a transfer or exchange. (Section
2.7)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may affect the transfer
of certificated debt securities and the right to receive the principal of, premium and interest on certificated debt securities only by
surrendering the certificate representing those certificated debt securities and either reissuance by us or the trustee of the certificate
to the new holder or the issuance by us or the trustee of a new certificate to the new holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Global Debt Securities
and Book-Entry System</I>. Each global debt security representing book-entry debt securities will be deposited with, or on behalf of,
the Depositary, and registered in the name of the Depositary or a nominee of the Depositary. Please see &ldquo;Global Securities.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will set forth in the
applicable prospectus supplement any restrictive covenants applicable to any issue of debt securities. (Article IV)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No Protection in the Event of a Change of Control</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless we state otherwise
in the applicable prospectus supplement, the debt securities will not contain any provisions which may afford holders of the debt securities
protection in the event we have a change in control or in the event of a highly leveraged transaction (whether or not such transaction
results in a change in control) which could adversely affect holders of debt securities.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consolidation, Merger and Sale of Assets</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not consolidate with
or merge with or into, or convey, transfer or lease all or substantially all of our properties and assets to any person (a &ldquo;successor
person&rdquo;) unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">we are the surviving corporation or the successor person (if other than GCM Grosvenor) is a corporation,
partnership, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes
our obligations on the debt securities and under the indenture; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">immediately after giving effect to the transaction, no Default or Event of Default, shall have occurred
and be continuing.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the above,
any of our subsidiaries may consolidate with, merge into or transfer all or part of its properties to us. (Section 5.1)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Events of Default</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise set forth
in the applicable prospectus supplement, &ldquo;Event of Default&rdquo; means with respect to any series of debt securities, any of the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">default in the payment of any interest upon any debt security of that series when it becomes due and payable,
and continuance of such default for a period of 30 days (unless the entire amount of the payment is deposited by us with the trustee or
with a paying agent prior to the expiration of the 30-day period);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">default in the payment of principal of any security of that series at its maturity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">default in the performance or breach of any other covenant or warranty by us in the indenture (other than
a covenant or warranty that has been included in the indenture solely for the benefit of a series of debt securities other than that series),
which default continues uncured for a period of 60 days after we receive written notice from the trustee or GCM Grosvenor and the trustee
receive written notice from the holders of not less than 30% in principal amount of the outstanding debt securities of that series as
provided in the indenture; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">certain voluntary or involuntary events of bankruptcy, insolvency or reorganization of GCM Grosvenor (Section
6.1).</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Event of Default with
respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily
constitutes an Event of Default with respect to any other series of debt securities. (Section 6.1) The occurrence of certain Events of
Default or an acceleration under the indenture may constitute an event of default under certain indebtedness of ours or our subsidiaries
outstanding from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide the trustee
written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default,
which notice will describe in reasonable detail the status of such Default or Event of Default and what action we are taking or propose
to take in respect thereof. (Section 6.1)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an Event of Default with
respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less
than 30% in principal amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the trustee if
given by the holders), declare to be due and payable immediately the principal of (or, if the debt securities of that series are discount
securities, that portion of the principal amount as may be specified in the terms of that series) and accrued and unpaid interest, if
any, on all debt securities of that series. In the case of an Event of Default resulting from certain events of bankruptcy, insolvency
or reorganization, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding debt securities
will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holder of outstanding
debt securities. At any time after a declaration of acceleration with respect to debt securities of any series has been made, but before
a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal amount of the
outstanding debt securities of that series may rescind and annul the acceleration if all Events of Default, other than the non-payment
of accelerated principal and interest, if any, with respect to debt securities of that series, have been cured or waived as provided in
the indenture. (Section 6.2) We refer you to the prospectus supplement relating to any series of debt securities that are discount securities
for the particular provisions relating to acceleration of a portion of the principal amount of such discount securities upon the occurrence
of an Event of Default.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture provides that
the trustee may refuse to perform any duty or exercise any of its rights or powers under the indenture unless the trustee receives indemnity
satisfactory to it against any cost, liability or expense which might be incurred by it in performing such duty or exercising such right
or power. (Section 7.1(e)) Subject to certain rights of the trustee, the holders of a majority in principal amount of the outstanding
debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the trustee or exercising any trust or power conferred on the trustee with respect to the debt securities of that series. (Section
6.12)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No holder of any debt security
of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture or for the appointment
of a receiver or trustee, or for any remedy under the indenture, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">that holder has previously given to the trustee written notice of a continuing Event of Default with respect
to debt securities of that series; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the holders of not less than 30% in principal amount of the outstanding debt securities of that series
have made written request, and offered indemnity or security satisfactory to the trustee, to the trustee to institute the proceeding as
trustee, and the trustee has not received from the holders of not less than a majority in principal amount of the outstanding debt securities
of that series a direction inconsistent with that request and has failed to institute the proceeding within 60 days. (Section 6.7)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision in the indenture, the holder of any debt security will have an absolute and unconditional right to receive payment of the principal
of, premium and any interest on that debt security on or after the due dates expressed in that debt security and to institute suit for
the enforcement of payment. (Section 6.8)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture requires us,
within 120 days after the end of our fiscal year, to furnish to the trustee a statement as to compliance with the indenture. (Section
4.3) If a Default or Event of Default occurs and is continuing with respect to the securities of any series and if it is known to a responsible
officer of the trustee, the trustee shall mail to each Securityholder of the securities of that series notice of a Default or Event of
Default within 90 days after it occurs or, if later, after a responsible officer of the trustee has knowledge of such Default or Event
of Default. The indenture provides that the trustee may withhold notice to the holders of debt securities of any series of any Default
or Event of Default (except in payment on any debt securities of that series) with respect to debt securities of that series if the trustee
determines in good faith that withholding notice is in the interest of the holders of those debt securities. (Section 7.5)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Modification and Waiver </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and the trustee may modify,
amend or supplement the indenture or the debt securities of any series without the consent of any holder of any debt security:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to cure any ambiguity, defect or inconsistency;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to comply with covenants in the indenture described above under the heading &ldquo;Consolidation, Merger
and Sale of Assets&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to provide for uncertificated securities in addition to or in place of certificated securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to add guarantees with respect to debt securities of any series or secure debt securities of any series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to surrender any of our rights or powers under the indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to add covenants or events of default for the benefit of the holders of debt securities of any series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to comply with the applicable procedures of the applicable depositary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to make any change that does not materially adversely affect the rights of any holder of debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to provide for the issuance of and establish the form and terms and conditions of debt securities of any
series as permitted by the indenture;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to effect the appointment of a successor trustee with respect to the debt securities of any series and
to add to or change any of the provisions of the indenture to provide for or facilitate administration by more than one trustee; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to comply with requirements of the SEC in order to effect or maintain the qualification of the indenture
under the Trust Indenture Act. (Section 9.1)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also modify and amend
the indenture with the consent of the holders of at least a majority in principal amount of the outstanding debt securities of each series
affected by the modifications or amendments. We may not make any modification or amendment without the consent of the holders of each
affected debt security then outstanding if that amendment will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">reduce the amount of debt securities whose holders must consent to an amendment, supplement or waiver;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">reduce the rate of or extend the time for payment of interest (including default interest) on any debt
security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">reduce the principal of or premium on or change the fixed maturity of any debt security or reduce the
amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation with respect to any series of debt
securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">reduce the principal amount of discount securities payable upon acceleration of maturity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">waive a default in the payment of the principal of, premium or interest on any debt security (except a
rescission of acceleration of the debt securities of any series by the holders of at least a majority in aggregate principal amount of
the then outstanding debt securities of that series and a waiver of the payment default that resulted from such acceleration);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">make the principal of or premium or interest on any debt security payable in currency other than that
stated in the debt security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">make any change to certain provisions of the indenture relating to, among other things, the right of holders
of debt securities to receive payment of the principal of, premium and interest on those debt securities and to institute suit for the
enforcement of any such payment and to waivers or amendments; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">waive a redemption payment with respect to any debt security. (Section 9.3)</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for certain specified
provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series may on behalf of the
holders of all debt securities of that series waive our compliance with provisions of the indenture. (Section 9.2) The holders of a majority
in principal amount of the outstanding debt securities of any series may on behalf of the holders of all the debt securities of such series
waive any past default under the indenture with respect to that series and its consequences, except a default in the payment of the principal
of, premium or any interest on any debt security of that series; provided, however, that the holders of a majority in principal amount
of the outstanding debt securities of any series may rescind an acceleration and its consequences, including any related payment default
that resulted from the acceleration. (Section 6.13)</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Defeasance of Debt Securities and Certain Covenants
in Certain Circumstances </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Legal Defeasance</I>.
The indenture provides that, unless otherwise provided by the terms of the applicable series of debt securities, we may be discharged
from any and all obligations in respect of the debt securities of any series (subject to certain exceptions). We will be so discharged
upon the irrevocable deposit with the trustee, in trust, of money and/or U.S. government obligations or, in the case of debt securities
denominated in a single currency other than U.S. Dollars, government obligations of the government that issued or caused to be issued
such currency, that, through the payment of interest and principal in accordance with their terms, will provide money or U.S. government
obligations in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bank
to pay and discharge each installment of principal, premium and interest on and any mandatory sinking fund payments in respect of the
debt securities of that series on the stated maturity of those payments in accordance with the terms of the indenture and those debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discharge may occur
only if, among other things, we have delivered to the trustee an opinion of counsel stating that we have received from, or there has been
published by, the United States Internal Revenue Service a ruling or, since the date of execution of the indenture, there has been a change
in the applicable United States federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm
that, the holders of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes
as a result of the deposit, defeasance and discharge and will be subject to United States federal income tax on the same amounts and in
the same manner and at the same times as would have been the case if the deposit, defeasance and discharge had not occurred. (Section
8.3)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Defeasance of Certain
Covenants</I>. The indenture provides that, unless otherwise provided by the terms of the applicable series of debt securities, upon compliance
with certain conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">we may omit to comply with the covenant described under the heading &ldquo;Consolidation, Merger and Sale
of Assets&rdquo; and certain other covenants set forth in the indenture, as well as any additional covenants which may be set forth in
the applicable prospectus supplement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any omission to comply with those covenants will not constitute a Default or an Event of Default with
respect to the debt securities of that series (&ldquo;covenant defeasance&rdquo;).</TD></TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">depositing with the trustee money and/or U.S. government obligations or, in the case of debt securities
denominated in a single currency other than U.S. Dollars, government obligations of the government that issued or caused to be issued
such currency, that, through the payment of interest and principal in accordance with their terms, will provide money in an amount sufficient
in the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment
of principal of, premium and interest on and any mandatory sinking fund payments in respect of the debt securities of that series on the
stated maturity of those payments in accordance with the terms of the indenture and those debt securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">delivering to the trustee an opinion of counsel to the effect that the holders of the debt securities
of that series will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit and related
covenant defeasance and will be subject to United States federal income tax on the same amounts and in the same manner and at the same
times as would have been the case if the deposit and related covenant defeasance had not occurred. (Section 8.4)</TD></TR></TABLE>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><B>No Personal Liability of
Directors, Officers, Employees or Securityholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of our past, present
or future directors, officers, employees or securityholders, as such, will have any liability for any of our obligations under the debt
securities or the indenture or for any claim based on, or in respect or by reason of, such obligations or their creation. By accepting
a debt security, each holder waives and releases all such liability. This waiver and release is part of the consideration for the issue
of the debt securities. However, this waiver and release may not be effective to waive liabilities under U.S. federal securities laws,
and it is the view of the SEC that such a waiver is against public policy.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture and the debt
securities, including any claim or controversy arising out of or relating to the indenture or the securities, will be governed by the
laws of the State of New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture will provide that we, the trustee
and the holders of the debt securities (by their acceptance of the debt securities) irrevocably waive, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to the indenture, the debt securities
or the transactions contemplated thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture will provide
that any legal suit, action or proceeding arising out of or based upon the indenture or the transactions contemplated thereby may be instituted
in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case
located in the City of New York, and we, the trustee and the holder of the debt securities (by their acceptance of the debt securities)
irrevocably submit to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The indenture will further
provide that service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of
court) to such party&rsquo;s address set forth in the indenture will be effective service of process for any suit, action or other proceeding
brought in any such court. The indenture will further provide that we, the trustee and the holders of the debt securities (by their acceptance
of the debt securities) irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding
in the courts specified above and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other
proceeding has been brought in an inconvenient forum. (Section 10.10)</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="gcm_008"></A>DESCRIPTION OF DEPOSITARY
SHARES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may, at our option, elect
to offer depositary shares rather than full shares of preferred stock. Each depositary share will represent ownership of and entitlement
to all rights and preferences of a fraction of a share of preferred stock of a specified series (including dividend, voting, redemption
and liquidation rights). The applicable fraction will be specified in a prospectus supplement. The shares of preferred stock represented
by the depositary shares will be deposited with a depositary named in the applicable prospectus supplement, under a deposit agreement
among us, the depositary and the holders of the certificates evidencing depositary shares (&ldquo;depositary receipts&rdquo;). Depositary
receipts will be delivered to those persons purchasing depositary shares in the offering. The depositary will be the transfer agent, registrar
and dividend disbursing agent for the depositary shares. Holders of depositary receipts agree to be bound by the deposit agreement, which
requires holders to take certain actions such as filing proof of residence and paying certain charges.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The summary of the terms of
the depositary shares contained in this prospectus does not purport to be complete and is subject to, and qualified in its entirety by,
the provisions of the deposit agreement and the Charter and the certificate of designation that are, or will be, filed with the SEC for
the applicable series of preferred stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary will distribute
all cash dividends or other cash distributions received in respect of the series of preferred stock represented by the depositary shares
to the record holders of depositary receipts in proportion to the number of depositary shares owned by such holders on the relevant record
date, which will be the same date as the record date fixed by us for the applicable series of preferred stock. The depositary, however,
will distribute only such amount as can be distributed without attributing to any depositary share a fraction of one cent, and any balance
not so distributed will be added to and treated as part of the next sum received by the depositary for distribution to record holders
of depositary receipts then outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of a distribution
other than in cash, the depositary will distribute property received by it to the record holders of depositary receipts entitled thereto,
in proportion, as nearly as may be practicable, to the number of depositary shares owned by such holders on the relevant record date,
unless the depositary determines (after consultation with us) that it is not feasible to make such distribution, in which case the depositary
may (with our approval) adopt any other method for such distribution as it deems equitable and appropriate, including the sale of such
property (at such place or places and upon such terms as it may deem equitable and appropriate) and distribution of the net proceeds from
such sale to such holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event of the liquidation,
dissolution or winding up of the affairs of GCM Grosvenor, whether voluntary or involuntary, the holders of each depositary share will
be entitled to the fraction of the liquidation preference accorded each share of the applicable series of preferred stock as set forth
in the applicable prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the series of preferred
stock represented by the applicable series of depositary shares is redeemable, such depositary shares will be redeemed from the proceeds
received by the depositary resulting from the redemption, in whole or in part, of the preferred stock held by the depositary. Whenever
we redeem any preferred stock held by the depositary, the depositary will redeem as of the same redemption date the number of depositary
shares representing the shares of preferred stock so redeemed. The depositary will mail the notice of redemption promptly upon receipt
of such notice from us and not less than 30 nor more than 60 days prior to the date fixed for redemption of the preferred stock and the
depositary shares to the record holders of the depositary receipts.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Promptly upon receipt of notice
of any meeting at which the holders of the series of preferred stock represented by the applicable series of depositary shares are entitled
to vote, the depositary will mail the information contained in such notice of meeting to the record holders of the depositary receipts
as of the record date for such meeting. Each such record holder of depositary receipts will be entitled to instruct the depositary as
to the exercise of the voting rights pertaining to the number of shares of preferred stock represented by such record holder&rsquo;s depositary
shares. The depositary will endeavor, insofar as practicable, to vote such preferred stock represented by such depositary shares in accordance
with such instructions, and we will agree to take all action which may be deemed necessary by the depositary in order to enable the depositary
to do so. The depositary will abstain from voting any of the preferred stock to the extent that it does not receive specific instructions
from the holders of depositary receipts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Withdrawal of Preferred Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon surrender of depositary
receipts at the principal office of the depositary and payment of any unpaid amount due the depositary, and subject to the terms of the
deposit agreement, the owner of the depositary shares evidenced thereby is entitled to delivery of the number of whole shares of preferred
stock and all money and other property, if any, represented by such depositary shares. Partial shares of preferred stock will not be issued.
If the depositary receipts delivered by the holder evidence a number of depositary shares in excess of the number of depositary shares
representing the number of whole shares of preferred stock to be withdrawn, the depositary will deliver to such holder at the same time
a new depositary receipt evidencing such excess number of depositary shares. Holders of preferred stock thus withdrawn will not thereafter
be entitled to deposit such shares under the deposit agreement or to receive depositary receipts evidencing depositary shares therefor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Amendment and Termination of Deposit Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The form of depositary receipt
evidencing the depositary shares and any provision of the deposit agreement may at any time and from time to time be amended by agreement
between us and the depositary. However, any amendment which materially and adversely alters the rights of the holders (other than any
change in fees) of depositary shares will not be effective unless such amendment has been approved by at least a majority of the depositary
shares then outstanding. No such amendment may impair the right, subject to the terms of the deposit agreement, of any owner of any depositary
shares to surrender the depositary receipt evidencing such depositary shares with instructions to the depositary to deliver to the holder
of the preferred stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions
of applicable law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The deposit agreement will
be permitted to be terminated by us upon not less than 30 days prior written notice to the applicable depositary if a majority of each
series of preferred stock affected by such termination consents to such termination, whereupon such depositary will be required to deliver
or make available to each holder of depositary receipts, upon surrender of the depositary receipts held by such holder, such number of
whole or fractional shares of preferred stock as are represented by the depositary shares evidenced by such depositary receipts together
with any other property held by such depositary with respect to such depositary receipts. In addition, the deposit agreement will automatically
terminate if (a) all outstanding depositary shares thereunder shall have been redeemed, (b) there shall have been a final distribution
in respect of the related preferred stock in connection with any liquidation, dissolution or winding-up of GCM Grosvenor and such distribution
shall have been distributed to the holders of depositary receipts evidencing the depositary shares representing such preferred stock or
(c) each share of the related preferred stock shall have been converted into stock of GCM Grosvenor not so represented by depositary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Charges of Depositary</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay all transfer and
other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay charges of the depositary
in connection with the initial deposit of the preferred stock and initial issuance of the depositary shares, and redemption of the preferred
stock and all withdrawals of preferred stock by owners of depositary shares. Holders of depositary receipts will pay transfer, income
and other taxes and governmental charges and certain other charges as are provided in the deposit agreement to be for their accounts.
In certain circumstances, the depositary may refuse to transfer depositary shares, may withhold dividends and distributions and sell the
depositary shares evidenced by such depositary receipt if such charges are not paid. The applicable prospectus supplement will include
information with respect to fees and charges, if any, in connection with the deposit or substitution of the underlying securities, the
receipt and distribution of dividends, the sale or exercise of rights, the withdrawal of the underlying security, and the transferring,
splitting or grouping of receipts. The applicable prospectus supplement will also include information with respect to the right to collect
the fees and charges, if any, against dividends received and deposited securities.</P>

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




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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary will forward
to the holders of depositary receipts all notices, reports and proxy soliciting material from us which are delivered to the depositary
and which we are required to furnish to the holders of the preferred stock. In addition, the depositary will make available for inspection
by holders of depositary receipts at the principal office of the depositary, and at such other places as it may from time to time deem
advisable, any notices, reports and proxy soliciting material received from us which are received by the depositary as the holder of preferred
stock. The applicable prospectus supplement will include information about the rights, if any, of holders of receipts to inspect the transfer
books of the depositary and the list of holders of receipts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the depositary nor
GCM Grosvenor assumes any obligation or will be subject to any liability under the deposit agreement to holders of depositary receipts
other than for its negligence or willful misconduct. Neither the depositary nor GCM Grosvenor will be liable if it is prevented or delayed
by law or any circumstance beyond its control in performing its obligations under the deposit agreement. The obligations of GCM Grosvenor
and the depositary under the deposit agreement will be limited to performance in good faith of their duties thereunder, and they will
not be obligated to prosecute or defend any legal proceeding in respect of any depositary shares or preferred stock unless satisfactory
indemnity is furnished. GCM Grosvenor and the depositary may rely on written advice of counsel or accountants, on information provided
by holders of the depositary receipts or other persons believed in good faith to be competent to give such information and on documents
believed to be genuine and to have been signed or presented by the proper party or parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event the depositary
shall receive conflicting claims, requests or instructions from any holders of depositary receipts, on the one hand, and us, on the other
hand, the depositary shall be entitled to act on such claims, requests or instructions received from us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Resignation and Removal of Depositary</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The depositary may resign
at any time by delivering to us notice of its election to do so, and we may at any time remove the depositary, any such resignation or
removal to take effect upon the appointment of a successor depositary and its acceptance of such appointment. Such successor depositary
must be appointed within 60 days after delivery of the notice for resignation or removal and must be a bank or trust company having its
principal office in the United States and having a combined capital and surplus of at least $150,000,000.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="gcm_009"></A>DESCRIPTION OF WARRANTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue warrants for
the purchase of shares of our common stock or preferred stock or of debt securities. We may issue warrants independently or together with
other securities, and the warrants may be attached to or separate from any offered securities. Each series of warrants will be issued
under a separate warrant agreement to be entered into between us and the investors or a warrant agent. The following summary of material
provisions of the warrants and warrant agreements are subject to, and qualified in their entirety by reference to, all the provisions
of the warrant agreement and warrant certificate applicable to a particular series of warrants. The terms of any warrants offered under
a prospectus supplement may differ from the terms described below. We urge you to read the applicable prospectus supplement and any related
free writing prospectus, as well as the complete warrant agreements and warrant certificates that contain the terms of the warrants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The particular terms of any
issue of warrants will be described in the prospectus supplement relating to the issue. Those terms may include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the number of shares of common stock or preferred stock purchasable upon the exercise of warrants to purchase
such shares and the price at which such number of shares may be purchased upon such exercise;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the designation, stated value and terms (including, without limitation, liquidation, dividend, conversion
and voting rights) of the series of preferred stock purchasable upon exercise of warrants to purchase preferred stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the principal amount of debt securities that may be purchased upon exercise of a debt warrant and the
exercise price for the warrants, which may be payable in cash, securities or other property;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the date, if any, on and after which the warrants and the related debt securities, preferred stock or
common stock will be separately transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the terms of any rights to redeem or call the warrants;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the date on which the right to exercise the warrants will commence and the date on which the right will
expire;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">United States Federal income tax consequences applicable to the warrants; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any additional terms of the warrants, including terms, procedures, and limitations relating to the exchange,
exercise and settlement of the warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of equity warrants
will not be entitled:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">to vote, consent or receive dividends;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">receive notice as shareholders with respect to any meeting of shareholders for the election of our directors
or any other matter; or&#9;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">exercise any rights as shareholders of GCM Grosvenor.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each warrant will entitle
its holder to purchase the principal amount of debt securities or the number of shares of preferred stock or common stock at the exercise
price set forth in, or calculable as set forth in, the applicable prospectus supplement. Unless we otherwise specify in the applicable
prospectus supplement, holders of the warrants may exercise the warrants at any time up to the specified time on the expiration date that
we set forth in the applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will become
void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A holder of warrant certificates
may exchange them for new warrant certificates of different denominations, present them for registration of transfer and exercise them
at the corporate trust office of the warrant agent or any other office indicated in the applicable prospectus supplement. Until any warrants
to purchase debt securities are exercised, the holder of the warrants will not have any rights of holders of the debt securities that
can be purchased upon exercise, including any rights to receive payments of principal, premium or interest on the underlying debt securities
or to enforce covenants in the applicable indenture. Until any warrants to purchase common stock or preferred stock are exercised, the
holders of the warrants will not have any rights of holders of the underlying common stock or preferred stock, including any rights to
receive dividends or payments upon any liquidation, dissolution or winding up on the common stock or preferred stock, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="gcm_010"></A>DESCRIPTION OF PURCHASE
CONTRACTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue purchase contracts
for the purchase or sale of debt or equity securities issued by us. Each purchase contract will entitle the holder thereof to purchase
or sell, and obligate us to sell or purchase, on specified dates, such securities at a specified purchase price, which may be based on
a formula, all as set forth in the applicable prospectus supplement. Any purchase contracts we issue will be physically settled by delivery
of such securities. The applicable prospectus supplement will also specify the methods by which the holders may purchase or sell such
securities and any acceleration, cancellation or termination provisions or other provisions relating to the settlement of a purchase contract.</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>DESCRIPTION
OF UNITS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue units consisting
of any combination of the other types of securities offered under this prospectus in one or more series. We may evidence each series of
units by unit certificates that we will issue under a separate agreement. We may enter into unit agreements with a unit agent. Each unit
agent will be a bank or trust company that we select. We will indicate the name and address of the unit agent in the applicable prospectus
supplement relating to a particular series of units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description,
together with the additional information included in any applicable prospectus supplement, summarizes the general features of the units
that we may offer under this prospectus. You should read any prospectus supplement and any free writing prospectus that we may authorize
to be provided to you related to the series of units being offered, as well as the complete unit agreements that contain the terms of
the units. Specific unit agreements will contain additional important terms and provisions and we will file as an exhibit to the registration
statement of which this prospectus is a part, or will incorporate by reference from another report that we file with the SEC, the form
of each unit agreement relating to units offered under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we offer any units, certain
terms of that series of units will be described in the applicable prospectus supplement, including, without limitation, the following,
as applicable:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the title of the series of units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">identification and description of the separate constituent securities comprising the units;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the price or prices at which the units will be issued;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">the date, if any, on and after which the constituent securities comprising the units will be separately
transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">a discussion of certain United States federal income tax considerations applicable to the units; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">any other terms of the units and their constituent securities.</TD></TR></TABLE>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="gcm_011"></A>GLOBAL SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Book-Entry, Delivery and Form </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless we indicate differently
in any applicable prospectus supplement or free writing prospectus, the securities initially will be issued in book-entry form and represented
by one or more global notes or global securities (collectively, &ldquo;global securities&rdquo;). The global securities will be deposited
with, or on behalf of, The Depository Trust Company, New York, New York, as depositary (&ldquo;DTC&rdquo;), and registered in the name
of Cede &amp; Co., the nominee of DTC. Unless and until it is exchanged for individual certificates evidencing securities under the limited
circumstances described below, a global security may not be transferred except as a whole by the depositary to its nominee or by the nominee
to the depositary, or by the depositary or its nominee to a successor depositary or to a nominee of the successor depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DTC has advised us that it
is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">a limited-purpose trust company organized under the New York Banking Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">a &ldquo;banking organization&rdquo; within the meaning of the New York Banking Law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">a member of the Federal Reserve System;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">a &ldquo;clearing corporation&rdquo; within the meaning of the New York Uniform Commercial Code; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section 17A of the Exchange Act.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DTC holds securities that
its participants deposit with DTC. DTC also facilitates the settlement among its participants of securities transactions, such as transfers
and pledges, in deposited securities through electronic computerized book-entry changes in participants&rsquo; accounts, thereby eliminating
the need for physical movement of securities certificates. &ldquo;Direct participants&rdquo; in DTC include securities brokers and dealers,
including underwriters, banks, trust companies, clearing corporations and other organizations. DTC is a wholly-owned subsidiary of The
Depository Trust &amp; Clearing Corporation (&ldquo;DTCC&rdquo;). DTCC is the holding company for DTC, National Securities Clearing Corporation
and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries.
Access to the DTC system is also available to others, which we sometimes refer to as indirect participants, that clear through or maintain
a custodial relationship with a direct participant, either directly or indirectly. The rules applicable to DTC and its participants are
on file with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Purchases of securities under
the DTC system must be made by or through direct participants, which will receive a credit for the securities on DTC&rsquo;s records.
The ownership interest of the actual purchaser of a security, which we sometimes refer to as a beneficial owner, is in turn recorded on
the direct and indirect participants&rsquo; records. Beneficial owners of securities will not receive written confirmation from DTC of
their purchases. However, beneficial owners are expected to receive written confirmations providing details of their transactions, as
well as periodic statements of their holdings, from the direct or indirect participants through which they purchased securities. Transfers
of ownership interests in global securities are to be accomplished by entries made on the books of participants acting on behalf of beneficial
owners. Beneficial owners will not receive certificates representing their ownership interests in the global securities, except under
the limited circumstances described below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To facilitate subsequent
transfers, all global securities deposited by direct participants with DTC will be registered in the name of DTC&rsquo;s partnership nominee,
Cede &amp; Co., or such other name as may be requested by an authorized representative of DTC. The deposit of securities with DTC and
their registration in the name of Cede &amp; Co. or such other nominee will not change the beneficial ownership of the securities. DTC
has no knowledge of the actual beneficial owners of the securities. DTC&rsquo;s records reflect only the identity of the direct participants
to whose accounts the securities are credited, which may or may not be the beneficial owners. The participants are responsible for keeping
account of their holdings on behalf of their customers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as the securities
are in book-entry form, you will receive payments and may transfer securities only through the facilities of the depositary and its direct
and indirect participants. We will maintain an office or agency in the location specified in the prospectus supplement for the applicable
securities, where notices and demands in respect of the securities and the indenture may be delivered to us and where certificated securities
may be surrendered for payment, registration of transfer or exchange.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Conveyance of notices and
other communications by DTC to direct participants, by direct participants to indirect participants and by direct participants and indirect
participants to beneficial owners will be governed by arrangements among them, subject to any legal requirements in effect from time to
time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Redemption notices will be
sent to DTC. If less than all of the securities of a particular series are being redeemed, DTC&rsquo;s practice is to determine by lot
the amount of the interest of each direct participant in the securities of such series to be redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither DTC nor Cede &amp;
Co. (or such other DTC nominee) will consent or vote with respect to the securities. Under its usual procedures, DTC will mail an omnibus
proxy to us as soon as possible after the record date. The omnibus proxy assigns the consenting or voting rights of Cede &amp; Co. to
those direct participants to whose accounts the securities of such series are credited on the record date, identified in a listing attached
to the omnibus proxy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as securities are
in book-entry form, we will make payments on those securities to the depositary or its nominee, as the registered owner of such securities,
by wire transfer of immediately available funds. If securities are issued in definitive certificated form under the limited circumstances
described below and unless if otherwise provided in the description of the applicable securities herein or in the applicable prospectus
supplement, we will have the option of making payments by check mailed to the addresses of the persons entitled to payment or by wire
transfer to bank accounts in the United States designated in writing to the applicable trustee or other designated party at least 15 days
before the applicable payment date by the persons entitled to payment, unless a shorter period is satisfactory to the applicable trustee
or other designated party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Redemption proceeds, distributions
and dividend payments on the securities will be made to Cede &amp; Co., or such other nominee as may be requested by an authorized representative
of DTC. DTC&rsquo;s practice is to credit direct participants&rsquo; accounts upon DTC&rsquo;s receipt of funds and corresponding detail
information from us on the payment date in accordance with their respective holdings shown on DTC records. Payments by participants to
beneficial owners will be governed by standing instructions and customary practices, as is the case with securities held for the account
of customers in bearer form or registered in &ldquo;street name.&rdquo; Those payments will be the responsibility of participants and
not of DTC or us, subject to any statutory or regulatory requirements in effect from time to time. Payment of redemption proceeds, distributions
and dividend payments to Cede &amp; Co., or such other nominee as may be requested by an authorized representative of DTC, is our responsibility,
disbursement of payments to direct participants is the responsibility of DTC, and disbursement of payments to the beneficial owners is
the responsibility of direct and indirect participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except under the limited
circumstances described below, purchasers of securities will not be entitled to have securities registered in their names and will not
receive physical delivery of securities. Accordingly, each beneficial owner must rely on the procedures of DTC and its participants to
exercise any rights under the securities and the indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The laws of some jurisdictions
may require that some purchasers of securities take physical delivery of securities in definitive form. Those laws may impair the ability
to transfer or pledge beneficial interests in securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DTC may discontinue providing
its services as securities depositary with respect to the securities at any time by giving reasonable notice to us. Under such circumstances,
in the event that a successor depositary is not obtained, securities certificates are required to be printed and delivered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As noted above, beneficial
owners of a particular series of securities generally will not receive certificates representing their ownership interests in those securities.
However, if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">DTC notifies us that it is unwilling or unable to continue as a depositary for the global security or
securities representing such series of securities or if DTC ceases to be a clearing agency registered under the Exchange Act at a time
when it is required to be registered and a successor depositary is not appointed within 90 days of the notification to us or of our becoming
aware of DTC&rsquo;s ceasing to be so registered, as the case may be;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">we determine, in our sole discretion, not to have such securities represented by one or more global securities;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">an Event of Default has occurred and is continuing with respect to such series of securities,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">we will prepare and deliver certificates for such
securities in exchange for beneficial interests in the global securities. Any beneficial interest in a global security that is exchangeable
under the circumstances described in the preceding sentence will be exchangeable for securities in definitive certificated form registered
in the names that the depositary directs. It is expected that these directions will be based upon directions received by the depositary
from its participants with respect to ownership of beneficial interests in the global securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Euroclear and Clearstream</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If so provided in the applicable
prospectus supplement, you may hold interests in a global security through Clearstream Banking S.A., which we refer to as &ldquo;Clearstream,&rdquo;
or Euroclear Bank S.A./N.V., as operator of the Euroclear System, which we refer to as &ldquo;Euroclear,&rdquo; either directly if you
are a participant in Clearstream or Euroclear or indirectly through organizations which are participants in Clearstream or Euroclear.
Clearstream and Euroclear will hold interests on behalf of their respective participants through customers&rsquo; securities accounts
in the names of Clearstream and Euroclear, respectively, on the books of their respective U.S. depositaries, which in turn will hold such
interests in customers&rsquo; securities accounts in such depositaries&rsquo; names on DTC&rsquo;s books.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clearstream and Euroclear
are securities clearance systems in Europe. Clearstream and Euroclear hold securities for their respective participating organizations
and facilitate the clearance and settlement of securities transactions between those participants through electronic book-entry changes
in their accounts, thereby eliminating the need for physical movement of certificates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments, deliveries, transfers,
exchanges, notices and other matters relating to beneficial interests in global securities owned through Euroclear or Clearstream must
comply with the rules and procedures of those systems. Transactions between participants in Euroclear or Clearstream, on one hand, and
other participants in DTC, on the other hand, are also subject to DTC&rsquo;s rules and procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors will be able to
make and receive through Euroclear and Clearstream payments, deliveries, transfers and other transactions involving any beneficial interests
in global securities held through those systems only on days when those systems are open for business. Those systems may not be open for
business on days when banks, brokers and other institutions are open for business in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cross-market transfers between
participants in DTC, on the one hand, and participants in Euroclear or Clearstream, on the other hand, will be effected through DTC in
accordance with the DTC&rsquo;s rules on behalf of Euroclear or Clearstream, as the case may be, by their respective U.S. depositaries;
however, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, as the case may be, by the
counterparty in such system in accordance with the rules and procedures and within the established deadlines (European time) of such system.
Euroclear or Clearstream, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its
U.S. depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the global securities
through DTC, and making or receiving payment in accordance with normal procedures for same-day fund settlement. Participants in Euroclear
or Clearstream may not deliver instructions directly to their respective U.S. depositaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to time zone differences,
the securities accounts of a participant in Euroclear or Clearstream purchasing an interest in a global security from a direct participant
in DTC will be credited, and any such crediting will be reported to the relevant participant in Euroclear or Clearstream, during the securities
settlement processing day (which must be a business day for Euroclear or Clearstream) immediately following the settlement date of DTC.
Cash received in Euroclear or Clearstream as a result of sales of interests in a global security by or through a participant in Euroclear
or Clearstream to a direct participant in DTC will be received with value on the settlement date of DTC but will be available in the relevant
Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTC&rsquo;s settlement date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information in this section
of this prospectus concerning DTC, Clearstream, Euroclear and their respective book-entry systems has been obtained from sources that
we believe to be reliable, but we do not take responsibility for this information. This information has been provided solely as a matter
of convenience. The rules and procedures of DTC, Clearstream and Euroclear are solely within the control of those organizations and could
change at any time. Neither we nor the trustee nor any agent of ours or of the trustee has any control over those entities and none of
us takes any responsibility for their activities. You are urged to contact DTC, Clearstream and Euroclear or their respective participants
directly to discuss those matters. In addition, although we expect that DTC, Clearstream and Euroclear will perform the foregoing procedures,
none of them is under any obligation to perform or continue to perform such procedures and such procedures may be discontinued at any
time. Neither we nor any agent of ours will have any responsibility for the performance or nonperformance by DTC, Clearstream and Euroclear
or their respective participants of these or any other rules or procedures governing their respective operations.</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="gcm_012"></A>PLAN OF DISTRIBUTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
may sell the securities from time to time pursuant to underwritten public offerings, negotiated transactions, block trades or a combination
of these methods or through underwriters or dealers, through agents and/or directly to one or more purchasers or a combination of these
methods. The securities may be distributed from time to time in one or more transactions:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">at a fixed price or prices, which may be changed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">at market prices prevailing at the time of sale;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">at prices related to such prevailing market prices; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">at negotiated prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Each
time that we sell securities covered by this prospectus, we will provide a prospectus supplement or supplements that will describe the
method of distribution and set forth the terms and conditions of the offering of such securities, including the offering price of the
securities and the proceeds to us, if applicable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Offers
to purchase the securities being offered by this prospectus may be solicited directly. Agents may also be designated to solicit offers
to purchase the securities from time to time. Any agent involved in the offer or sale of our securities will be identified in a prospectus
supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">If
a dealer is utilized in the sale of the securities being offered by this prospectus, the securities will be sold to the dealer, as principal.
The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">If
an underwriter is utilized in the sale of the securities being offered by this prospectus, an underwriting agreement will be executed
with the underwriter at the time of sale and the name of any underwriter will be provided in the prospectus supplement that the underwriter
will use to make resales of the securities to the public. In connection with the sale of the securities, we or the purchasers of securities
for whom the underwriter may act as agent, may compensate the underwriter in the form of underwriting discounts or commissions. The underwriter
may sell the securities to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions
from the underwriters and/or commissions from the purchasers for which they may act as agent. Unless otherwise indicated in a prospectus
supplement, an agent will be acting on a best efforts basis and a dealer will purchase securities as a principal, and may then resell
the securities at varying prices to be determined by the dealer.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Any
compensation paid to underwriters, dealers or agents in connection with the offering of the securities, and any discounts, concessions
or commissions allowed by underwriters to participating dealers will be provided in the applicable prospectus supplement. Underwriters,
dealers and agents participating in the distribution of the securities may be deemed to be underwriters within the meaning of the Securities
Act, and any discounts and commissions received by them and any profit realized by them on resale of the securities may be deemed to be
underwriting discounts and commissions. We may enter into agreements to indemnify underwriters, dealers and agents against civil liabilities,
including liabilities under the Securities Act, or to contribute to payments they may be required to make in respect thereof and to reimburse
those persons for certain expenses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Any
Class A common stock will be listed on the Nasdaq Global Market, but any other securities may or may not be listed on a national securities
exchange. To facilitate the offering of securities, certain persons participating in the offering may engage in transactions that stabilize,
maintain or otherwise affect the price of the securities. This may include over-allotments or short sales of the securities, which involve
the sale by persons participating in the offering of more securities than were sold to them. In these circumstances, these persons would
cover such over-allotments or short positions by making purchases in the open market or by exercising their over-allotment option, if
any. In addition, these persons may stabilize or maintain the price of the securities by bidding for or purchasing securities in the
open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed
if securities sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to
stabilize or maintain the market price of the securities at a level above that which might otherwise prevail in the open market. These
transactions may be discontinued at any time.</FONT>&nbsp;</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
may engage in at the market offerings into an existing trading market in accordance with Rule 415(a)(4) under the Securities Act. In addition,
we may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately
negotiated transactions. If the applicable prospectus supplement so indicates, in connection with those derivatives, the third parties
may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so,
the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open
borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings
of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be named in
the applicable prospectus supplement (or a post-effective amendment). In addition, we may otherwise loan or pledge securities to a financial
institution or other third party that in turn may sell the securities short using this prospectus and an applicable prospectus supplement.
Such financial institution or other third party may transfer its economic short position to investors in our securities or in connection
with a concurrent offering of other securities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
material terms of any lock-up provisions in respect of any given offering will be described in the applicable prospectus supplement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
underwriters, dealers and agents may engage in transactions with us, or perform services for us, in the ordinary course of business for
which they receive compensation.</FONT></P>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="gcm_013"></A>LEGAL MATTERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Latham &amp; Watkins LLP
will pass upon certain legal matters relating to the issuance and sale of the securities offered hereby on behalf of GCM Grosvenor Inc.
Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by counsel that we will name in the applicable
prospectus supplement.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="gcm_014"></A>EXPERTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of GCM Grosvenor Inc. appearing in GCM Grosvenor Inc.&rsquo;s Annual Report (Form 10-K) for the year ended December 31, 2024
and the effectiveness of GCM Grosvenor Inc.&rsquo;s internal control over financial reporting as of December 31, 2024 have been audited
by Ernst &amp; Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included therein, and
incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such reports
given on the authority of such firm as experts in accounting and auditing.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item
14. <I>Other Expenses of Issuance and Distribution</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is an estimate
of the expenses (all of which are to be paid by the registrant) that we may incur in connection with the securities being registered hereby.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left; text-indent: -12pt; padding-left: 12pt">SEC registration fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">35,465.00</TD><TD STYLE="width: 1%; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Printing expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Blue Sky, qualification fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Transfer agent fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Trustee fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Depositary fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Warrant agent fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; text-indent: -12pt; padding-left: 12pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">(1)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; text-indent: -12pt; padding-left: 12pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">(1)</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">These fees are calculated based on the securities offered and the number of issuances and accordingly
cannot be estimated at this time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item
15. <I>Indemnification of Directors and Officers</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subsection (a) of Section
145 of the General Corporation Law of the State of Delaware (the &ldquo;DGCL&rdquo;) empowers a corporation to indemnify any person who
was or is a party or who is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that
the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses
(including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection
with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not
opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe
the person&rsquo;s conduct was unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subsection (b) of Section
145 empowers a corporation to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending
or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person
acted in any of the capacities set forth above, against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by
the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made in
respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only
to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled
to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 145 further provides
that to the extent a director or officer of a corporation has been successful on the merits or otherwise in the defense of any action,
suit or proceeding referred to in subsections (a) and (b) of Section 145, or in defense of any claim, issue or matter therein, such person
shall be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by such person in connection
therewith; that indemnification provided for by Section 145 shall not be deemed exclusive of any other rights to which the indemnified
party may be entitled; and the indemnification provided for by Section 145 shall, unless otherwise provided when authorized or ratified,
continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of such person&rsquo;s
heirs, executors and administrators. Section 145 also empowers the corporation to purchase and maintain insurance on behalf of any person
who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted
against such person and incurred by such person in any such capacity, or arising out of his status as such, whether or not the corporation
would have the power to indemnify such person against such liabilities under Section 145.</P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 102(b)(7) of the
DGCL provides that a corporation&rsquo;s certificate of incorporation may contain a provision eliminating or limiting the personal liability
of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, provided that such
provision shall not eliminate or limit the liability of a director (i) for any breach of the director&rsquo;s duty of loyalty to the corporation
or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law,
(iii) under Section 174 of the DGCL, or (iv) for any transaction from which the director derived an improper personal benefit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any underwriting agreement
or distribution agreement that the registrant enters into with any underwriters or agents involved in the offering or sale of any securities
registered hereby may require such underwriters or dealers to indemnify the registrant, some or all of its directors and officers and
its controlling persons, if any, for specified liabilities, which may include liabilities under the Securities Act of 1933, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, our amended
and restated certificate of incorporation limits the liability of our directors to the fullest extent permitted by the DGCL. We have entered
into and expect to continue to enter into agreements to indemnify our directors, executive officers and other employees as determined
by our board of directors. Under the terms of such indemnification agreements, we are required to indemnify each of our directors and
officers, to the fullest extent permitted by the laws of the state of Delaware, if the basis of the indemnitee&rsquo;s involvement was
by reason of the fact that the indemnitee is or was our director or officer or was serving at our request in an official capacity for
another entity. We must indemnify our officers and directors against all reasonable fees, expenses, charges and other costs of any type
or nature whatsoever, including any and all expenses and obligations paid or incurred in connection with investigating, defending, being
a witness in, participating in (including on appeal), or preparing to defend, be a witness or participate in any completed, actual, pending
or threatened action, suit, claim or proceeding, whether civil, criminal, administrative or investigative, or establishing or enforcing
a right to indemnification under the indemnification agreement. The indemnification agreements also require us, if so requested, to advance
all reasonable fees, expenses, charges and other costs that such director or officer incurred, provided that such person will return any
such advance if it is ultimately determined that such person is not entitled to indemnification by us. Any claims for indemnification
by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount
of money available to us.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item
16. <I>Exhibits</I></B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit <BR>
Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: justify; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B> &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriting Agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000121390020038527/ea130282ex3-1_gcmgrosvenor.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Certificate of Incorporation of GCM Grosvenor Inc. (incorporated by reference to Exhibit 3.1 to the registrant&rsquo;s Form 8-K filed with the SEC on November 20, 2020).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000121390020038527/ea130282ex3-2_gcmgrosvenor.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of GCM Grosvenor Inc. (incorporated by reference to Exhibit 3.2 to the registrant&rsquo;s Form 8-K filed with the SEC on November 20, 2020).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea024356101ex4-1_gcm.htm">Form of Indenture.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Note. &nbsp; &nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Deposit Agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant Agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Purchase Contract Agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Unit Agreement.</FONT></TD></TR>


<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 9%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 90%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea024356101ex5-1_gcm.htm">Opinion of Latham &amp; Watkins LLP.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000121390020038527/ea130282ex10-1_gcmgrosvenor.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stockholders&rsquo; Agreement (incorporated by reference to Exhibit 10.1 to the registrant&rsquo;s Form 8-K filed with the SEC on November 20, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000181979622000006/exhibit104q42021.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addendum to Stockholders' Agreement, effective as of November 5, 2021(incorporated by reference to Exhibit 10.4 to the registrant&rsquo;s Form 10-K filed with the SEC on February 25, 2022).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1819796/000121390020038527/ea130282ex10-4_gcmgrosvenor.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifth Amended and Restated Limited Liability Limited Partnership Agreement of Grosvenor Capital Management Holdings, LLLP (incorporated by reference to Exhibit 10.4 to the registrant&rsquo;s Form 8-K filed with the SEC on November 20, 2020).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea024356101ex5-1_gcm.htm">Consent of Latham &amp; Watkins LLP (included in Exhibit 5.1).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea024356101ex23-2_gcm.htm">Consent of Ernst &amp; Young LLP.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="#poa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Powers of Attorney (incorporated by reference to the signature page hereto).</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea024356101ex25-1_gcm.htm">Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of Wilmington Trust, National Association, as trustee under the indenture filed as Exhibit 4.1 above.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EX-FILING FEES</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea024356101ex-fee_gcm.htm">Filing Fees.</A></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 10pt">To be filed by amendment or incorporated by reference in connection with the offering of the securities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item
17. <I>Undertakings</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The undersigned registrant
hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.25in">(1) To file,
during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0.25in">(i) To include
any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0.25in">(ii) To reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0.25in">(iii) To include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0pt"><I>provided</I>, <I>however</I>, that
paragraphs (a)(1)(i), (a)(1)(ii), and (a)(1)(iii) above do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form
of prospectus filed pursuant to Rule 424(b) that is a part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.25in">(2) That, for
the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.25in">(3) To remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.25in">(5) That, for
the purpose of determining liability under the Securities Act of 1933 to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0.25in">(A) Each prospectus
filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus
was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0.25in">(B) Each prospectus
required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating
to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a)
of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such
form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. <I>Provided</I>, <I>however</I>, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: 0.25in">(6) That, for
the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of
the securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0.25in">The undersigned
registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to
offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0.25in">(i) Any preliminary
prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0.25in">(ii) Any free
writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned
registrant;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0.25in">(iii) The portion
of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its
securities provided by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify; text-indent: 0.25in">(iv) Any other
communications that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) The undersigned registrant
hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&rsquo;s
annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of
an employee benefit plan&rsquo;s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated
by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="poa_001"></A><B>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Chicago, State of Illinois, on the 27<SUP>th</SUP> of June, 2025.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>GCM Grosvenor Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><U STYLE="text-decoration: none">/s/ Michael J. Sacks</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Michael J. Sacks</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the undersigned officers
and directors of the registrant hereby severally constitutes and appoints Michael J. Sacks and Jonathan R. Levin, and each of them singly
(with full power to each of them to act alone), as his or her true and lawful attorneys-in-fact and agents, with full power of substitution
and resubstitution in each of them, for him or her and in his or her name, place and stead, and in any and all capacities, to file and
sign any and all amendments, including post-effective amendments, to this registration statement and any other registration statement
for the same offering that is to be effective under Rule 462(b) of the Securities Act of 1933, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done
in connection therewith and about the premises as fully to all intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by
virtue hereof. This power of attorney shall be governed by and construed with the laws of the State of Delaware and applicable federal
securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of the Securities Act of 1933, as amended,
this registration statement has been signed below by the following persons on behalf of the registrant in the capacities on the dates
indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 36%"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 44%"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 18%"><B>Date</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael J. Sacks</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chairman of the Board and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 27, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Michael J. Sacks</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Jonathan R. Levin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">President and Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 27, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Jonathan R. Levin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Pamela L. Bentley</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 27, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Pamela L. Bentley</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Principal Financial Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Kathleen P. Sullivan</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Chief Accounting Officer</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 27, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Kathleen P. Sullivan</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Principal Accounting Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Angela Blanton</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 27, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Angela Blanton</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Francesca Cornelli</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 27, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Francesca Cornelli</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Stephen Malkin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 27, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Stephen Malkin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ David Helfand</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 27, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">David Helfand</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Samuel C. Scott III</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Director</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 27, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Samuel C. Scott III</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">II-5</P>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>ea024356101ex4-1_gcm.htm
<DESCRIPTION>FORM OF INDENTURE
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Exhibit 4.1</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: transparent"><B>GCM GROSVENOR
INC.</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">Dated as of ___________,
20___</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent"><B>WILMINGTON TRUST,
NATIONAL ASSOCIATION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">Trustee</P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">TABLE
OF CONTENTS</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; text-indent: -0.5in; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Page</B></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-left: 0.5in">ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE</TD>
    <TD STYLE="width: 10%; text-align: center">1</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 1.1. Definitions.</TD>
    <TD STYLE="text-align: center">1</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 1.2. Other Definitions.</TD>
    <TD STYLE="text-align: center">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 1.3. Incorporation by Reference of Trust Indenture Act.</TD>
    <TD STYLE="text-align: center">4</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 1.4. Rules of Construction.</TD>
    <TD STYLE="text-align: center">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">ARTICLE II. THE SECURITIES</TD>
    <TD STYLE="text-align: center">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.1. Issuable in Series.</TD>
    <TD STYLE="text-align: center">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.2. Establishment of Terms of Series of Securities.</TD>
    <TD STYLE="text-align: center">5</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.3. Execution and Authentication.</TD>
    <TD STYLE="text-align: center">7</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.4. Registrar and Paying Agent.</TD>
    <TD STYLE="text-align: center">8</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.5. Paying Agent to Hold Money in Trust.</TD>
    <TD STYLE="text-align: center">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.6. Securityholder Lists.</TD>
    <TD STYLE="text-align: center">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.7. Transfer and Exchange.</TD>
    <TD STYLE="text-align: center">9</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities.</TD>
    <TD STYLE="text-align: center">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.9. Outstanding Securities.</TD>
    <TD STYLE="text-align: center">10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.10. Treasury Securities.</TD>
    <TD STYLE="text-align: center">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.11. Temporary Securities.</TD>
    <TD STYLE="text-align: center">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.12. Cancellation.</TD>
    <TD STYLE="text-align: center">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.13. Defaulted Interest.</TD>
    <TD STYLE="text-align: center">11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.14. Global Securities.</TD>
    <TD STYLE="text-align: center">12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.15. CUSIP Numbers.</TD>
    <TD STYLE="text-align: center">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 2.16. Trustee Not Responsible for Securities Laws.</TD>
    <TD STYLE="text-align: center">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">ARTICLE III. REDEMPTION</TD>
    <TD STYLE="text-align: center">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 3.1. Notice to Trustee.</TD>
    <TD STYLE="text-align: center">13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 3.2. Selection of Securities to be Redeemed.</TD>
    <TD STYLE="text-align: center">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 3.3. Notice of Redemption.</TD>
    <TD STYLE="text-align: center">14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 3.4. Effect of Notice of Redemption.</TD>
    <TD STYLE="text-align: center">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 3.5. Deposit of Redemption Price.</TD>
    <TD STYLE="text-align: center">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 3.6. Securities Redeemed in Part.</TD>
    <TD STYLE="text-align: center">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">ARTICLE IV. COVENANTS</TD>
    <TD STYLE="text-align: center">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 4.1. Payment of Principal and Interest.</TD>
    <TD STYLE="text-align: center">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 4.2. SEC Reports.</TD>
    <TD STYLE="text-align: center">15</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 4.3. Compliance Certificate.</TD>
    <TD STYLE="text-align: center">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 4.4. Stay, Extension and Usury Laws.</TD>
    <TD STYLE="text-align: center">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">ARTICLE V. SUCCESSORS</TD>
    <TD STYLE="text-align: center">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 5.1. When Company May Merge, Etc.</TD>
    <TD STYLE="text-align: center">16</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 5.2. Successor Corporation Substituted.</TD>
    <TD STYLE="text-align: center">17</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in; width: 90%">ARTICLE VI. DEFAULTS AND REMEDIES</TD>
    <TD STYLE="text-align: center; width: 10%">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.1. Events of Default.</TD>
    <TD STYLE="text-align: center">17</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.2. Acceleration of Maturity; Rescission and Annulment.</TD>
    <TD STYLE="text-align: center">18</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.3. Collection of Indebtedness and Suits for Enforcement by Trustee.</TD>
    <TD STYLE="text-align: center">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.4. Trustee May File Proofs of Claim.</TD>
    <TD STYLE="text-align: center">19</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.5. Trustee May Enforce Claims Without Possession of Securities.</TD>
    <TD STYLE="text-align: center">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.6. Application of Money Collected.</TD>
    <TD STYLE="text-align: center">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.7. Limitation on Suits.</TD>
    <TD STYLE="text-align: center">20</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.8. Unconditional Right of Holders to Receive Principal and Interest.</TD>
    <TD STYLE="text-align: center">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.9. Restoration of Rights and Remedies.</TD>
    <TD STYLE="text-align: center">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.10. Rights and Remedies Cumulative.</TD>
    <TD STYLE="text-align: center">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.11. Delay or Omission Not Waiver.</TD>
    <TD STYLE="text-align: center">21</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.12. Control by Holders.</TD>
    <TD STYLE="text-align: center">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.13. Waiver of Past Defaults.</TD>
    <TD STYLE="text-align: center">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 6.14. Undertaking for Costs.</TD>
    <TD STYLE="text-align: center">22</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">ARTICLE VII. TRUSTEE</TD>
    <TD STYLE="text-align: center">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.1. Duties of Trustee.</TD>
    <TD STYLE="text-align: center">23</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.2. Rights of Trustee.</TD>
    <TD STYLE="text-align: center">24</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.3. Individual Rights of Trustee.</TD>
    <TD STYLE="text-align: center">25</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.4. Trustee&rsquo;s Disclaimer.</TD>
    <TD STYLE="text-align: center">25</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.5. Notice of Defaults.</TD>
    <TD STYLE="text-align: center">26</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.6. Reports by Trustee to Holders.</TD>
    <TD STYLE="text-align: center">26</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.7. Compensation and Indemnity.</TD>
    <TD STYLE="text-align: center">26</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.8. Replacement of Trustee.</TD>
    <TD STYLE="text-align: center">27</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.9. Successor Trustee by Merger, Etc.</TD>
    <TD STYLE="text-align: center">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.10. Eligibility; Disqualification.</TD>
    <TD STYLE="text-align: center">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 7.11. Preferential Collection of Claims Against Company.</TD>
    <TD STYLE="text-align: center">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE</TD>
    <TD STYLE="text-align: center">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 8.1. Satisfaction and Discharge of Indenture.</TD>
    <TD STYLE="text-align: center">28</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 8.2. Application of Trust Funds; Indemnification.</TD>
    <TD STYLE="text-align: center">29</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 8.3. Legal Defeasance of Securities of any Series.</TD>
    <TD STYLE="text-align: center">30</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 8.4. Covenant Defeasance.</TD>
    <TD STYLE="text-align: center">31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 8.5. Repayment to Company.</TD>
    <TD STYLE="text-align: center">32</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 8.6. Reinstatement.</TD>
    <TD STYLE="text-align: center">32</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">ARTICLE IX. AMENDMENTS AND WAIVERS</TD>
    <TD STYLE="text-align: center">32</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 9.1. Without Consent of Holders.</TD>
    <TD STYLE="text-align: center">32</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 9.2. With Consent of Holders.</TD>
    <TD STYLE="text-align: center">33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 9.3. Limitations.</TD>
    <TD STYLE="text-align: center">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 9.4. Compliance with Trust Indenture Act.</TD>
    <TD STYLE="text-align: center">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 9.5. Revocation and Effect of Consents.</TD>
    <TD STYLE="text-align: center">34</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 9.6. Notation on or Exchange of Securities.</TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 9.7. Trustee Protected.</TD>
    <TD STYLE="text-align: center">35</TD></TR>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
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    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in; width: 90%">ARTICLE X. MISCELLANEOUS</TD>
    <TD STYLE="text-align: center; width: 10%">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.1. Trust Indenture Act Controls.</TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.2. Notices.</TD>
    <TD STYLE="text-align: center">35</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.3. Communication by Holders with Other Holders.</TD>
    <TD STYLE="text-align: center">36</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.4. Certificate and Opinion as to Conditions Precedent.</TD>
    <TD STYLE="text-align: center">36</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.5. Statements Required in Certificate or Opinion.</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.6. Rules by Trustee and Agents.</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.7. Legal Holidays.</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.8. No Recourse Against Others.</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.9. Counterparts.</TD>
    <TD STYLE="text-align: center">37</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.10. Governing Law; Waiver of Jury Trial; Consent to Jurisdiction.</TD>
    <TD STYLE="text-align: center">38</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.11. No Adverse Interpretation of Other Agreements.</TD>
    <TD STYLE="text-align: center">38</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.12. Successors.</TD>
    <TD STYLE="text-align: center">38</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.13. Severability.</TD>
    <TD STYLE="text-align: center">38</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.14. Table of Contents, Headings, Etc.</TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.15. Securities in a Foreign Currency.</TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.16. Judgment Currency.</TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.17. Force Majeure.</TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.18. U.S.A. Patriot Act.</TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 10.19. Entire Agreement.</TD>
    <TD STYLE="text-align: center">39</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 0.5in">ARTICLE XI. SINKING FUNDS</TD>
    <TD STYLE="text-align: center">40</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 11.1. Applicability of Article.</TD>
    <TD STYLE="text-align: center">40</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 11.2. Satisfaction of Sinking Fund Payments with Securities.</TD>
    <TD STYLE="text-align: center">40</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-left: 1in">Section 11.3. Redemption of Securities for Sinking Fund.</TD>
    <TD STYLE="text-align: center">40</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"></P>

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

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">gcm
grosvenor inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: transparent">Reconciliation and
tie between Trust Indenture Act of 1939 and<BR>
Indenture, dated as of ____________, 20__</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-size: 10pt">&sect; 310(a)(1)</FONT></TD>
    <TD STYLE="width: 72%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: left"><FONT STYLE="font-size: 10pt">7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(a)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(a)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(a)(4)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(a)(5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&sect; 311(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&sect; 312(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2.6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">10.3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">10.3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&sect; 313(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(b)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(b)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(c)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&sect; 314(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">4.2, 10.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(c)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">10.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(c)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">10.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(c)(3)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">10.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Not Applicable</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&sect; 315(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">7.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">6.14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&sect; 316(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(a)(1)(A)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">6.12</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(a)(1)(B)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">6.13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">6.8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&sect; 317(a)(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">6.3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(a)(2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">6.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">2.5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&sect; 318(a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">10.1</FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent">Note: This reconciliation
and tie shall not, for any purpose, be deemed to be part of the Indenture.</P>

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




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Indenture
dated as of __________, 20__ between GCM Grosvenor Inc., a Delaware corporation (the &ldquo;<I>Company</I>&rdquo;), and Wilmington Trust,
National Association, a national banking association, not in its individual capacity but solely as trustee (the &ldquo;<I>Trustee</I>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued
under this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: none">ARTICLE
I.</FONT><BR>
DEFINITIONS AND INCORPORATION BY REFERENCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 1.1.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Definitions.</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Affiliate</I>&rdquo;
of any specified person means any other person directly or indirectly controlling or controlled by or under common control with such specified
person. For the purposes of this definition, &ldquo;control&rdquo; (including, with correlative meanings, the terms &ldquo;controlled
by&rdquo; and &ldquo;under common control with&rdquo;), as used with respect to any person, shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities
or by agreement or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Agent</I>&rdquo;
means any Registrar, Paying Agent or Notice Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Board
of Directors</I>&rdquo; means the board of directors of the Company or any duly authorized committee thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Board
Resolution</I>&rdquo; means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted
by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the
certificate and delivered to the Trustee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Business
Day</I>&rdquo; means any day except a Saturday, Sunday, a legal holiday or any other day in The City of New York, New York (or in connection
with any payment, the Place of Payment or the city in which the Corporate Trust Office is located) on which banking institutions are authorized
or required by law, regulation or executive order to close.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Capital
Stock</I>&rdquo; means any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Company</I>&rdquo;
means the party named as such above until a successor replaces it and thereafter means the successor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Company
Order</I>&rdquo; means a written order signed in the name of the Company by an Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Corporate
Trust Office</I>&rdquo; means the office of the Trustee at which at any particular time its corporate trust business related to this Indenture
shall be principally administered, which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington,
DE 19890, Attention: GCM Grosvenor Inc., Administrator , or such other address as the Trustee may designate from time to time by notice
to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor
Trustee may designate from time to time by notice to the Holders and the Company).</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Default</I>&rdquo;
means any event which is, or after notice or passage of time or both would be, an Event of Default.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Depositary</I>&rdquo;
means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities,
the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange
Act; and if at any time there is more than one such person, &ldquo;Depositary&rdquo; as used with respect to the Securities of any Series
shall mean the Depositary with respect to the Securities of such Series.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Discount
Security</I>&rdquo; means any Security that provides for an amount less than the stated principal amount thereof to be due and payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Dollars</I>&rdquo;
and &ldquo;<I>$</I>&rdquo; means the currency of The United States of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Exchange
Act</I>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Foreign
Currency</I>&rdquo; means any currency or currency unit issued by a government other than the government of The United States of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Foreign
Government Obligations</I>&rdquo; means, with respect to Securities of any Series that are denominated in a Foreign Currency, direct obligations
of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations
its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><I>&ldquo;GAAP&rdquo;</I>
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
which are in effect as of the date of determination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Global
Security</I>&rdquo; or &ldquo;<I>Global Securities</I>&rdquo; means a Security or Securities, as the case may be, in the form established
pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and
registered in the name of such Depositary or nominee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Holder</I>&rdquo;
or &ldquo;<I>Securityholder</I>&rdquo; means a person in whose name a Security is registered in the Security Register kept by the Registrar
for that purpose, in accordance with the terms hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Indenture</I>&rdquo;
means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities
established as contemplated hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>interest</I>&rdquo;
with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Maturity</I>,&rdquo;
when used with respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Officer</I>&rdquo;
means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant Treasurer, the Secretary or
any Assistant Secretary, and any Vice President of the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Officer&rsquo;s
Certificate</I>&rdquo; means a certificate signed by any Officer.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Opinion
of Counsel</I>&rdquo; means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an employee of or
counsel to the Company. The opinion may contain customary limitations, conditions and exceptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>person</I>&rdquo;
means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Place
of Payment</I>&rdquo; when used with respect to the Securities of or within any Series, means the place or places where the principal
of (and premium, if any) and interest, if any, on such Securities are payable as specified and as contemplated by Section 2.1.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>principal</I>&rdquo;
of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, the Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Responsible
Officer</I>&rdquo; means any officer of the Trustee in its Corporate Trust Office having direct responsibility for administration of this
Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is
referred because of his or her knowledge of and familiarity with a particular subject.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>SEC</I>&rdquo;
means the Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Securities</I>&rdquo;
means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered under this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Series</I>&rdquo;
or &ldquo;<I>Series of Securities</I>&rdquo; means each series of debentures, notes or other debt instruments of the Company created pursuant
to Sections 2.1 and 2.2 hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Stated
Maturity</I>&rdquo; when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal
of such Security or interest is due and payable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Subsidiary</I>&rdquo;
of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power of
shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers
or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries
of that person or a combination thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>TIA</I>&rdquo;
means the Trust Indenture Act of 1939 (15 U.S. Code &sect;&sect; 77aaa-77bbbb) as in effect on the date of this Indenture; <U>provided</U>,
<U>however</U>, that in the event the Trust Indenture Act of 1939 is amended after such date, &ldquo;TIA&rdquo; means, to the extent required
by any such amendment, the Trust Indenture Act as so amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Trustee</I>&rdquo;
means the person named as the &ldquo;Trustee&rdquo; in the first paragraph of this instrument until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter &ldquo;Trustee&rdquo; shall mean or include each person who
is then a Trustee hereunder, and if at any time there is more than one such person, &ldquo;Trustee&rdquo; as used with respect to the
Securities of any Series shall mean the Trustee with respect to Securities of that Series.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>U.S.
Government Obligations</I>&rdquo; means securities which are direct obligations of, or guaranteed by, The United States of America for
the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof,
and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation
or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the
holder of a depositary receipt, <I>provided</I> that (except as required by law) such custodian is not authorized to make any deduction
from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government
Obligation evidenced by such depositary receipt.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 1.2.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Other Definitions</U>.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; width: 84%; text-align: left"><FONT STYLE="font-size: 10pt"><B>TERM</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><B>DEFINED IN<BR>
    SECTION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>Bankruptcy Law</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>Custodian</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>Event of Default</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">6.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>Judgment Currency</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>Legal Holiday</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>mandatory sinking fund payment</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>New York Banking Day</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>Notice Agent</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>optional sinking fund payment</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>Paying Agent</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>Registrar</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2.4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;<I>Required Currency</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&ldquo;<I>Specified Courts</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">10.10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&ldquo;<I>successor person</I>&rdquo;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">5.1</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 1.3.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Incorporation by Reference of Trust Indenture Act</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>Commission</I>&rdquo;
means the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>indenture
securities</I>&rdquo; means the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>indenture
security holder</I>&rdquo; means a Securityholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>indenture
to be qualified</I>&rdquo; means this Indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;<I>indenture
trustee</I>&rdquo; or &ldquo;<I>institutional trustee</I>&rdquo; means the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify; text-indent: 0in; background-color: transparent">&ldquo;<I>obligor</I>&rdquo;
on the indenture securities means the Company and any successor obligor upon the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 1in; text-align: justify; text-indent: 0in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">All
other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA and not otherwise defined herein are used herein as so defined.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 1.4. <FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><U>Rules
of Construction</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Unless
the context otherwise requires:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(a) <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>a term has the meaning assigned to it;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(b)
 an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(c) <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>&ldquo;<I>or</I>&rdquo; is not exclusive;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(d)
 words in the singular include the plural, and in the plural include the singular; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(e) <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>provisions apply to successive events and transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: none">ARTICLE
II.</FONT><BR>
THE SECURITIES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.1. <FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><U>Issuable
in Series</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may
be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner
provided in a Board Resolution, a supplemental indenture or an Officer&rsquo;s Certificate detailing the adoption of the terms thereof
pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board
Resolution, Officer&rsquo;s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted
under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date
from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that
all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.2. <FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><U>Establishment
of Terms of Series of Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">At
or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case
of Section 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Sections 2.2.2 through
2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution, supplemental indenture
hereto or Officer&rsquo;s Certificate:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.1. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the title (which shall distinguish the Securities of that particular Series from the Securities of any other Series) and ranking
(including the terms of any subordination provisions) of the Series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.2. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.3. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.4. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the date or dates on which the principal of the Securities of the Series is payable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.5. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates
(including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the
Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such
interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.6. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect
of the Securities of such Series and this Indenture may be delivered, and the method of such payment, if by wire transfer, mail or other
means;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.7. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities
of the Series may be redeemed, in whole or in part, at the option of the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.8. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.9. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at
the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.10. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>if other than minimum denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the
Series shall be issuable;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.11. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the forms of the Securities of the Series and whether the Securities will be issuable as Global Securities;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.12. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.13. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency
of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.14. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the
Securities of the Series will be made;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.15. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.16. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined,
if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity
index, stock exchange index or financial index;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.17. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the provisions, if any, relating to any security provided for the Securities of the Series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.18. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in
the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant
to Section 6.2;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.19. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.20. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities
of such Series if other than those appointed herein;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.21. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion
or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option
of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and
provisions affecting conversion or exchange if such Series of Securities are redeemed;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.22. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to
such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing
of Securities of that Series; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.2.23. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>whether any of the Company&rsquo;s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the
terms of subordination, if any, of such guarantees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">All
Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this
Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate referred
to above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.3.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Execution and Authentication</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">An
Officer shall sign the Securities for the Company by manual, facsimile or electronic signature.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">If
an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">A
Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall
be conclusive evidence that the Security has been authenticated under this Indenture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board
Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate, upon receipt by the Trustee of a Company Order. Each Security
shall be dated the date of its authentication.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount
for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate delivered pursuant to
Section 2.2, except as provided in Section 2.8.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Prior
to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in
relying on: (a) the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate establishing the form of the Securities
of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series,
(b) an Officer&rsquo;s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by
counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith shall determine that such action would
expose the Trustee to personal liability to Holders of any then outstanding Series of Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by
such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.4.
<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT><U>Registrar and Paying Agent</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant
to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (the &ldquo;<I>Paying
Agent</I>&rdquo;), where Securities of such Series may be surrendered for registration of transfer or exchange (the &ldquo;<I>Registrar</I>&rdquo;)
and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (the
&ldquo;<I>Notice Agent</I>&rdquo;). The Registrar shall keep a register with respect to each Series of Securities and to their transfer
and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address,
of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying
Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands; <U>provided</U>, <U>however</U>, that any appointment of the Trustee
as the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal
process on the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from
time to time rescind such designations; <U>provided</U>, <U>however</U>, that no such designation or rescission shall in any manner relieve
the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2
for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or
rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent. The
term &ldquo;<I>Registrar</I>&rdquo; includes any co-registrar; the term &ldquo;<I>Paying Agent</I>&rdquo; includes any additional paying
agent; and the term &ldquo;<I>Notice Agent</I>&rdquo; includes any additional notice agent. The Company or any of its Affiliates may serve
as Registrar or Paying Agent.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying
Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.5.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Paying Agent to Hold Money in Trust</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit
of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or
interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any
time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the
Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of
Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company,
the Trustee shall serve as Paying Agent for the Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.6.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Securityholder Lists</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses
of Securityholders of each Series of Securities and shall otherwise comply with TIA &sect; 312(a). If the Trustee is not the Registrar,
the Company shall furnish to the Trustee at least ten days before each interest payment date and at such other times as the Trustee may
request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders
of each Series of Securities; provided, that if and so long as the Trustee shall be the Registrar with respect to such series, such list
shall not be required to be furnished. The Trustee may destroy any list furnished to it as provided in Section 2.6 upon receipt of a new
list so furnished.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.7.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Transfer and Exchange</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Where
Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for
an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements
for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar&rsquo;s
request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein),
but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Neither
the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period
beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that Series
selected for redemption and ending at the close of business on the day such notice is sent, or (b) to register the transfer of or exchange
Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities
selected, called or being called for redemption in part.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.8.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Mutilated, Destroyed, Lost and Stolen Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">If
any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">If
there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security
and (ii) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute
and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost
or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">In
case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Security, pay such Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Upon
the issuance of any new Security under this Section 2.8, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Every
new Security of any Series issued pursuant to this Section 2.8 in lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of
that Series duly issued hereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
provisions of this Section 2.8 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.9.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Outstanding Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions
hereof and those described in this Section 2.9 as not outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">If
a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">If
the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities
of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease
to be outstanding and interest on them ceases to accrue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Company may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">In
determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for
such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration
of acceleration of the Maturity thereof pursuant to Section 6.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.10.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Treasury Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">In
determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded,
except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization,
direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee actually knows are so owned
shall be so disregarded.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Until
definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company
Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers
appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon receipt of a Company
Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so
exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.12.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Cancellation</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which
the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee)
for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered
shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not
operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are surrendered to
the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration
of transfer, exchange or payment. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided
in this Section 2.12, except as expressly permitted by this Indenture. The Trustee shall cancel all Securities surrendered for transfer,
exchange, payment, replacement or cancellation in accordance with its customary procedures and deliver a certificate of such cancellation
to the Company upon written request by a Company Order from the Company. The Company may not issue new Securities to replace Securities
that it has paid or delivered to the Trustee for cancellation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.13.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Defaulted Interest</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">If
the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record
date. The Company shall fix the record date and payment date. At least ten days before the special record date, the Company shall send
to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount
of interest to be paid. The Company may pay defaulted interest in any other lawful manner.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.14.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Global Securities</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.14.1. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Terms of Securities</U>. A Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary
for such Global Security or Securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.14.2. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Transfer and Exchange</U>. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition
thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of
Holders other than the Depositary for such Security or its nominee only if (i) such Depositary notifies the Company that it is unwilling
or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered
under the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under
the Exchange Act within 90 days of such event or (ii) the Company executes and delivers to the Trustee an Officer&rsquo;s Certificate
to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence
shall be exchangeable for Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Except
as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to such
Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.14.3. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Legends</U>. Any Global Security issued hereunder shall bear a legend in substantially the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY
OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">In
addition, so long as the Depository Trust Company (&ldquo;DTC&rdquo;) is the Depositary, each Global Note registered in the name of DTC
or its nominee shall bear a legend in substantially the following form:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">&ldquo;UNLESS
THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&ldquo;DTC&rdquo;),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE &amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp; CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.14.4. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Acts of Holders</U>. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any
request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the
Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.14.5. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Payments</U>. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section
2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">2.14.6. <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Consents, Declaration and Directions</U>. The Company, the Trustee and any Agent shall treat a person as the Holder of such
principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement
of the Depositary or by the applicable procedures of such Depositary with respect to such Global Security, for purposes of obtaining any
consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.15.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>CUSIP Numbers</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Company in issuing the Securities may use &ldquo;CUSIP&rdquo; numbers (if then generally in use), and, if so, the Trustee shall use &ldquo;CUSIP&rdquo;
numbers in notices of redemption as a convenience to Holders; <U>provided</U> that any such notice may state that no representation is
made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected
by any defect in or omission of such numbers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 2.16.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Trustee Not Responsible for Securities Laws</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Notwithstanding
anything herein to the contrary, neither the Trustee nor the Registrar shall be responsible for ascertaining whether any transfer complies
with the registration provisions of or exemptions from the Securities Act of 1933, as amended, applicable state securities laws or other
applicable laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="text-transform: none">ARTICLE
III.</FONT><BR>
REDEMPTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 3.1.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Notice to Trustee</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to
redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided
for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity
thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the
redemption date and the principal amount of the Series of Securities to be redeemed. The Company shall give the notice at least 15 days
before the redemption date, unless a shorter period is satisfactory to the Trustee.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 3.2.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Selection of Securities to be Redeemed</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Unless
otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate,
if less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows:
(a) if the Securities are in the form of Global Securities, in accordance with the procedures of the Depositary, (b) if the Securities
are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if
any, on which the Securities are listed, or (c) if not otherwise provided for under clause (a) or (b) in the manner that the Trustee deems
fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject,
in the case of Global Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be selected
from Securities of the Series outstanding not previously called for redemption. Portions of the principal of Securities of the Series
that have denominations larger than $1,000 may be selected for redemption. Securities of the Series and portions of them it selected for
redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations
pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions
of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called
for redemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 3.3.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Notice of Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Unless
otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate, at
least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically,
in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose Securities are to be redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
notice shall identify the Securities of the Series to be redeemed and shall state:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(a) <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the redemption date;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(b) <FONT STYLE="font-family: Times New Roman, Times, Serif">  &nbsp;
</FONT>the redemption price;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(c) <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>the name and address of the Paying Agent;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(d) <FONT STYLE="font-family: Times New Roman, Times, Serif">  &nbsp;
</FONT>if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed and that, after
the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion
of the original Security shall be issued in the name of the Holder thereof upon cancellation of the original Security;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(e) <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(f) <FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date unless the Company
defaults in the deposit of the redemption price;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(g) <FONT STYLE="font-family: Times New Roman, Times, Serif">  &nbsp;
</FONT>the CUSIP number, if any; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">(h) <FONT STYLE="font-family: Times New Roman, Times, Serif">  &nbsp;
</FONT>any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">At
the Company&rsquo;s request, the Trustee shall give the notice of redemption in the Company&rsquo;s name and at its expense, provided,
however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior
to the notice date, an Officer&rsquo;s Certificate requesting that the Trustee give such notice and setting forth the information to be
stated in such notice.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 3.4.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Effect of Notice of Redemption</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Once
notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption
date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer&rsquo;s Certificate
for a Series, a notice of redemption may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the
redemption price plus accrued interest to the redemption date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 3.5.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Deposit of Redemption Price</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">On
or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to
pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 3.6.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Securities Redeemed in Part</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Upon
surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and
the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center; background-color: transparent"><FONT STYLE="text-transform: none">ARTICLE
IV.<BR>
</FONT>COVENANTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 4.1.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>Payment of Principal and Interest</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">The
Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal
of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before
11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying Agent money sufficient to pay
the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent">Section 4.2.&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT><U>SEC Reports</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">To
the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with
the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing
as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant to Section 13 or 15(d)
of the Exchange Act. The Company also shall comply with the other provisions of TIA &sect; 314(a). All such reports, information or documents
referred to in this Section 4.2 that the Company files with the SEC via the SEC&rsquo;s EDGAR system shall be deemed to be filed and delivered
to the Trustee and transmitted to Holders at the time such reports, information or documents are filed via the EDGAR system (or any successor
system).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent">Delivery
of reports, information and documents to the Trustee under this Section 4.2 are for informational purposes only and the Trustee&rsquo;s
receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from
information contained therein, including the Company&rsquo;s compliance with any of the covenants hereunder (as to which the Trustee is
entitled to rely exclusively on an Officer&rsquo;s Certificate).</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.3.&nbsp;<U>Compliance Certificate</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year (ending December 31; it being understood and agreed that the Company may change its fiscal year so long as the Company has
provided written notice of such change to the Trustee) of the Company, an Officer&rsquo;s Certificate stating that a review of the activities
of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with
a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept, observed, performed
and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the
terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events
of Default of which the Officer may have knowledge).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4.4.&nbsp;<U>Stay, Extension and Usury Laws</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture or the Securities; and the Company (to the extent it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by resort to any such law, hinder,
delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power
as though no such law has been enacted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">ARTICLE
V.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
SUCCESSORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.1.&nbsp;<U>When Company May Merge, Etc</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and
assets to, any person (a &ldquo;<I>successor person</I>&rdquo;) unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;the
Company is the surviving corporation or the successor person (if other than the Company) is a corporation, partnership, trust or other
entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company&rsquo;s obligations
on the Securities and under this Indenture; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;immediately
after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officer&rsquo;s Certificate to the foregoing
effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the Company. Neither
an Officer&rsquo;s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5.2.&nbsp;<U>Successor Corporation Substituted</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company
in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or
to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for, and may exercise every right
and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein;
<U>provided</U>, <U>however</U>, that the predecessor Company in the case of a sale, conveyance or other disposition (other than a lease)
shall be released from all obligations and covenants under this Indenture and the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">ARTICLE
VI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
DEFAULTS AND REMEDIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.1.&nbsp;<U>Events of Default</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<I>Event
of Default</I>,&rdquo; wherever used herein with respect to Securities of any Series, means any one of the following events, unless in
the establishing Board Resolution, supplemental indenture or Officer&rsquo;s Certificate, it is provided that such Series shall not have
the benefit of said Event of Default:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;default
in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a
period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior
to 11:00 a.m., New York City time, on the 30<SUP>th</SUP> day of such period); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;default
in the payment of principal of any Security of that Series at its Maturity; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;default
in the performance or breach of any covenant or warranty of the Company in this Indenture (other than defaults pursuant to Sections 6.1(a)
or 6.1(b) or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of a Series of Securities
other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 30% in principal amount of the outstanding
Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a &ldquo;Notice of Default&rdquo; hereunder; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;the
Company pursuant to or within the meaning of any Bankruptcy Law:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;commences
a voluntary case,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;consents
to the entry of an order for relief against it in an involuntary case,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;consents
to the appointment of a Custodian of it or for all or substantially all of its property,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;makes
a general assignment for the benefit of its creditors, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;generally
is unable to pay its debts as the same become due; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;is
for relief against the Company in an involuntary case,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;appoints
a Custodian of the Company or for all or substantially all of its property, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;orders
the liquidation of the Company,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the order or decree remains unstayed and in effect for 60 days; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;any
other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture
hereto or an Officer&rsquo;s Certificate, in accordance with Section 2.2.18.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term &ldquo;<I>Bankruptcy Law</I>&rdquo; means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The
term &ldquo;<I>Custodian</I>&rdquo; means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will provide the Trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence
of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and
what action the Company is taking or proposes to take in respect thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.2.&nbsp;<U>Acceleration of Maturity; Rescission and Annulment</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or 6.1(e)) then in every such case the Trustee or the Holders of not less than 30% in principal
amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount
Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest,
if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest,
if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(d) or 6.1(e) shall occur, the principal
amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall <I>ipso facto</I> become
and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time after such a declaration of acceleration with respect to any Series has been made and before a judgment or decree for payment
of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount
of the outstanding Securities of that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal
and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured
or waived as provided in Section 6.13.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
such rescission shall affect any subsequent Default or impair any right consequent thereon.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.3.&nbsp;<U>Collection of Indebtedness and Suits for Enforcement by Trustee</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company covenants that if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;default
is made in the payment of any interest on any Security when such interest becomes due and payable and such default continues for a period
of 30 days, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;default
is made in the payment of principal of any Security at the Maturity thereof, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;default
is made in the deposit of any sinking fund payment, if any, when and as due by the terms of a Security,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>then,
</I>the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then
due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, reasonable
expenses, disbursements and advances of the Trustee, its agents and counsel.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final
decree and may enforce the same against the Company or any other obligor upon such Securities and collect the moneys adjudged or deemed
to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed
to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings
as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.4.&nbsp;<U>Trustee May File Proofs of Claim</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such
other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company
for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;to
file and prove a claim for the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the compensation,
reasonable expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding,
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for the compensation, reasonable expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan
of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize
the Trustee to vote in respect of the claim of any Holder in any such proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.5.&nbsp;<U>Trustee May Enforce Claims Without Possession of Securities</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment
of the compensation, reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit
of the Holders of the Securities in respect of which such judgment has been recovered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.6.&nbsp;<U>Application of Money Collected.</U></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed
by the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the
Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">First:&#9;To
the payment of all amounts due the Trustee under Section 7.7; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second:&#9;To
the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the benefit
of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable
on such Securities for principal and interest, respectively; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third:&#9;To
the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.7.&nbsp;<U>Limitation on Suits</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;such
Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;the
Holders of not less than 30% in principal amount of the outstanding Securities of that Series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;such
Holder or Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities
which might be incurred by the Trustee in compliance with such request;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;the
Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;no
direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority
in principal amount of the outstanding Securities of that Series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
being understood, intended and expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one
or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture
to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over
any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders of the applicable Series.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.8.&nbsp;<U>Unconditional Right of Holders to Receive Principal and Interest</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive
payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed
in such Security (or, in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.9.&nbsp;<U>Restoration of Rights and Remedies</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case,
subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no
such proceeding had been instituted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.10.&nbsp;<U>Rights and Remedies Cumulative</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8, no
right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not, to the extent permitted by law, prevent the concurrent assertion or employment of any other appropriate right
or remedy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.11.&nbsp;<U>Delay or Omission Not Waiver</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and
remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.12.&nbsp;<U>Control by Holders</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee,
with respect to the Securities of such Series, provided that</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;such
direction shall not be in conflict with any rule of law or with this Indenture,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;subject
to the provisions of Section 7.1, the Trustee shall have the right to decline to follow any such direction if the Trustee in good faith
shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability,
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;prior
to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.13.&nbsp;<U>Waiver of Past Defaults</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all
the Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such
Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided,
however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and
its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6.14.&nbsp;<U>Undertaking for Costs</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the
Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to
pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys&rsquo;
fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 6.14 shall not apply to any suit instituted by the Company, to any suit instituted
by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount
of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal
of or interest on any Security on or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or,
in the case of redemption, on the redemption date).</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">ARTICLE
VII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
TRUSTEE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.1.&nbsp;<U>Duties of Trustee</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;If
an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct
of such person&rsquo;s own affairs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Except
during the continuance of an Event of Default:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;The
Trustee need perform only those duties that are specifically set forth in this Indenture and no others.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;In
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon Officer&rsquo;s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements
of this Indenture; <U>however</U>, in the case of any such Officer&rsquo;s Certificates or Opinions of Counsel which by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer&rsquo;s Certificates and Opinions
of Counsel to determine whether or not they conform to the form requirements of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;This
Section 7.1(c) does not limit the effect of Section 7.1(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;The
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;The
Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any
Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities
of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with
Section 6.12.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;Every
provision of this Indenture that in any way relates to the Trustee is subject to this Section 7.1 and Section 7.2.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;The
Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against the costs,
expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;No
provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance
of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the
Trustee in its satisfaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;The
Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as are set forth in Sections
7.1(e), 7.1(f) and 7.1(g) and in Section 7.2, each with respect to the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.2.&nbsp;<U>Rights of Trustee</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;The
Trustee may rely on and shall be protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, judgment, approval, bond, debenture, note, coupon, other evidence of indebtedness or other paper
or document (whether in its original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper
person, not only as to due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained
therein. The Trustee need not investigate any fact or matter stated in the document.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Before
the Trustee acts or refrains from acting, it may require an Officer&rsquo;s Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer&rsquo;s Certificate and/or Opinion
of Counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;The
Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. No
Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;The
Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights
or powers, provided that the Trustee&rsquo;s conduct does not constitute willful misconduct or negligence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;The
Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and
protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance
thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;The
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see
fit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust
Office of the Trustee, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;In
no event shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any
kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage
and regardless of the form of action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;The
permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or duty to do
so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;The
Trustee is not responsible for monitoring the performance of other persons or for the failure of others to perform their duties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;Any
action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent
of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive
and binding upon future holders of Notes, and upon Notes executed and delivered in exchange therefor or in place thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&nbsp;The
Trustee may request that the Company deliver an Officer&rsquo;s Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which Officer&rsquo;s Certificate may be signed by any
Person authorized to sign an Officer&rsquo;s Certificate, including any Person specified as so authorized in any certificate previously
delivered and not superseded.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;The
Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&nbsp;Notwithstanding
anything to the contrary set forth herein, in no event shall the Trustee or the Paying Agent be liable for interest on any money received
by it (including, but not limited to, any negative interest) except as the Trustee or the Paying Agent may otherwise agree in writing
with the Company. For the avoidance of doubt, the compensation, reimbursement and indemnification protections afforded to the Trustee
and the Paying Agent under Section 7.7 of this Indenture shall cover any interest-related expenses incurred by the Trustee or the Paying
Agent in the performance of their duties hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.3.&nbsp;<U>Individual Rights of Trustee</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company
or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights.
The Trustee is also subject to Sections 7.10 and 7.11.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.4.&nbsp;<U>Trustee&rsquo;s Disclaimer</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Company&rsquo;s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than
its authentication.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.5.&nbsp;<U>Notice of Defaults</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall send to each Securityholder of the Securities of that Series notice of a Default or Event of
Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of such Default or Event
of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series,
the Trustee may withhold the notice if and so long as its corporate trust committee or a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Securityholders of that Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.6.&nbsp;<U>Reports by Trustee to Holders</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within
60 days after each anniversary of the date of this Indenture and for so long as any Securities remain outstanding, the Trustee shall
transmit to all Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of
such anniversary date, in accordance with, and to the extent required under, TIA &sect; 313.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities
exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities
of any Series are listed on any national securities exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.7.&nbsp;<U>Compensation and Indemnity</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee&rsquo;s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses, disbursements and advances incurred by
it in connection with the performance of its duties under this Indenture. Such expenses shall include the reasonable compensation and
expenses of the Trustee&rsquo;s agents and counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company shall indemnify and hold harmless each of the Trustee and any predecessor Trustee (including for the cost of defending itself
against any claims by a third party or enforcing this indemnity) against any cost, expense, liability, action, damage, claim, suit or
expense (including attorneys&rsquo; fees and expenses, and including taxes (other than taxes based upon, measured by or determined by
the income of the Trustee)), incurred by it or arising out of or in connection with (including the performance of its duties and the
exercise of its powers and the enforcement of this Indenture), except as set forth in the next paragraph, its duties under this Indenture
as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially
prejudiced thereby. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate
counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made
without its consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers, directors, employees,
shareholders and agents of the Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through willful misconduct or negligence.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
secure the Company&rsquo;s payment obligations in this Section 7.7, the Trustee shall have a lien prior to the Securities of any Series
on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities
of that Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or 6.1(e) occurs, the expenses
and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this Section 7.7 shall survive the termination of this Indenture and the resignation or removal of the Trustee or Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.8.&nbsp;<U>Replacement of Trustee</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee&rsquo;s
acceptance of appointment as provided in this Section 7.8.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee may resign with respect to the Securities of one or more Series by so notifying the Company at least 30 days prior to the date
of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with
respect to that Series by so notifying the Trustee and the Company in writing at least 30 days prior to the date of the proposed removal.
The Company may remove the Trustee with respect to Securities of one or more Series if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;the
Trustee fails to comply with Section 7.10;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;a
Custodian or public officer takes charge of the Trustee or its property; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;the
Trustee becomes incapable of acting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then
outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a successor Trustee with respect to the Securities of any one or more Series does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities
of the applicable Series may petition any court of competent jurisdiction for the appointment of a successor Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after
that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for
in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture.
A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of
the Trustee pursuant to this Section 7.8, the Company&rsquo;s obligations under Section 7.7 hereof shall continue for the benefit of
the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with
its rights, powers and duties under this Indenture prior to such replacement.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.9.&nbsp;<U>Successor Trustee by Merger, Etc</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act shall be the successor Trustee, subject to Section 7.10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.10.&nbsp;<U>Eligibility; Disqualification</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Indenture shall always have a Trustee who satisfies the requirements of TIA &sect; 310(a)(1), (2) and (5). The Trustee shall always have
a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee
shall comply with TIA &sect; 310(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7.11.&nbsp;<U>Preferential Collection of Claims Against Company</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee is subject to TIA &sect; 311(a), excluding any creditor relationship listed in TIA &sect; 311(b). A Trustee who has resigned
or been removed shall be subject to TIA &sect; 311(a) to the extent indicated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">ARTICLE
VIII.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
SATISFACTION AND DISCHARGE; DEFEASANCE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.1.&nbsp;<U>Satisfaction and Discharge of Indenture</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further effect as to
all Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall
execute instruments acknowledging satisfaction and discharge of this Indenture, when</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;either</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;all
Securities of such Series theretofore authenticated and delivered (other than Securities that have been destroyed, lost or stolen and
that have been replaced or paid) have been delivered to the Trustee for cancellation; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;all
such Securities of such Series not theretofore delivered to the Trustee for cancellation:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;have
become due and payable by reason of sending a notice of redemption or otherwise, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;will
become due and payable at their Stated Maturity within one year, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;have
been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in; background-color: transparent">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;are
deemed paid and discharged pursuant to Section 8.3, as applicable;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
the Company, in the case of (1), (2) or (3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust
funds in trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging
each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such
Series on the dates such installments of principal or interest are due;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;the
Company shall have paid or caused to be paid all other sums payable hereunder by the Company; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;the
Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the satisfaction and discharge contemplated by this Section 8.1 have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and, if money shall
have been deposited with the Trustee pursuant to Section 8.1(a), the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.2.&nbsp;<U>Application of Trust Funds; Indemnification</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;Subject
to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee
pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government
Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it, in accordance with
the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose
payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments
as contemplated by Sections 8.1, 8.3 or 8.4.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;The
Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against U.S. Government
Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in
respect of such obligations other than any payable by or on behalf of Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;The
Trustee shall deliver or pay to the Company from time to time upon Company Order any U.S. Government Obligations or Foreign Government
Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent
certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess
of the amount thereof which then would have been required to be deposited for the purpose for which such U.S. Government Obligations
or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of
any U.S. Government Obligations or Foreign Government Obligations held under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.3.&nbsp;<U>Legal Defeasance of Securities of any Series</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company shall be
deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the
date of the deposit referred to in Section 8.3(d), and the provisions of this Indenture, as it relates to such outstanding Securities
of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order,
execute instruments acknowledging the same), except as to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;the
rights of Holders of Securities of such Series to receive, from the trust funds described in Section 8.3(d), (i) payment of the principal
of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or
installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such
Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such
Series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;the
provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;the
rights, powers, trusts and immunities of the Trustee hereunder and the Company&rsquo;s obligations in connection therewith;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided
that, the following conditions shall have been satisfied:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;the
Company shall have irrevocably deposited or caused to be deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds
specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities
of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such
Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through
the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming
no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash,
sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a written
certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, on and any mandatory
sinking fund payments in respect of all the Securities of such Series on the dates such installments of principal or interest and such
sinking fund payments are due;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;no
Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit
or during the period ending on the 91st day after such date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;the
Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel to the effect that (i) the Company
has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this
Indenture, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for Federal
income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;the
Company shall have delivered to the Trustee an Officer&rsquo;s Certificate stating that the deposit was not made by the Company with
the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;the
Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for relating to the defeasance contemplated by this Section 8.3 have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.4.&nbsp;<U>Covenant Defeasance</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company may omit
to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and
5.1 and, unless otherwise specified therein, any additional covenants specified in a supplemental indenture for such Series of Securities
or a Board Resolution or an Officer&rsquo;s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such covenants
shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified
in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer&rsquo;s Certificate delivered pursuant
to Section 2.2 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the
Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby;
provided that the following conditions shall have been satisfied:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;with
reference to this Section 8.4, the Company has irrevocably deposited or caused to be irrevocably deposited (except as provided in Section
8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for,
and dedicated solely to, the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars,
cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency
(other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in
respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed
on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of
a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof
delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments)
of and interest on all the Securities of such Series on the dates such installments of principal or interest are due;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;such
deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or instrument
to which the Company is a party or by which it is bound;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;no
Default or Event of Default with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;the
Company shall have delivered to the Trustee an Officers&rsquo; Certificate and an Opinion of Counsel to the effect that the Holders of
the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit and
covenant defeasance and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would
have been the case if such deposit and covenant defeasance had not occurred;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;The
Company shall have delivered to the Trustee an Officer&rsquo;s Certificate stating the deposit was not made by the Company with the intent
of defeating, hindering, delaying or defrauding any other creditors of the Company; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;The
Company shall have delivered to the Trustee an Officer&rsquo;s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the covenant defeasance contemplated by this Section 8.4 have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8.5.&nbsp;<U>Repayment to Company</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them for
the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look
to the Company for payment as general creditors unless an applicable abandoned property law designates another person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with Section
8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the obligations of the Company under this Indenture with respect to the Securities of such
Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section
8.1 until such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; <U>provided</U>,
<U>however</U>, that if the Company has made any payment of principal of or interest on any Securities because of the reinstatement of
its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money
or U.S. Government Obligations held by the Trustee or Paying Agent after payment in full to the Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">ARTICLE
IX.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
AMENDMENTS AND WAIVERS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.1.&nbsp;<U>Without Consent of Holders</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;to
cure any ambiguity, defect or inconsistency;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;to
comply with Article V;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;to
provide for uncertificated Securities in addition to or in place of certificated Securities;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;to
add guarantees with respect to Securities of any Series or secure Securities of any Series;</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;to
surrender any of the Company&rsquo;s rights or powers under this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;to
add covenants or events of default for the benefit of the holders of Securities of any Series;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;to
comply with the applicable procedures of the applicable depositary;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;to
make any change that does not materially adversely affect the rights of any Securityholder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;to
provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&nbsp;to
evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to comply with requirements of the
SEC in order to effect or maintain the qualification of this Indenture under the TIA, or under any similar federal statute hereafter
enacted, and to add to this Indenture such other provisions as may be expressly permitted by the TIA, excluding however, the provisions
referred to in Section 316(a)(2) of the TIA or any corresponding provision in any similar federal statute hereafter enacted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.2.&nbsp;<U>With Consent of Holders</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal
amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection
with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the
rights of the Securityholders of each such Series. Except as provided in Section 6.13, the Holders of at least a majority in principal
amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender
offer or exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or
the Securities with respect to such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed
supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture
or waiver under this Section 9.2 becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly
describing the supplemental indenture or waiver. Any failure by the Company to send such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such supplemental indenture or waiver.</FONT></P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
the consent of each Securityholder affected, an amendment or waiver may not:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;reduce
the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;reduce
the rate of or extend the time for payment of interest (including default interest) on any Security;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;reduce
the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any
sinking fund or analogous obligation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;reduce
the principal amount of Discount Securities payable upon acceleration of the maturity thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;waive
a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration
of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series
and a waiver of the payment default that resulted from such acceleration);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;make
the principal of or interest, if any, on any Security payable in any currency other than that stated in the Security;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;make
any change in Sections 6.8, 6.13 or 9.3 (this sentence); or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;waive
a redemption payment with respect to any Security, provided that such redemption is made at the Company&rsquo;s option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.4.&nbsp;<U>Compliance with Trust Indenture Act</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.5.&nbsp;<U>Revocation and Effect of Consents</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a continuing
consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting
Holder&rsquo;s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may
revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the
supplemental indenture or the date the waiver becomes effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of
the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of
a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as
the consenting Holder&rsquo;s Security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent
or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed,
then notwithstanding the second immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated
proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action,
whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than
120 days after such record date.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.6.&nbsp;<U>Notation on or Exchange of Securities</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter authenticated.
The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in
accordance with Section 2.3 new Securities of that Series that reflect the amendment or waiver.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9.7.&nbsp;<U>Trustee Protected</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected
in relying upon, an Officer&rsquo;s Certificate or an Opinion of Counsel or both complying with Section 10.4. The Trustee shall sign
all supplemental indentures upon delivery of such an Officer&rsquo;s Certificate or Opinion of Counsel or both, except that the Trustee
need not sign any supplemental indenture that adversely affects its rights, duties, liabilities or immunities under this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">ARTICLE
X.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
MISCELLANEOUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.1.&nbsp;<U>Trust Indenture Act Controls</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in
this Indenture by the TIA, such required or deemed provision shall control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in
writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission,
email or overnight air courier guaranteeing next day delivery, to the others&rsquo; address:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
to the Company:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GCM
Grosvenor Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">900
North Michigan Avenue</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suite
1100</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chicago,
Illinois 60611</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
General Counsel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
(312) 506-6500</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Latham
&amp; Watkins LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1271
Avenue of the Americas</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, New York 10020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Rachel W. Sheridan and Drew Capurro</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
(212) 906-1200</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
to the Trustee:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wilmington
Trust, National Association</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rodney
Square North</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1100
North Market Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wilmington,
DE 19890</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
GCM Grosvenor Inc., Administrator</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
(302) 636-6398</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">with
a copy to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alston
&amp; Bird LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101
South Tryon St., Suite 4000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charlotte,
NC 28280-4000</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: transparent; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Jason Solomon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
(704) 444-1295</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice or communication to a Securityholder shall be sent electronically or by first-class mail to his, her or its address shown on the
register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder
of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a notice or communication is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or
not the Securityholder receives it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Company sends a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event (including
any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to
the Depositary for such Security (or its designee) pursuant to the customary procedures of such Depositary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.3.&nbsp;<U>Communication by Holders with Other Holders</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securityholders
of any Series may communicate pursuant to TIA &sect; 312(b) with other Securityholders of that Series or any other Series with respect
to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone
else shall have the protection of TIA &sect; 312(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.4.&nbsp;<U>Certificate and Opinion as to Conditions Precedent</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;an
Officer&rsquo;s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;an
Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.5.&nbsp;<U>Statements Required in Certificate or Opinion</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA &sect; 314(a)(4)) shall comply with the provisions of TIA &sect; 314(e) and shall include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;a
statement that the person making such certificate or opinion has read such covenant or condition;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;a
statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such
person to express an informed opinion as to whether or not such covenant or condition has been complied with; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;a
statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.6.&nbsp;<U>Rules by Trustee and Agents</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable
rules and set reasonable requirements for its functions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.7.&nbsp;<U>Legal Holidays</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&ldquo;<I>Legal Holiday</I>&rdquo; is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment,
payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening
period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.8.&nbsp;<U>No Recourse Against Others</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director, officer, employee or stockholder (past or present), as such, of the Company shall not have any liability for any obligations
of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their
creation. Each Securityholder by accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies
of this Indenture and of signature pages by facsimile or electronic format (e.g., &ldquo;.pdf&rdquo; or &ldquo;.tif&rdquo;) transmission
shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (e.g., &ldquo;.pdf&rdquo;
or &ldquo;.tif&rdquo;) shall be deemed to be their original signatures for all purposes.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise provided herein or in any other Securities, the words &ldquo;execute&rdquo;, &ldquo;execution&rdquo;, &ldquo;signed&rdquo;,
and &ldquo;signature&rdquo; and words of similar import used in or related to any document to be signed in connection with this Indenture,
any Securities or any of the transactions contemplated hereby (including amendments, waivers, consents and other modifications) shall
be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to
the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions
Act, provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures approved by such Trustee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.10.&nbsp;<U>Governing Law; Waiver of Jury Trial; Consent to Jurisdiction</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE SECURITIES, SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK<FONT STYLE="text-transform: uppercase">.</FONT></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>THE
COMPANY, THE TRUSTEE AND THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby may be instituted
in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each
case located in the City of New York (collectively, the &ldquo;<I>Specified Courts</I>&rdquo;), and each party irrevocably submits to
the non exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document
by mail (to the extent allowed under any applicable statute or rule of court) to such party&rsquo;s address set forth above shall be
effective service of process for any suit, action or other proceeding brought in any such court. The Company, the Trustee and the Holders
(by their acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any
suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim any
such suit, action or other proceeding has been brought in an inconvenient forum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.11.&nbsp;<U>No Adverse Interpretation of Other Agreements</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such
indenture, loan or debt agreement may not be used to interpret this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
agreements of the Company in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture
shall bind its successor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.14.&nbsp;<U>Table of Contents, Headings, Etc</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience
of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.15.&nbsp;<U>Securities in a Foreign Currency</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate delivered pursuant to Section
2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken
by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular
action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one
currency, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such
action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series
of Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer&rsquo;s Certificate delivered
pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate
for the purchase of the designated currency as published in The Financial Times in the &ldquo;Currency Rates&rdquo; section (or, if The
Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source as may be selected
in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the equivalent
principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken
by Holders of Securities pursuant to the terms of this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
decisions and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted
by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.16.&nbsp;<U>Judgment Currency</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment
in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any
Series (the &ldquo;<I>Required Currency</I>&rdquo;) into a currency in which a judgment will be rendered (the &ldquo;<I>Judgment Currency</I>&rdquo;),
the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City
of New York the Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such
day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures
the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding
the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance
with subsection (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result
in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the
amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable,
and (iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing,
&ldquo;<I>New York Banking Day</I>&rdquo; means any day except a Saturday, Sunday or a legal holiday in The City of New York on which
banking institutions are authorized or required by law, regulation or executive order to close.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.17.&nbsp;<U>Force Majeure</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances or governmental actions, nuclear or natural catastrophes or acts of God, earthquakes,
fires, floods, sabotage, riots, epidemics or pandemics, interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services, and the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility,
it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.18.&nbsp;<U>U.S.A. Patriot Act</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.
The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee
to satisfy the requirements of the U.S.A. Patriot Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10.19.&nbsp; <U>Entire Agreement</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Indenture, any applicable supplemental indenture and the exhibits hereto set forth the entire agreement and understanding of the parties
related to this transaction and supersedes all prior written agreements and understandings, oral or written.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: none">ARTICLE
XI.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
SINKING FUNDS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.1.&nbsp;<U>Applicability of Article</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by
the terms of such Securities pursuant to Section 2.2, except as otherwise permitted or required by any form of Security of such Series
issued pursuant to this Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a &ldquo;<I>mandatory
sinking fund payment</I>&rdquo; and any other amount provided for by the terms of Securities of such Series is herein referred to as
an &ldquo;<I>optional sinking fund payment</I>.&rdquo; If provided for by the terms of Securities of any Series, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption
of Securities of any Series as provided for by the terms of the Securities of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.2.&nbsp;<U>Satisfaction of Sinking Fund Payments with Securities</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant
to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other
than any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series
to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of
the Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application
of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such
Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer&rsquo;s Certificate
with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption,
and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities
in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to
exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except
upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied
to the next succeeding sinking fund payment, <U>provided</U>, <U>however</U>, that the Trustee or such Paying Agent shall from time to
time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying
Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount
equal to the cash payment required to be released to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11.3.&nbsp;<U>Redemption of Securities for Sinking Fund</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer&rsquo;s Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will
deliver to the Trustee an Officer&rsquo;s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that
Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 11.2, and the
optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer&rsquo;s Certificate
or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Securities
to be redeemed upon such sinking fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send
or cause to be sent a notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided
in and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms
and in the manner stated in Sections 3.4, 3.5 and 3.6.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; background-color: transparent"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.</FONT></P>

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    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>GCM Grosvenor Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="text-align: left; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wilmington Trust, National Association</B>, </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
as Trustee</FONT></TD></TR>
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    <TD STYLE="text-align: left; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD></TR>
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    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>ea024356101ex5-1_gcm.htm
<DESCRIPTION>OPINION OF LATHAM & WATKINS LLP
<TEXT>
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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 5.1</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="ex5-1_001.jpg" ALT="">&nbsp;</P>
                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
                       <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 27, 2025</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">900 North Michigan Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 1100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago, Illinois 60611</P>
</TD><TD STYLE="text-align: justify; width: 40%"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">650
                                            Town Center Drive, 20th Floor</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Costa
Mesa, California 92626-1925</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tel:
+1.714.540.1235 Fax: +1.714.755.8290</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">www.lw.com</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">FIRM
/ AFFILIATE OFFICES&nbsp;</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Austin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Milan</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Beijing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Munich</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Boston&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
York</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Brussels&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange
County</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Century
City&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paris</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chicago&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riyadh</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dubai&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San
Diego</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">D&uuml;sseldorf&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;San
Francisco</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Frankfurt&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seoul</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Hamburg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon
Valley</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Hong
Kong&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Houston&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tel
Aviv</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">London&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tokyo</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Los
Angeles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Washington, D.C.</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Madrid</FONT></P></TD>
</TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><U>Registration Statement on Form S-3</U></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the addressee set forth above:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as special counsel
to GCM Grosvenor Inc., a Delaware corporation (the &ldquo;<B><I>Company</I></B>&rdquo;), in connection with its filing on the date hereof
with the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) of a registration statement on Form S-3 (as amended,
the &ldquo;<B><I>Registration Statement</I></B>&rdquo;), including a base prospectus (the &ldquo;<B><I>Base Prospectus</I></B>&rdquo;),
which provides that it will be supplemented by one or more prospectus supplements (each such prospectus supplement, together with the
Base Prospectus, a &ldquo;<B><I>Prospectus</I></B>&rdquo;), under the Securities Act of 1933, as amended (the &ldquo;<B><I>Act</I></B>&rdquo;),
relating to the registration for issue and sale by the Company of up to $350,000,000 aggregate offering amount of (i) shares of the Company&rsquo;s
Class A common stock, $0.0001 par value per share (&ldquo;<B><I>Common Stock</I></B>&rdquo;), (ii) shares of one or more series of the
Company&rsquo;s preferred stock, $0.0001 par value per share (&ldquo;<B><I>Preferred Stock</I></B>&rdquo;), (iii) one or more series of
the Company&rsquo;s debt securities (collectively, &ldquo;<B><I>Debt Securities</I></B>&rdquo;) to be issued under an indenture to be
entered into between the Company, as issuer, and Wilmington Trust, National Association, as trustee (a form of which is included as Exhibit
4.1 to the Registration Statement) and one or more board resolutions, supplements thereto or officer&rsquo;s certificates thereunder (such
indenture, together with the applicable board resolution, supplement or officer&rsquo;s certificate pertaining to the applicable series
of Debt Securities, the &ldquo;<B><I>Applicable Indenture</I></B>&rdquo;), (iv) depositary shares (&ldquo;<B><I>Depositary Shares</I></B>&rdquo;),
(v) warrants (&ldquo;<B><I>Warrants</I></B>&rdquo;), (vi) purchase contracts (&ldquo;<B><I>Purchase Contracts</I></B>&rdquo;), and (vii)
units (&ldquo;<B><I>Units</I></B>&rdquo;). The Common Stock, Preferred Stock, Debt Securities, Depositary Shares, Warrants, Purchase Contracts,
and Units, plus any additional Common Stock, Preferred Stock, Debt Securities, Depositary Shares, Warrants, Purchase Contracts and Units
that may be registered pursuant to any subsequent registration statement that the Company may hereafter file with the Commission pursuant
to Rule 462(b) under the Act in connection with the offering by the Company contemplated by the Registration Statement, are referred to
herein collectively as the &ldquo;<B><I>Securities</I></B>.&rdquo;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This opinion is being furnished in connection with
the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to
the contents of the Registration Statement or related applicable Prospectus, other than as expressly stated herein with respect to the
issue of the Securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 27, 2025</B></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><B>Page 2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="ex5-1_002.jpg" ALT="">&nbsp;</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As such counsel, we have examined such matters
of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates
and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters.
We are opining herein as to the General Corporation Law of the State of Delaware, and with respect to the opinions set forth in paragraphs
3 through 7 below, the internal laws of the State of New York, and we express no opinion with respect to the applicability thereto, or
the effect thereon, of the laws of any other jurisdiction or, in the case of the State of Delaware, any other laws, or as to any matters
of municipal law or the laws of any local agencies within any state.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the foregoing and the other matters
set forth herein, it is our opinion that, as of the date hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify">When an issuance of Common Stock has been duly authorized by all necessary corporate action of the Company,
upon issuance, delivery and payment therefor in an amount not less than the par value thereof in the manner contemplated by the applicable
Prospectus and by such corporate action, and in total amounts and numbers of shares that do not exceed the respective total amounts and
numbers of shares (a) available under the certificate of incorporation, and (b) authorized by the board of directors in connection with
the offering contemplated by the applicable Prospectus, such shares of Common Stock will be validly issued, fully paid and nonassessable.
In rendering the foregoing opinion, we have assumed that the Company will comply with all applicable notice requirements regarding uncertificated
shares provided in the General Corporation Law of the State of Delaware.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">2.</TD><TD STYLE="text-align: justify">When a series of Preferred Stock has been duly established in accordance with the terms of the Company&rsquo;s
certificate of incorporation and authorized by all necessary corporate action of the Company, upon issuance, delivery and payment therefor
in an amount not less than the par value thereof in the manner contemplated by the applicable Prospectus and by such corporate action,
and in total amounts and numbers of shares that do not exceed the respective total amounts and numbers of shares (a) available under the
certificate of incorporation, and (b) authorized by the board of directors in connection with the offering contemplated by the applicable
Prospectus, such shares of such series of Preferred Stock will be validly issued, fully paid and nonassessable. In rendering the foregoing
opinion, we have assumed that the Company will comply with all applicable notice requirements regarding uncertificated shares provided
in the General Corporation Law of the State of Delaware.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">3.</TD><TD STYLE="text-align: justify">When the Applicable Indenture has been duly authorized, executed and delivered by all necessary corporate
action of the Company, and when the specific terms of a particular series of Debt Securities have been duly established in accordance
with the terms of the Applicable Indenture and authorized by all necessary corporate action of the Company, and such Debt Securities have
been duly executed, authenticated, issued and delivered against payment therefor in accordance with the terms of the Applicable Indenture
and in the manner contemplated by the applicable Prospectus and by such corporate action, such Debt Securities will be the legally valid
and binding obligations of the Company, enforceable against the Company in accordance with their terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&copy; Latham &amp; Watkins LLP 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 27, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page 3</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><IMG SRC="ex5-1_002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">4.</TD><TD STYLE="text-align: justify">When the applicable deposit agreement has been duly authorized, executed and delivered by all necessary
corporate action of the Company, and when the specific terms of a particular issuance of Depositary Shares have been duly established
in accordance with the terms of the applicable deposit agreement and authorized by all necessary corporate action of the Company, and
such Depositary Shares have been duly executed, authenticated, issued and delivered against payment therefor in accordance with the terms
of the applicable deposit agreement and in the manner contemplated by the applicable Prospectus and by such corporate action (assuming
the underlying securities have been validly issued and deposited with the depositary), such Depositary Shares will be the legally valid
and binding obligations of the Company, enforceable against the Company in accordance with their terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">5.</TD><TD STYLE="text-align: justify">When the applicable warrant agreement has been duly authorized, executed and delivered by all necessary
corporate action of the Company, and when the specific terms of a particular issuance of Warrants have been duly established in accordance
with the terms of the applicable warrant agreement and authorized by all necessary corporate action of the Company, and such Warrants
have been duly executed, authenticated, issued and delivered against payment therefor in accordance with the terms of the applicable warrant
agreement and in the manner contemplated by the applicable Prospectus and by such corporate action (assuming the securities issuable upon
exercise of such Warrants have been duly authorized and reserved for issuance by all necessary corporate action), such Warrants will be
the legally valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="text-transform: uppercase">6.</FONT></TD><TD STYLE="text-align: justify">When the applicable purchase contract agreement has been duly authorized, executed and delivered by all
necessary corporate action of the Company, and when the specific terms of a particular issue of Purchase Contracts have been duly authorized
in accordance with the terms of the applicable purchase contract agreement and authorized by all necessary corporate action of the Company,
and such Purchase Contracts have been duly executed, authenticated, issued and delivered against payment therefor in accordance with the
terms of the applicable purchase contract agreement and in the manner contemplated by the applicable Prospectus and by such corporate
action (assuming the securities issuable under such Purchase Contracts have been duly authorized and reserved for issuance by all necessary
corporate action), such Purchase Contracts will be the legally valid and binding obligations of the Company, enforceable against the Company
in accordance with their terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">7.</TD><TD STYLE="text-align: justify">When the applicable unit agreement has been duly authorized, executed and delivered by all necessary corporate
action of the Company, and when the specific terms of a particular issuance of Units have been duly authorized in accordance with the
terms of the applicable unit agreement and authorized by all necessary corporate action of the Company, and such Units have been duly
executed, authenticated, issued and delivered against payment therefor in accordance with the terms of the applicable unit agreement and
in the manner contemplated by the applicable Prospectus and by such corporate action (assuming the securities issuable upon exercise of
such Units have been duly authorized and reserved for issuance by all necessary corporate action), such Units will be the legally valid
and binding obligations of the Company, enforceable against the Company in accordance with their terms.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&copy; Latham &amp; Watkins LLP 2019</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>June 27, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Page 4</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="ex5-1_002.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Our opinions are subject to: (i) the effect of
bankruptcy, insolvency, reorganization, preference, fraudulent transfer, moratorium or other similar laws relating to or affecting the
rights and remedies of creditors; (ii) (a) the effect of general principles of equity, whether considered in a proceeding in equity or
at law (including the possible unavailability of specific performance or injunctive relief), (b) concepts of materiality, reasonableness,
good faith and fair dealing, and (c) the discretion of the court before which a proceeding is brought; and (iii) the invalidity under
certain circumstances under law or court decisions of provisions providing for the indemnification of or contribution to a party with
respect to a liability where such indemnification or contribution is contrary to public policy. We express no opinion as to (a) any provision
for liquidated damages, default interest, late charges, monetary penalties, make-whole premiums or other economic remedies to the extent
such provisions are deemed to constitute a penalty, (b) consents to, or restrictions upon, governing law, jurisdiction, venue, arbitration,
remedies, or judicial relief, (c) waivers of rights or defenses, (d) any provision requiring the payment of attorneys&rsquo; fees, where
such payment is contrary to law or public policy, (e) any provision permitting, upon acceleration of any Debt Securities, collection of
that portion of the stated principal amount thereof which might be determined to constitute unearned interest thereon, (f) the creation,
validity, attachment, perfection, or priority of any lien or security interest, (g) advance waivers of claims, defenses, rights granted
by law, or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law, or other procedural
rights, (h) waivers of broadly or vaguely stated rights, (i) provisions for exclusivity, election or cumulation of rights or remedies,
(j) provisions authorizing or validating conclusive or discretionary determinations, (k) grants of setoff rights, (l) proxies, powers
and trusts, (m) provisions prohibiting, restricting, or requiring consent to assignment or transfer of any right or property, (n) any
provision to the extent it requires that a claim with respect to a security denominated in other than U.S. dollars (or a judgment in respect
of such a claim) be converted into U.S. dollars at a rate of exchange at a particular date, to the extent applicable law otherwise provides,
and (o) the severability, if invalid, of provisions to the foregoing effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With your consent, we have
assumed (a) that each of the Debt Securities, Depositary Shares, Warrants, Purchase Contracts and Units and the Applicable Indenture,
deposit agreements, warrant agreements, purchase contract agreements and unit agreements governing such Securities (collectively, the
&ldquo;<B><I>Documents</I></B>&rdquo;) will be governed by the internal laws of the State of New York, (b) that each of the Documents
has been or will be duly authorized, executed and delivered by the parties thereto, (c) that each of the Documents constitutes or will
constitute legally valid and binding obligations of the parties thereto other than the Company, enforceable against each of them in accordance
with their respective terms, and (d) that the status of each of the Documents as legally valid and binding obligations of the parties
will not be affected by any (i) breaches of, or defaults under, agreements or instruments, (ii) violations of statutes, rules, regulations
or court or governmental orders, or (iii) failures to obtain required consents, approvals or authorizations from, or to make required
registrations, declarations or filings with, governmental authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is for your benefit
in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable
provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our
firm contained in the Prospectus under the heading &ldquo;Legal Matters.&rdquo; We further consent to the incorporation by reference of
this letter and consent into any registration statement or post-effective amendment to the Registration Statement filed pursuant to Rule
462(b) under the Act with respect to the Securities. In giving such consent, we do not thereby admit that we are in the category of persons
whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 60%"></TD><TD STYLE="width: 40%; text-align: left">Sincerely,</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">/s/ Latham &amp; Watkins LLP</TD></TR>
     </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&copy; Latham &amp; Watkins LLP 2019</P>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>ea024356101ex23-2_gcm.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG LLP
<TEXT>
<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consent of Independent Registered Public Accounting
Firm</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the reference to our firm under
the caption &ldquo;Experts&rdquo; in the Registration Statement (Form S-3) and related Prospectus of GCM Grosvenor Inc. for the registration
of $350,000,000 of Class A common stock, preferred stock, debt securities, depositary shares, warrants, purchase contracts and units and
to the incorporation by reference therein of our reports dated February 20, 2025, with respect to the consolidated financial statements
of GCM Grosvenor Inc., and the effectiveness of internal control over financial reporting of GCM Grosvenor Inc., included in its Annual
Report (Form 10-K) for the year ended December 31, 2024, filed with the Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst &amp; Young LLP</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 27, 2025</P>

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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>5
<FILENAME>ea024356101ex25-1_gcm.htm
<DESCRIPTION>STATEMENT OF ELIGIBILITY ON FORM T-1 UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, OF WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE UNDER THE INDENTURE FILED AS EXHIBIT 4.1 ABOVE
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 17.5pt"><B>Exhibit 25.1</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM T-1</B></P>

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

<P STYLE="font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#9744; <FONT STYLE="font-family: Times New Roman, Times, Serif">Check
if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of trustee as specified in its charter)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>16-1486454</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(I.R.S. employer identification no.)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>1100 North Market Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Wilmington, DE 19890-0001</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Senior Vice President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Wilmington Trust Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>285 Delaware Ave.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Buffalo, NY 14202</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(716) 839-6909</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name, address and telephone number of agent for
service)</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of obligor as specified in its charter)</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>85-2226287</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of<BR>
 incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; padding-right: 5.4pt; padding-left: 5.4pt; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer <BR>
Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>900 North Michigan Avenue, Suite 1100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Chicago, Illinois 60611</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title of the indenture securities)</P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><B>ITEM
1. GENERAL INFORMATION.</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Furnish the following information as to the trustee:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Name and address of each examining or supervising authority to which it is subject.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 78pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">Comptroller of Currency, Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.75in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Federal Deposit Insurance Corporation, Washington, D.C.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Whether it is authorized to exercise corporate trust powers.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The trustee is authorized to exercise
corporate trust powers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><B>ITEM
2. AFFILIATIONS WITH THE OBLIGOR.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the obligor is an affiliate of the trustee,
describe each affiliation:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Based upon an examination of the books and records of the
trustee and information available to the trustee, the obligor is not an affiliate of the trustee. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
3 &ndash; 15. Not applicable.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><B>ITEM
16. LIST OF EXHIBITS.</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84pt; text-indent: -48pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Listed below are all exhibits filed as
part of this Statement of Eligibility and Qualification.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A copy of the Charter for Wilmington Trust, National Association.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The authority of Wilmington Trust, National Association to commence business was granted under the Charter for Wilmington Trust, National
Association, incorporated herein by reference to Exhibit 1 above.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The authorization to exercise corporate trust powers was granted under the Charter for Wilmington Trust, National Association, incorporated
herein by reference to Exhibit 1 above.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A copy of the existing By-Laws of Trustee, as now in effect, incorporated herein by reference to Exhibit 4of this Form T-1.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Not applicable.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The consent of Wilmington Trust, National Association as required by Section 321(b) of the Trust Indenture Act of 1939, attached hereto
as Exhibit 6 of this Form T-1.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Current Report of the Condition of Wilmington Trust, National Association, published pursuant to law or the requirements of its supervising
or examining authority, attached hereto as Exhibit 7 of this Form T-1.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Not applicable.</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">Not applicable.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the requirements of the Trust Indenture
Act of 1939, as amended, the trustee, Wilmington Trust, National Association, a national banking association organized and existing under
the laws of the United States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of Wilmington and State of Delaware on the 27<SUP>th</SUP> day of June, 2025.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Michael H. Wass</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael H. Wass</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6in; text-indent: -3.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6in; text-indent: -3.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHARTER OF WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

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


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

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

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

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the purpose of organizing an association to
perform any lawful activities of national banks, the undersigned do enter into the following articles of association:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FIRST. The title of this association shall be Wilmington Trust,
National Association.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECOND. The main office of the association shall be in the City
of Wilmington, County of New Castle, State of Delaware. The general business of the association shall be conducted at its main office
and its branches.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIRD. The board of directors of this association shall consist
of not less than five nor more than twenty-five persons, unless the OCC has exempted the bank from the 25-member limit. The exact number
is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority
of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the association or
of a holding company owning the association, with an aggregate par, fair market or equity value $1,000. Determination of these values
may be based as of either (i) the date of purchase or (ii) the date the person became a director, whichever value is greater. Any combination
of common or preferred stock of the association or holding company may be used.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any vacancy in the board of directors may be filled
by action of a majority of the remaining directors between meetings of shareholders. The board of directors may not increase the number
of directors between meetings of shareholders to a number which:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">exceeds by more than two the number of directors last elected by shareholders where the number was 15 or less; or</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">exceeds by more than four the number of directors last elected by shareholders where the number was 16 or more, but in no event shall
the number of directors exceed 25, unless the OCC has exempted the bank from the 25-member limit.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Directors shall be elected for terms of one year
and until their successors are elected and qualified. Terms of directors, including directors selected to fill vacancies, shall expire
at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite
the expiration of a director's term, the director shall continue to serve until his or her successor is elected and qualifies or until
there is a decrease in the number of directors and his or her position is eliminated.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Honorary or advisory members of the board of directors,
without voting power or power of final decision in matters concerning the business of the association, may be appointed by resolution
of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary or advisory
directors shall not be counted to determine the number of directors of the association or the presence of a quorum in connection with
any board action, and shall not be required to own qualifying shares.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">FOURTH. There shall be an annual meeting of the shareholders to
elect directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other
convenient place the board of directors may designate, on the day of each year specified therefor in the bylaws, or, if that day falls
on a legal holiday in the state in which the association is located, on the next following banking day. If no election is held on the
day fixed, or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days
of the day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds
of the shares issued and outstanding. In all cases at least 10 days advance notice of the time, place and purpose of a shareholders&rsquo;
meeting shall be given to the shareholders by first class mail, unless the OCC determines that an emergency circumstance exists. The sole
shareholder of the bank is permitted to waive notice of the shareholders&rsquo; meeting.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In all elections of directors, the number of votes
each common shareholder may cast will be determined by multiplying the number of shares such shareholder owns by the number of directors
to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates in the
manner selected by the shareholder. If, after the first ballot, subsequent ballots are necessary to elect directors, a shareholder may
not vote shares that he or she has already fully cumulated and voted in favor of a successful candidate. On all other questions, each
common shareholder shall be entitled to one vote for each share of stock held by him or her.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nominations for election to the board of directors
may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled to vote
for election of directors. Nominations other than those made by or on behalf of the existing management shall be made in writing and be
delivered or mailed to the president of the association not less than 14 days nor more than 50 days prior to any meeting of shareholders
called for the election of directors; provided, however, that if less than 21 days notice of the meeting is given to shareholders, such
nominations shall be mailed or delivered to the president of the association not later than the close of business on the seventh day following
the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent known to the
notifying shareholder:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The name and address of each proposed nominee.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The principal occupation of each proposed nominee.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The total number of shares of capital stock of the association that will be voted for each proposed nominee.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The name and residence address of the notifying shareholder.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The number of shares of capital stock of the association owned by the notifying shareholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>


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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Nominations not made in accordance
herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and the vote tellers may disregard all votes cast
for each such nominee. No bylaw may unreasonably restrict the nomination of directors by shareholders.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A director may resign at any time by
delivering written notice to the board of directors, its chairperson, or to the association, which resignation shall be effective when
the notice is delivered unless the notice specifies a later effective date.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A director may be removed by shareholders
at a meeting called to remove the director, when notice of the meeting stating that the purpose or one of the purposes is to remove the
director is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided,
however, that a director may not be removed if the number of votes sufficient to elect the director under cumulative voting is voted against
the director's removal.</P>


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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FIFTH. The authorized amount of capital stock of this association
shall be ten thousand shares of common stock of the par value of one hundred dollars ($100) each; but said capital stock may be increased
or decreased from time to time, according to the provisions of the laws of the United States.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No holder of shares of the capital stock of any
class of the association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the association,
whether now or hereafter authorized, or to any obligations convertible into stock of the association, issued, or sold, nor any right of
subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine and
at such price as the board of directors may from time to time fix. Preemptive rights also must be approved by a vote of holders of two-thirds
of the bank&rsquo;s outstanding voting shares. Unless otherwise specified in these articles of association or required by law, (1) all
matters requiring shareholder action, including amendments to the articles of association, must be approved by shareholders owning a majority
voting interest in the outstanding voting stock, and (2) each shareholder shall be entitled to one vote per share.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in these articles of
association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval.
If a proposed amendment would affect two or more classes or series in the same or a substantially similar way, all the classes or series
so affected must vote together as a single voting group on the proposed amendment.</P>

<P STYLE="text-align: justify; font: 10pt Courier; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of one class or series may be issued as
a dividend for shares of the same class or series on a pro rata basis and without consideration. Shares of one class or series may be
issued as share dividends for a different class or series of stock if approved by a majority of the votes entitled to be cast by the class
or series to be issued, unless there are no outstanding shares of the class or series to be issued. Unless otherwise provided by the board
of directors, the record date for determining shareholders entitled to a share dividend shall be the date authorized by the board of directors
for the share dividend.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise provided in the bylaws, the record
date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first
notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a shareholder is entitled to fractional shares
pursuant to a stock dividend, consolidation or merger, reverse stock split or otherwise, the association may: (a) issue fractional shares;
(b) in lieu of the issuance of fractional shares, issue script or warrants entitling the holder to receive a full share upon surrendering
enough script or warrants to equal a full share; (c) if there is an established and active market in the association's stock, make reasonable
arrangements to provide the shareholder with an opportunity to realize a fair price through sale of the fraction, or purchase of the additional
fraction required for a full share; (d) remit the cash equivalent of the fraction to the shareholder; or (e) sell full shares representing
all the fractions at public auction or to the highest bidder after having solicited and received sealed bids from at least three licensed
stock brokers; and distribute the proceeds pro rata to shareholders who otherwise would be entitled to the fractional shares. The holder
of a fractional share is entitled to exercise the rights for shareholder, including the right to vote, to receive dividends, and to participate
in the assets of the association upon liquidation, in proportion to the fractional interest. The holder of script or warrants is not entitled
to any of these rights unless the script or warrants explicitly provide for such rights. The script or warrants may be subject to such
additional conditions as: (1) that the script or warrants will become void if not exchanged for full shares before a specified date; and
(2) that the shares for which the script or warrants are exchangeable may be sold at the option of the association and the proceeds paid
to scriptholders.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The association, at any time and from time to time,
may authorize and issue debt obligations, whether or not subordinated, without the approval of the shareholders. Obligations classified
as debt, whether or not subordinated, which may be issued by the association without the approval of shareholders, do not carry voting
rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification
of all or part of securities into securities of another class or series.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SIXTH. The board of directors shall appoint one of its members president
of this association, and one of its members chairperson of the board and shall have the power to appoint one or more vice presidents,
a secretary who shall keep minutes of the directors' and shareholders' meetings and be responsible for authenticating the records of the
association, and such other officers and employees as may be required to transact the business of this association.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A duly appointed officer may appoint one or more
officers or assistant officers if authorized by the board of directors in accordance with the bylaws.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The board of directors shall have the power to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Define the duties of the officers, employees, and agents of the association.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Delegate the performance of its duties, but not the responsibility for its duties, to the officers, employees, and agents of the association.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Fix the compensation and enter into employment contracts with its officers and employees upon reasonable terms and conditions consistent
with applicable law.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Dismiss officers and employees.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Require bonds from officers and employees and to fix the penalty thereof.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Ratify written policies authorized by the association's management or committees of the board.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Regulate the manner in which any increase or decrease of the capital of the association shall be made, provided that nothing herein
shall restrict the power of shareholders to increase or decrease the capital of the association in accordance with law, and nothing shall
raise or lower from two-thirds the percentage required for shareholder approval to increase or reduce the capital.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Manage and administer the business and affairs of the association.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Adopt initial bylaws, not inconsistent with law or the articles of association, for managing the business and regulating the affairs
of the association.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Amend or repeal bylaws, except to the extent that the articles of association reserve this power in whole or in part to shareholders.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Make contracts.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12)</FONT></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Generally perform all acts that are legal for a board of directors to perform.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEVENTH. The board of directors shall have the power to change the
location of the main office to any other place within the limits of Wilmington, Delaware, without the approval of the shareholders, or
with a vote of shareholders owning two-thirds of the stock of such association for a relocation outside such limits and upon receipt of
a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of Wilmington Delaware,
but not more than 30 miles beyond such limits. The board of directors shall have the power to establish or change the location of any
branch or branches of the association to any other location permitted under applicable law, without approval of shareholders, subject
to approval by the Comptroller of the Currency.</P>

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


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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EIGHTH. The corporate existence of this association shall continue
until termination according to the laws of the United States.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NINTH. The board of directors of this association, or any one or
more shareholders owning, in the aggregate, not less than 50 percent of the stock of this association, may call a special meeting of shareholders
at any time. Unless otherwise provided by the bylaws or the laws of the United States, a notice of the time, place, and purpose of every
annual and special meeting of the shareholders shall be given at least 10 days prior to the meeting by first-class mail, unless the OCC
determines that an emergency circumstance exists. If the association is a wholly-owned subsidiary, the sole shareholder may waive notice
of the shareholders&rsquo; meeting. Unless otherwise provided by the bylaws or these articles, any action requiring approval of shareholders
must be effected at a duly called annual or special meeting.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TENTH. For purposes of this Article Tenth, the term &ldquo;institution-affiliated
party&rdquo; shall mean any institution-affiliated party of the association as such term is defined in 12 U.S.C. 1813(u).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any institution-affiliated party (or his or her
heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection
with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative
or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however,
that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant
to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct
of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C.
1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant
to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators)
for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in
connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors
or administrators) only if such action or proceeding (or part thereof) was authorized by the board of directors.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Expenses incurred by an institution-affiliated
party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may
be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the board of directors
acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or
his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified
individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the bank in the event he or
she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the safety
and soundness of the association, and (d) receipt of an undertaking by or on behalf of such institution-affiliated party (or by his or
her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which such person:
(i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the
association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect
to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs, executors or
administrators) in connection with any action or proceeding as to which indemnification may be given under these articles of association
may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by
or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such
advancement in the event that such institution-affiliated party (or his or her heirs, executors or administrators) is ultimately found
not to be entitled to indemnification as authorized by these articles of association and (b) approval by the board of directors acting
by a quorum consisting of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval
by stockholders. To the extent permitted by law, the board of directors or, if applicable, the stockholders, shall not be required to
find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification in connection
with such action or proceeding.</P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Courier; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that a majority of the members of
the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining
members of the board may authorize independent legal counsel to review the indemnification request and provide the remaining members of
the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth
have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the board of directors
may rely on such opinion in authorizing the requested indemnification.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that all of the members of the board
of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the board shall authorize
independent legal counsel to review the indemnification request and provide the board with a written opinion of counsel as to whether
the conditions delineated in the first four paragraphs of this Article Tenth have been met. If legal counsel opines that said conditions
have been met, the board of directors may rely on such opinion in authorizing the requested indemnification.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent permitted under applicable law, the
rights of indemnification and to the advancement of expenses provided in these articles of association (a) shall be available with respect
to events occurring prior to the adoption of these articles of association, (b) shall continue to exist after any restrictive amendment
of these articles of association with respect to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable
law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable
law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may be enforced in any court of
competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for
whom such rights are sought were parties to a separate written agreement.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights of indemnification and to the advancement
of expenses provided in these articles of association shall not, to the extent permitted under applicable law, be deemed exclusive of
any other rights to which any such institution affiliated party (or his or her heirs, executors or administrators) may now or hereafter
be otherwise entitled whether contained in these articles of association, the bylaws, a resolution of stockholders, a resolution of the
board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized.
Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these articles
of association shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party
(or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor,
against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If this Article Tenth or any part hereof shall
be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary
to make it enforceable, and the remainder of this Article Tenth shall remain fully enforceable.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The association may, upon affirmative vote of a
majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification
is allowed in these articles of association; provided, however, that no such insurance shall include coverage to pay or reimburse any
institution-affiliated party for the cost of any judgment or civil money penalty assessed against such person in an administrative proceeding
or civil action commenced by any federal banking agency. Such insurance may, but need not, be for the benefit of all institution-affiliated
parties.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ELEVENTH. These articles of association may be amended at any regular
or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of this association, unless the
vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of such greater amount.
The association's board of directors may propose one or more amendments to the articles of association for submission to the shareholders.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT 4</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>BY-LAWS OF WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>AMENDED AND RESTATED BYLAWS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Effective as of March 7, 2024)</B></P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED BYLAWS OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WILMINGTON TRUST, NATIONAL ASSOCIATION</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Meetings of Shareholders</U></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 1. Annual Meeting</B>. The annual meeting of shareholders
shall be held on such date and at such time as may be designated by the chair of the Board of Directors, the chief executive officer,
the president, the chief operating officer, the secretary, or the Board of Directors for the purpose of the election of directors and
for the transaction of such other business as may properly come before the meeting, except such date shall not be a legal holiday in Delaware.
Notice of the meeting shall be mailed by first class mail, postage prepaid, at least 10 days and no more than 60 days prior to the date
thereof, addressed to each shareholder at his or her address appearing on the books of the association. If, for any cause, an election
of directors is not made on that date, an election may be held on any subsequent day within 60 days of the date fixed, to be designated
by the Board of Directors, or, if the directors fail to fix the date, by shareholders representing two-thirds of the shares. In these
circumstances, at least 10 days&rsquo; notice must be given by first class mail to shareholders.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2. Special Meetings</B>. The chair of the Board of Directors,
the president, the chief executive officer, the secretary, or the Board of Directors may call a special meeting of the shareholders. A
special meeting shall be called to act on any matter that may properly be considered at a meeting of shareholders upon the written request
of shareholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at the meeting. Every such
special meeting, unless otherwise provided by law, shall be called by mailing, postage prepaid, not less than 10 days nor more than 60
days prior to the date fixed for the meeting, to each shareholder at the address appearing on the books of the association a notice stating
the purpose of the meeting.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors may fix a record date for determining shareholders
entitled to notice and to vote at any meeting, in reasonable proximity to the date of giving notice to the shareholders of such meeting.
The record date for determining shareholders entitled to demand a special meeting is the date the first shareholder signs a demand for
the meeting describing the purpose or purposes for which it is to be held.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 3. Adjournment</B>. If an annual or special shareholders'
meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time or place, if the new date, time
or place is announced at the meeting before adjournment, unless any additional items of business are to be considered, or the association
becomes aware of an intervening event materially affecting any matter to be voted on more than 10 days prior to the date to which the
meeting is adjourned. If a new record date for the adjourned meeting is fixed, however, notice of the adjourned meeting must be given
to persons who are shareholders as of the new record date. If, however, the meeting to elect the directors is adjourned before the election
takes place, at least ten days&rsquo; notice of the new election must be given to the shareholders by first-class mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 4. Nominations of Directors</B>. Nominations for election
to the Board of Directors may be made by the Board of Directors or by any shareholder of any outstanding class of capital stock of the
association entitled to vote for the election of directors. Nominations, other than those made by or on behalf of the existing management
of the association, shall be made in writing and shall be delivered or mailed to the president of the association, not less than 14 days
nor more than 50 days prior to any meeting of shareholders called for the election of directors; <I>provided, however, </I>that if less
than 21 days' notice of the meeting is given to shareholders, such nomination shall be mailed or delivered to the president of the association
not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such notification
shall contain the following information to the extent known to the notifying shareholder:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The name and address of each proposed nominee;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The principal occupation of each proposed nominee;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(3)</TD><TD STYLE="text-align: justify">The total number of shares of capital stock of the association that will be voted for each proposed nominee;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(4)</TD><TD STYLE="text-align: justify">The name and residence of the notifying shareholder; and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.25in">(5)</TD><TD STYLE="text-align: justify">The number of shares of capital stock of the association owned by the notifying shareholder</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nominations not made in accordance herewith may, in his/her discretion,
be disregarded by the chair of the meeting, and upon his/her instructions, all votes cast for each such nominee may be disregarded.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 5. Proxies</B>. Shareholders may vote at any meeting of
the shareholders by proxies duly authorized in writing, but no officer or employee of this association shall act as proxy. A director
or an attorney of the association may act as proxy for shareholders voting if they are not also employed as an officer of the association.
Proxies shall be valid only for one meeting, to be specified therein, and any adjournments of such meeting. Proxies shall be dated and
filed with the records of the meeting. Proxies with facsimile signatures may be used and unexecuted proxies may be counted upon receipt
of a written confirmation from the shareholder. Proxies meeting the above requirements submitted at any time during a meeting shall be
accepted.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 6. Quorum</B>. A majority of the outstanding capital stock,
represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law, but less
than a quorum may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. A majority
of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided by law
or by the articles of association. If a meeting for the election of directors is not held on the fixed date, at least 10 days&rsquo; notice
must be given by first-class mail to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Directors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 1. Board of Directors</B>. The Board of Directors shall
have the power to manage and administer the business and affairs of the association. Except as expressly limited by law, all corporate
powers of the association shall be vested in and may be exercised by the Board of Directors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2. Number</B>. The Board of Directors shall consist of not
less than five nor more than twenty-five members, unless the OCC has exempted the association from the 25-member limit. The exact number
within such minimum and maximum limits is to be fixed and determined from time to time by resolution of a majority of the full Board of
Directors or by resolution of a majority of the shareholders at any meeting thereof. The Board of Directors may not increase the number
of directors between meetings of shareholders to a number which: (a) exceeds by more than 2 the number of directors last elected by shareholders
where the number was 15 or less; or (b) exceeds by more than 4 the number of directors last elected by shareholders where the number was
16 or more, but in no event shall the number of directors exceed 25, unless the OCC has exempted the association from the 25-member limit.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 3. Qualifications.</B> Each director must be a citizen of
the United States and must own in his or her own right either shares of the capital stock of the association or a company that controls
the association that has not less than an aggregate par value of $1,000, an aggregate shareholders&rsquo; equity of $1,000, or an aggregate
fair market value of $1,000. The value of the common or preferred stock held by a director is valued as of the date purchased or the date
on which the individual became a director, whichever is greater.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 4. Organization Meeting</B>. After each annual meeting
of shareholders at which directors shall have been elected, the Board of Directors shall meet as soon as practicable for the purpose of
organization and the transaction of other business. Such first regular meeting shall be held at any place as may be designated by the
chair, the president or the Board of Directors for such first regular meeting or, in default of such designation, where the immediately
preceding meeting of shareholders was held.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Section 5. Regular Meetings</B>. Regular meetings
of the Board of Directors shall be held on such dates and at such places as may be designated from time to time by the chair. No notice
of regular meetings shall be necessary.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 6. Special Meetings</B>. Special meetings of the Board
of Directors may be called at any time by the chair, the chief executive officer, the president or by a majority of the then- acting
directors by vote at a meeting or in writing, or by a majority of the members of the executive committee, if one is constituted, by
vote at a meeting or in writing. A special meeting of the Board of Directors shall be held on such date and at any place as may be
designated from time to time by the Board of Directors. In the absence of such designation, such meeting shall be held at such place
as may be designated in the call. Each member of the Board of Directors shall be given notice stating the date, time and place, by
letter, electronic delivery or in person, of each special meeting not less than one day before the meeting. Such notice need not
specify the purpose for which the meeting is called, unless required by the Articles of Association or the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 7. Quorum</B>. A majority of the entire Board then in office
shall constitute a quorum at any meeting, except when otherwise provided by law or these Bylaws, but a lesser number may adjourn any meeting,
from time to time, and the meeting may be held, as adjourned, without further notice. If the number of directors present at the meeting
is reduced below the number that would constitute a quorum, no business may be transacted, except selecting directors to fill vacancies
in conformance with Article II, Section 11. If a quorum is present, the board of directors may take action through the vote of a majority
of the directors who are in attendance. No director may vote by proxy.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 8. Attendance by Electronic, Telephonic or Similar Means.</B>
Any one or more members of the Board of Directors or any committee thereof may participate in a regular or special meeting of such board
or committee by, or conduct the meeting through the use of, conference telephone or other communications equipment by which all directors
or committee members participating may simultaneously hear each other during the meeting. Participation in a meeting by these means constitutes
presence in person at a meeting.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 9. Procedures</B>. The order of business and all other matters
of procedure at every meeting of the Board of Directors may be determined by the person presiding at the meeting.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 10. Removal of Directors</B>. Any director may be removed
for cause at any meeting of shareholders, notice of which shall have referred to the proposed action, by vote of the shareholders. Any
director may be removed without cause at any meeting of shareholders, notice of which shall have referred to the proposed action, by the
vote of the holders of a majority of the shares of the association entitled to vote. Any director may be removed for cause at any meeting
of the directors, notice of which shall have referred to the proposed action, by vote of a majority of the entire Board of Directors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 11. Vacancies</B>. When any vacancy occurs among the directors,
a majority of the remaining members of the Board of Directors may appoint a director to fill such vacancy until the next election at any
regular meeting of the Board of Directors, or at a special meeting called for that purpose at which a quorum is present, or if the directors
remaining in office constitute fewer than a quorum of the Board of Directors, by the affirmative vote of a majority of all the directors
remaining in office, or by shareholders at a special meeting called for that purpose in conformance with Section 2 of Article I. A vacancy
that will occur at a specific later date (by reason of a resignation effective at a later date) may be filled before the vacancy occurs
but the new director may not take office until the vacancy occurs.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 12. Consent of Directors without a Meeting</B>. Any
action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting if the action is
taken by all members of the Board. The action may be evidenced by one or more written consents signed by each director before or
after such action, describing the action taken, and included in the minutes or filed with the corporate records. A director&rsquo;s
consent to action taken without a meeting may be in electronic form and delivered by electronic means.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 13. Ratification</B>. The board of directors may ratify
and make binding on the association any action or inaction by the association or its officers to the extent that the Board of Directors
or the shareholders could have originally authorized the matter and as permitted by law. Moreover, any action or inaction questioned in
any shareholders&rsquo; derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution,
adverse interest of a director, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices
of accounting or otherwise, may be ratified, before or after judgment, by the Board of Directors or by the shareholders, and if so ratified,
shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification
shall be binding upon the shareholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned
action or inaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE III</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Committees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 1. Executive Committee</B>. The Board of Directors may appoint
an Executive Committee, which shall have and may exercise, during the intervals between meetings of the Board of Directors, all the powers
of the Board of Directors in the management of the business, properties and affairs of the association except as prohibited by law, the
Articles of Association or these Bylaws. All acts done and powers conferred by the Executive Committee shall be deemed to be and may be
certified as being, done or conferred under authority of the Board of Directors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2. Trust Audit Committee.</B> Unless delegated pursuant
to Section 5 of this Article III, there shall be a Trust Audit Committee composed of not less than 2 directors, appointed by the Board
of Directors, which shall, at least once during each calendar year make suitable audits of the association&rsquo;s fiduciary activities
or cause suitable audits to be made by auditors responsible only to the Board, and at such time shall ascertain whether fiduciary powers
have been administered according to law, Part 9 of the Regulations of the Comptroller of the Currency, and sound fiduciary principles.
Such committee: (1) must not include any officers of the association or an affiliate who participate significantly in the administration
of the association&rsquo;s fiduciary activities; and (2) must consist of a majority of members who are not also members of any committee
to which the Board of Directors has delegated power to manage and control the fiduciary activities of the bank.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 3. Examining Committee</B>. Unless delegated pursuant
to Section 5 of this Article III, there shall be an examining committee composed of not less than 2 directors, exclusive of any
active officers, appointed by the board of directors annually or more often. The duty of that committee shall be to examine at least
once during each calendar year and within 15 months of the last examination the affairs of the association or cause suitable
examinations to be made by auditors responsible only to the board of directors and to report the result of such examination in
writing to the board of directors at the next regular meeting thereafter. Such report shall state whether the association is in a
sound condition, and whether adequate internal controls and procedures are being maintained and shall recommend to the board of
directors such changes in the manner of conducting the affairs of the association as shall be deemed advisable.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 4. Other Committees</B>. The Board of Directors may from
time to time by resolution adopted by affirmative vote of a majority of the Board of Directors, appoint other committees of the Board
of Directors which shall have such powers and duties as the Board of Directors may properly determine. No such other committee of the
Board of Directors shall be composed of fewer than three (3) directors. The Board of Directors may also appoint one or more directors
as alternative members of a committee. All acts done and powers conferred by the Board of Directors on committees of the Board of Directors
shall be deemed to be and may be certified as being, done or conferred under that authority of the Board of Directors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 5. Delegation of Responsibility and Authority</B>. The responsibility,
authority and constitution of any committee under this Article III may, if authorized by law, be given over to a duly constituted committee
of the association&rsquo;s parent corporation by resolution adopted by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE IV</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Officers and Employees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 1 Officers.</B> The Board of Directors shall annually, at
the Annual Reorganization Meeting of the Board of Directors following the annual meeting of shareholders, appoint or elect a chair of
the Board, a chief executive officer, a president, one (1) or more senior executive vice presidents, a corporate secretary, a treasurer,
a chief auditor, and such other officers as it may determine, each to hold office until the next Annual Reorganization meeting.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The officers below the level of senior executive vice president may
be elected as follows: the head of the Human Resources Department of M&amp;T Bank, or his or her designee, may appoint officers up to
and including (without limitation as to title or number) one (1) or more executive vice presidents, senior vice presidents, vice presidents,
assistant vice presidents, assistant secretaries, assistant treasurers, and assistant auditors, and any other officer positions as they
deem necessary and appropriate, except the chair of the board, chief executive officer, president, any &ldquo;Executive Officer&rdquo;
of the association for the purposes of Regulation O (codified at 12 C.F.R. &sect;215.2(e)(1)), and any &ldquo;Senior Executive Officer&rdquo;
within the meaning of 12 C.F.R. &sect;5.51(c)(4) may only be appointed by the Board of Directors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2. Chair of the Board</B>. The Board of Directors shall
appoint one of its members to be the chair of the Board to serve at its pleasure. Such person shall preside at all meetings of the Board
of Directors. The chair of the Board shall supervise the carrying out of the policies adopted or approved by the Board of Directors; shall
have general executive powers, as well as the specific powers conferred by these Bylaws; and shall also have and may exercise such further
powers and duties as from time to time may be conferred upon or assigned by the Board of Directors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 3. President</B>. The Board of Directors shall appoint
one of its members to be the president of the association. The president shall be a member of the Board of Directors. In the absence
of the chair, the president shall preside at any meeting of the Board of Directors. The president shall have general executive
powers and shall have and may exercise any and all other powers and duties pertaining by law, regulation, or practice to the office
of president, or imposed by these Bylaws. The president shall also have and may exercise such further powers and duties as from time
to time may be conferred or assigned by the Board of Directors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 4. Vice President</B>. The Board of Directors may appoint
one or more vice presidents. Each vice president shall have such powers and duties as may be assigned by the Board of Directors. One vice
president shall be designated by the Board of Directors, in the absence of the president, to perform all the duties of the president.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 5. Secretary</B>. The Board of Directors shall appoint a
secretary or other designated officer who shall be secretary of the Board of Directors and of the association and who shall keep accurate
minutes of all meetings. The secretary shall attend to the giving of all notices required by these Bylaws; shall be custodian of the corporate
seal, records, documents and papers of the association; shall provide for the keeping of proper records of all transactions of the association;
shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, or imposed by these bylaws;
and shall also perform such other duties as may be assigned from time to time, by the Board of Directors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 6. Other Officers</B>. The Board of Directors may appoint
one or more assistant vice presidents, one or more trust officers, one or more officers, one or more assistant secretaries, one or more
assistant treasurers, one or more managers and assistant managers of branches and such other officers and attorneys in fact as from time
to time may appear to the Board of Directors to be required or desirable to transact the business of the association. Such officers shall
respectively exercise such powers and perform such duties as pertain to their several offices, or as may be conferred upon or assigned
to them by the Board of Directors, the chair of the Board, or the president. The Board of Directors may authorize an officer to appoint
one or more officers or assistant officers.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 7. Resignation</B>. An officer may resign at any time by
delivering notice to the association. A resignation is effective when the notice is given unless the notice specifies a later effective
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE V</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Stock and Stock Certificates</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 1. Transfers</B>. Shares of stock shall be transferable
on the books of the association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming
a shareholder by such transfer shall in proportion to such shareholder's shares, succeed to all rights of the prior holder of such shares.
The Board of Directors may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the association
with respect to stock transfers, voting at shareholder meetings and related matters and to protect it against fraudulent transfers.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2. Stock Certificates</B>. Certificates of stock shall
bear the signature of the president (which may be engraved, printed or impressed) and shall be signed manually, by facsimile process,
or electronic means by the secretary, assistant secretary, treasurer, assistant treasurer, or any other officer appointed by the Board
of Directors for that purpose, to be known as an authorized officer, and the seal of the association shall be engraved thereon. Each
certificate shall recite on its face that the stock represented thereby is transferable only upon the books of the association properly
endorsed and otherwise comply with the requirements of 12 U.S.C. 52 and 12 C.F.R. &sect;7.2016(b).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 3. Lost, Stolen or Destroyed Certificates</B>. In case any
certificate representing shares shall be lost, stolen or destroyed, the Board of Directors, in its discretion, or any officer or officers
thereunder duly authorized by the Board of Directors, may authorize the issue of a substitute certificate or substitute shares in uncertificated
form in the place of the certificate so lost, stolen or destroyed.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 4. Fixing of Record Date</B>. The Board of Directors may
set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders
or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, in order to make a determination
of shareholders for any other proper purpose. Such date, in any case, shall be the close of business on the day before the first notice
is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 10 days before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VII</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Corporate Seal</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 1. Seal</B>. The seal of the association shall be in such
form as may be determined from time to time by the Board of Directors. The president, the treasurer, the secretary or any assistant treasurer
or assistant secretary, or other officer thereunto designated by the Board of Directors shall have authority to affix the corporate seal
to any document requiring such seal and to attest the same. The seal on any corporate obligation for the payment of money may be facsimile.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VIII</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Miscellaneous Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 1. Fiscal Year</B>. The fiscal year of the association shall
be the calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2. Execution of Instruments</B>. All agreements,
indentures, mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions,
settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments or documents may be
signed, executed, acknowledged, verified, delivered or accepted on behalf of the association by any officer elected or appointed
pursuant to Article IV of these Bylaws. Any such instruments may also be executed, acknowledged, verified, delivered or accepted on
behalf of the association in such other manner and by such other officers as the Board of Directors may from time to time direct.
The provisions of this Section 2 are supplementary to any other provision of these Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 3. Records</B>. The Articles of Association, the Bylaws
and the proceedings of all meetings of the shareholders, the Board of Directors, and standing committees of the Board of Directors shall
be recorded in appropriate minute books provided for that purpose. The minutes of each meeting shall be signed by the secretary, treasurer
or other officer appointed to act as secretary of the meeting.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Section 4. Corporate Governance Procedures.</B>
To the extent not inconsistent with federal banking statutes and regulations, or safe and sound banking practices, the association may
follow the Delaware General Corporation Law, Del. Code Ann. tit. 8 (1991, as amended 1994, and as amended thereafter) with respect to
matters of corporate governance procedures.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 5. Indemnification.</B> For purposes of this Section 5 of
Article VIII, the term &ldquo;institution-affiliated party&rdquo; shall mean any institution-affiliated party of the association as such
term is defined in 12 U.S.C. 1813(u).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any institution-affiliated party (or his or her heirs, executors or
administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any threatened,
pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or investigative,
in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however, that when an administrative
proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant to which such person: (i)
is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the association,
or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect to the association,
then the association shall require the repayment of all legal fees and expenses advanced pursuant to the next succeeding paragraph and
may not indemnify such institution-affiliated parties (or their heirs, executors or administrators) for expenses, including expenses for
legal fees, penalties or other payments incurred. The association shall provide indemnification in connection with an action or proceeding
(or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors or administrators) only if such action
or proceeding (or part thereof) was authorized by the Board of Directors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Expenses incurred by an institution-affiliated party (or by his
or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid by
the association in advance of the final disposition of such action or proceeding upon (a) a determination by the Board of Directors
acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party
(or his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the
indemnified individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the
association in the event he or she does not prevail, (c) a determination that the payment of expenses and fees by the association
will not adversely affect the safety and soundness of the association, and (d) receipt of an undertaking by or on behalf of such
institution-affiliated party (or by his or her heirs, executors or administrators) to repay such advancement in the event of a final
order or settlement pursuant to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited
from participating in the conduct of the affairs of the association, or (iii) is required to cease and desist from or to take any
affirmative action described in 12 U.S.C. 1818(b) with respect to the association. In all other instances, expenses incurred by an
institution-affiliated party (or by his or her heirs, executors or administrators) in connection with any action or proceeding as to
which indemnification may be given under the Articles of Association may be paid by the association in advance of the final
disposition of such action or proceeding upon (a) receipt of an undertaking by or on behalf of such institution-affiliated party (or
by or on behalf of his or her heirs, executors or administrators) to repay such advancement in the event that such institution-
affiliated party (or his or her heirs, executors or administrators) is ultimately found not to be entitled to indemnification as
authorized by these Bylaws and (b) approval by the Board of Directors acting by a quorum consisting of directors who are not parties
to such action or proceeding or, if such a quorum is not obtainable, then approval by shareholders. To the extent permitted by law,
the Board of Directors or, if applicable, the shareholders, shall not be required to find that the institution-affiliated party has
met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that a majority of the members of the Board of Directors
are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members of the Board
may authorize independent legal counsel to review the indemnification request and provide the remaining members of the Board with a written
opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII have been met.
If independent legal counsel opines that said conditions have been met, the remaining members of the Board of Directors may rely on such
opinion in authorizing the requested indemnification.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that all of the members of the Board of Directors are
named as respondents in an administrative proceeding or civil action and request indemnification, the Board shall authorize independent
legal counsel to review the indemnification request and provide the Board with a written opinion of counsel as to whether the conditions
delineated in the first four paragraphs of this Section 5 of Article VIII have been met. If legal counsel opines that said conditions
have been met, the Board of Directors may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent permitted under applicable law, the rights of indemnification
and to the advancement of expenses provided in the Articles of Association (a) shall be available with respect to events occurring prior
to the adoption of these Bylaws, (b) shall continue to exist after any restrictive amendment of these Bylaws with respect to events occurring
prior to such amendment, (c) may be interpreted on the basis of applicable law in effect at the time of the occurrence of the event or
events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such rights are claimed, and (d)
are in the nature of contract rights which may be enforced in any court of competent jurisdiction as if the association and the institution-affiliated
party (or his or her heirs, executors or administrators) for whom such rights are sought were parties to a separate written agreement.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rights of indemnification and to the advancement of expenses provided
in these Bylaws shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to which any such institution-affiliated
party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled whether contained in the association&rsquo;s
Articles of Association, these Bylaws, a resolution of shareholders, a resolution of the Board of Directors, or an agreement providing
such indemnification, the creation of such other rights being hereby expressly authorized. Without limiting the generality of the foregoing,
the rights of indemnification and to the advancement of expenses provided in these Bylaws shall not be deemed exclusive of any rights,
pursuant to statute or otherwise, of any such institution-affiliated party (or of his or her heirs, executors or administrators) in any
such action or proceeding to have assessed or allowed in his or her favor, against the association or otherwise, his or her costs and
expenses incurred therein or in connection therewith or any part thereof.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Section 5 of Article VIII or any part hereof shall be held
unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make
it enforceable, and the remainder of this Section 5 of Article VIII shall remain fully enforceable.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The association may, upon affirmative vote of a majority of its Board
of Directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification is allowed in
these Bylaws; provided, however, that no such insurance shall include coverage for a final order assessing civil money penalties against
such persons by a bank regulatory agency. Such insurance may, but need not, be for the benefit of all institution- affiliated parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE IX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Inspection and Amendments</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 1. Inspection</B>. A copy of the bylaws of the association,
with all amendments, shall at all times be kept in a convenient place at the main office of the association, and shall be open for inspection
to all shareholders during banking hours.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2. Amendments</B>. The Board of Directors shall have the
power, at any regular or special meeting thereof, to amend, alter or repeal the bylaws of the association, or to make and adopt new bylaws.
These Bylaws may be amended, altered or repealed and new bylaws may be adopted by the shareholders of the association to the extent and
as permitted in the Articles of Association or applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT 6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Section 321(b) Consent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Section 321(b) of the Trust Indenture Act of 1939, as amended,
Wilmington Trust, National Association hereby consents that reports of examinations by Federal, State, Territorial or District authorities
may be furnished by such authorities to the Securities and Exchange Commission upon requests therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 32%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated: June 27, 2025</FONT></TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael H. Wass</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael H. Wass</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 246pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 246pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT 7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>R E P O R T&nbsp; O F &nbsp;C O
N D I T I O N</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">As of the close of business on March 31, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Thousands&nbsp;of <BR>
Dollars</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>ASSETS</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Cash and balances due from depository institutions:</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">581,398</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Securities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,100</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Federal funds sold and securities purchased under agreement to resell:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loans and leases held for sale:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loans and leases net of unearned income, allowance:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,590</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Premises and fixed asset</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31,309</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other real estate owned:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investments in unconsolidated subsidiaries and associated companies:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Direct and indirect investments in real estate ventures:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,330</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">709,727</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left; width: 88%">LIABILITIES </TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 9%"><B>Thousands&nbsp;of <BR>
                                            Dollars</B></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,688</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Federal funds purchased and securities sold under agreements to repurchase</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other borrowed money:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,648</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,336</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">EQUITY CAPITAL</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Thousands&nbsp;of<BR> Dollars</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Common Stock</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Surplus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">355,412</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Retained Earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accumulated other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Equity Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">615,391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities and Equity Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">709,727</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
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<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>ea024356101ex-fee_gcm.htm
<DESCRIPTION>FILING FEES
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 107 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Tables </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form S-3&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GCM Grosvenor Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered Securities </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Security<BR>
    Type</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Security<BR>
    Class<BR> Title</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fee<BR>
    Calculation<BR>
    or Carry<BR> Forward<BR> Rule</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Amount<BR>
    Registered</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Proposed<BR>
    Maximum<BR> Offering<BR> Price Per<BR> Unit</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Maximum<BR>
    Aggregate<BR>
    Offering<BR> Price</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fee
    Rate</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Amount
    of<BR>
    Registration<BR> Fee</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; white-space: nowrap; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry<BR>
    Forward<BR> Form<BR>
    Type</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry<BR>
    Forward<BR>
    File<BR> Number</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry<BR>
    Forward<BR>
    Initial<BR> Effective<BR> Date</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Filing
    Fee<BR>
    Previously<BR> Paid in<BR> Connection<BR> with Unsold<BR> Securities to<BR> be Carried<BR> Forward</FONT></TD><TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="43" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="43" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Newly
    Registered Securities</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 8pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 6%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Fees
    to Be Paid</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; width: 13%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Class
    A Common Stock, par value <BR>$0.0001 per share</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: center"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)(2)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 6%; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Preferred
    Stock</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)(2)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Debt<BR>
    Securities</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Depositary<BR>
    Shares</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Warrants</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Purchase<BR>
    Contracts</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Other</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Units</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&thinsp;Unallocated<BR>
 (Universal)<BR> Shelf</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">457(o)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)(2)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">50,000,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&thinsp;$153.10<BR>
                                            per<BR>
                                            $1,000,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;$</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&thinsp;7,655.00</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(4)&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="43" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry
    Forward Securities</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Carry
    <BR> Forward &thinsp;Securities&thinsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Unallocated<BR>
(Universal)<BR>
    Shelf</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">415(a)(6)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">300,000,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(5)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&thinsp;Form
    S-3&thinsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&thinsp;333-265278</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&thinsp;July
                                            29, 2022</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">27,810.00</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    Offering Amounts&thinsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">350,000,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">35,465.00</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    Fees Previously Paid&thinsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">27,810.00</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    Fee Offsets&thinsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net
    Fee Due&thinsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 4pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,655.00</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 8pt Times New Roman, Times, Serif; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4pt; font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 4pt; font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An unspecified number of securities or aggregate principal amount, as applicable, is being registered as may from time to time be offered at unspecified prices and, in addition, an unspecified number of additional shares of Class A common stock is being registered as may be issued from time to time upon conversion of any debt securities that are convertible into Class A common stock or pursuant to any anti-dilution adjustments with respect to any such convertible debt securities. </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Includes rights to acquire Class A common stock or preferred stock of the registrant under any shareholder rights plan then in effect, if applicable under the terms of any such plan. </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Estimated solely for the purpose of calculating the registration fee. No separate consideration will be received for shares of common stock that are issued upon conversion of debt securities, depositary shares or preferred stock or upon exercise of Class A common stock warrants registered hereunder. The maximum aggregate offering price of all securities issued pursuant to this registration statement will not exceed $350,000,000. </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The registration fee has been calculated in accordance with Rule 457(o) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). </FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The registrant previously registered the offer and sale of securities having a maximum aggregate offering price of $350,000,000 pursuant to a registration statement on Form S-3 (File No. 333-265278) initially filed with the Securities and Exchange Commission on May 27, 2022 (the &ldquo;Expiring Registration Statement&rdquo;) and, in connection therewith, paid a filing fee of $32,445. Of such securities, an aggregate of $300,000,000 remain unsold (the &ldquo;Unsold Securities&rdquo;). Pursuant to Rule 415(a)(6) under the Securities Act, the securities registered pursuant to this registration statement include the Unsold Securities, and the filing fee of $27,810 associated therewith (which amount is based on the filing fee rate in effect at the time of the filing of the Expiring Registration Statement) is hereby carried forward to be applied to the Unsold Securities and no additional filing fee is due with respect to such Unsold Securities in connection with the filing of this registration statement. Pursuant to Rule 415(a)(6), the offering of the Unsold Securities pursuant to the Expiring Registration Statement shall be deemed terminated as of the date of the effective date of this registration statement. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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